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Find the right long-term savings account for you.
Don't count on Uncle Sam to support you in your golden years. Take retirement planning 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.
Retirement Savings Account Overview
Planning for your dream retirement starts by opening the right savings account.
- Tax-advantaged retirement savings
- Competitive interest above standard savings rates
- No setup or maintenance fees
- $6,500 contribution limit for 2023
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Funds can be used to purchase certificate of deposits or savings within your IRA
- Federally insured to $250,000 by FDIC
Traditional IRA
Take advantage of tax-deductible contributions and tax-deferred savings with Sunnyside Federal’s Traditional IRA.
- Anyone with taxable compensation can contribute to an IRA
- 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 72
*Consult with a tax advisor
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
Roth IRA
Enjoy tax free earnings at withdrawal with Sunnyside Federals’ 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- Principal contributions can be withdrawn without penalty*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.
Stop by our Irvington, NY branch in the Hudson Valley or contact one of our bank representatives to open an individual retirement account.