Individual Retirement Accounts (IRAs)

Turn your retirement goals into your actual retirement by starting early. York County Federal Credit Union offers both traditional and Roth retirement plans to accommodate all of our well-deserving members' future dreams, as well as current situation.

Do more for your money with dividends above standard savings rates and associated tax advantages. There are no setup or monthly fees to worry about, just dreams to start planning. Whether your heart is set on finally perfecting your swing or bouncing grandkids on your knee — an IRA from York County FCU sets the framework for the retirement of your choosing.

Summary
  • Tax-advantaged retirement savings*
  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase share certificates within IRA
  • No minimum deposit to open account
  • $500 minimum deposit to open a share certificate within IRA

View our current rates.

*Consult a tax advisor.
Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No minimum contribution requirement
  • 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 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½

Roth IRA

Income limits to be eligible to open 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  • Principal contributions can be withdrawn without penalty*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 59 ½
  • Early withdrawals on dividends subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.