Individual Retirement Account (IRA) FAQs

The primary difference is the type of tax benefit each delivers. Contributions to a Traditional IRA are typically tax deductible, but the withdrawals at retirement are taxed.  In the case of Roth IRAs, the investment earnings and withdrawals will not be subject to federal income tax. However, there are no tax deductions for contributions.

US citizens or permanent residents (green card holders) can open an IRA. Speak with a financial advisor if you are a G-4 visa holder.

UNFCU does not provide tax, legal, accounting, or investment advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal, accounting, or investment advice. You should consult your personal tax, legal, accounting, and investment advisors for advice before engaging in any transaction.

If you are looking to open an IRA account with less than $50,000, please contact a member service representative. For IRAs of $50,000 or more, please contact a financial advisor.

UNFCU does not provide tax, legal, accounting, or investment advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal, accounting, or investment advice. You should consult your personal tax, legal, accounting, and investment advisors for advice before engaging in any transaction.

No. However, when you complete the IRA application, you will be able to add beneficiaries to the IRA account.