Heartland FCU’s IRA program allows members to invest for retirement in a Traditional or Roth IRA. Contributions can be made through payroll deduction/allocation, automatic transfers via Heartland Online, periodic deposits, or in a lump sum.
Please call the Credit Union at 937.294.1991 or 800.543.9696 for current rate information. Disclosures are available at any office and may be requested by telephone.
For current annual contribution limits, please visit IRS.gov. Contributions are fully tax-deductible if you are not an active participant in an employer retirement plan or your income does not exceed certain limitations. Investments grow on a tax-deferred basis, and you may begin drawing without penalty at age 59 ½. You must begin drawing on the account at age 70 ½.
Currently the annual contribution limit is $5,500 if you are under 50, and $6,500 for those 50 and older. Contributions are not tax-deductible, but can be withdrawn tax-free. After a 5-year waiting period, you may begin withdrawing funds at age 59 ½ without penalty, but with a Roth IRA, you do not have to begin withdrawing at age 70 ½. The funds may stay in the account as long as you like.