How to Grow Your Retirement with First City Credit Union

Saving for retirement can feel overwhelming, but it’s one of the most important steps you can take to secure your future. At First City Credit Union, we’re dedicated to helping our members achieve their long-term financial goals with simple, flexible, and reliable solutions. We offer individual retirement accounts (IRAs) designed to maximize your savings while providing peace of mind.

In this guide, we explore how First City Credit Union’s individual retirement accounts offer tax advantages, competitive growth, and the flexibility you need for retirement.

Diverse IRA Options

We offer Traditional and Roth IRAs, allowing you to choose based on your tax and retirement planning strategies. Our offerings include:

• IRA Share Accounts:A basic starting point for retirement savings.
• IRA Money Market Accounts:A specialized option offering competitive rates and flexibility.
• IRA Term Certificates:A specialized option offering higher, fixed rates for a set period.

Low Minimum Balance to Get Started

Getting started on your retirement journey shouldn’t be complicated or expensive. Our IRA Share Accounts make it easy to start saving with a low minimum opening deposit. Those looking for our highest-earning accounts can open an IRA Term Certificate or IRA Money Market with just a $1,000 minimum opening balance. This accessibility ensures you can start saving today.

Tax Advantages for Every Saver

When you save with an IRA, you gain significant tax benefits designed to maximize your savings. Enjoy potential tax-deductible contributions and tax-deferred growth with a Traditional IRA, or benefit from tax-free withdrawals in retirement with a Roth IRA. These tax advantages help your money grow more efficiently over the long term.

Federally Insured Funds

Your IRA deposits are insured by the NCUA (National Credit Union Administration) up to at least $250,000, giving you the peace of mind that your retirement savings are protected.

Competitive Rates for Higher Growth

Our IRAs are designed for steady, long-term growth. Earn attractive dividends on your IRA funds, helping your nest egg grow steadily over time. These competitive rates are ideal for medium to long-term retirement plans, helping your money work harder for you.

Flexible Contribution Options

We make managing your retirement savings convenient and flexible. You can make recurring or one-time contributions as your budget allows. For those with an IRA Money Market account, you can make unlimited deposits, keeping in mind annual contribution limits set by the IRS.

For those looking to consolidate their savings, we simplify the process:

• Transfer existing IRAs.
• Roll over funds from former employer plans, such as a 401(k), to consolidate your retirement savings.

This flexibility allows you to centralize your retirement assets for easier tracking and management.

Open Your Individual Retirement Account Today

Don’t delay in building the secure retirement you deserve. Whether you are opening your first individual retirement account or looking for better rates and service for an existing one, First City Credit Union is ready to help you grow your wealth. Simply contact us today or visit us online to get started.