Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

Don't count on Uncle Sam to support you in your golden years. Take retirement into your own hands and open an IRA.


Roth and Traditional IRAs offer a tax-advantaged way to save for the future — earn interest above standard savings. Talk to a Sunnyside Federal representative about opening the account that's right for you.

Summary
  • Tax-advantaged retirement savings
  • Competitive interest above standard savings rates
  • No setup or maintenance fees
  • $5,500 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDS, stocks, bonds, etc. within IRA
  • Federally insured to $250,000 by FDIC

Traditional IRA

  • Anyone under age 70½ may open
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

*Consult with a tax advisor

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

Roth IRA

  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age

See our current CD and savings account rates

*Subject to some minimal conditions.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.