Let's get your questions answered and your savings started.
When it comes to retirement, you may have some questions. How much money will you need? What is the best way to save it? Should you get a Traditional or Roth IRA? Can you open an IRA in addition to a work-based 401(k)? At South Carolina Federal Credit Union, we have the answers you are looking for.
- Contribute up to $7,000 annually to your IRA Savings Account ($7,500 if over age 50).
- Choose Traditional or Roth IRAs that grow at competitive rates.
- With Roth IRAs, qualified withdrawals are tax-free.
- With both Traditional and Roth IRAs, dividends are tax-exempt.
- With Traditional IRAs, you may be able to take a tax deduction for any year you make a contribution.
- Deposits up to $250,000 insured by National Credit Union Administration.
- With $50,000 in your IRA Savings*, you can open a Jumbo IRA Share Certificate.
- Contribute up to $2,000 per year per student.
- Any family member - including parents, grandparents, aunts and uncles - can contribute to a child's ESA.
- Annual dividend earnings are tax-exempt and all qualified withdrawals are tax-free.
- Funds can be used for higher education and private elementary and secondary schools.
- Qualified expenditures include tuition, room and board, fees, and educational equipment such as laptop computers.
|Term||Dividend Rate||Annual Percentage Yield1|
|36 Months Step-Up||2.38%||2.40%|
Transaction limits apply.