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
- $6,000 contribution limit per year for 2019
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase CDs or savings within your 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- Principal contributions can be withdrawn without penalty*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.