IRAs

IRAs

SFPCU helps first responders and their families create plans that can ensure a more secure retirement and pay for education expenses. Police officers, firefighters and emergency personnel in California and beyond trust our IRAs to augment their retirement income and plan their families’ financial futures.

Traditional IRA

Your earnings grow tax-deferred in this IRA that can help provide a larger financial cushion in retirement.

Traditional IRA

Roth IRA

The Roth IRA provides more flexibility when it comes to withdrawing money tax-free to fund your retirement.

Roth IRA

Coverdell Education Savings Accounts

Save for educational costs with this account that allows you to earn tax-deferred interest on your contributions.

Coverdell Education Savings Accounts

  Traditional IRA Roth IRA Coverdell Education Savings Account
Features
  • Earnings grow tax-deferred, so you won't owe income taxes until you make withdrawals.
  • If you're eligible*, your contributions are tax-deductible.
  • IRS penalty-free withdrawals are allowed prior to age 59 ½ (up to a lifetime limit of $10,000) when the funds are used for qualifying expenses.**
  • Tax-free growth and more flexible withdrawal rules.
  • Withdraw contributions are penalty- and tax-free at any time. Not required to start withdrawals at age 70½.
  • After the account has been open five tax years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59½, disability, death, or a first-time home purchase.
  • Contributions are never tax-deductible.
  • Withdrawals from a Coverdell ESA are both tax-free and penalty-free if used for qualified education expenses.
Eligibility Anyone. To qualify to make tax-deductible contributions, you must be younger than 70½ years old and have received income from compensation. Anyone who falls within the Modified Adjusted Gross Income limits set by the government.* You can contribute the full amount if you are a single filer with a modified adjusted gross income of $95,000 or less ($190,000 or less for joint tax filers).*
Maximum Annual Contribution $5,000
($6,000 ages 50+)
$5,000
($6,000 ages 50+)
Total contributions each year to each child's Coverdell ESA can't exceed $2,000.

* Consult a tax advisor for your individual situation.
** Examples include: first time home purchase, higher education expenses, medical expenses, disability, IRS levy, divorce, or death.

Financial Services for First Responders
  • Federally insured by the National Credit Union Administration
  • Equal Housing Opportunity
  • NMLS ID# 409710

APR = "Annual Percentage Rate". Actual APR is based on your credit profile and may be higher than the lowest rate available. Posted rates may include promotional discounts and other terms and conditions. APY = "Annual Percentage Yield". Rates are subject to change without notice.

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