Retirement Accounts

Investing for retirement requires planning and long-term commitment. Our retirement account options can help you achieve your investment goals, and our Universal Bankers will answer your IRA-related questions.

Options

 

Account Options

 

Traditional IRA

Roth IRA

FDIC-insured

Up to $250,000

Up to $250,000

Eligible Age

Before the year in which you turn 70½

None

Income Limits

None

Single - $120,000-$135,000; Married filing jointly - $189,000-$199,000; Married, filing individually - $0-$10,000

Annual Contributions

Not Required

Not Required

Maximum Annual Contributions

$5,500; $6,500 for those older than 50

$5,500; $6,500 for those older than 50

Spousal Contributions

Accepted

Accepted

Contribution Due Date

April 15 of the next calendar year

April 15 of the next calendar year

Tax Consequences

Tax-deferred earning. Contributions may be tax deductible.

Tax-free earnings at retirement. Contributions are made with post-tax dollars. Tax-free distributions.

Distributions

Must begin by April 1 of the year after participant reaches age 70½

No mandatory disbursements

Interest Rate Upgrade

If older than 59 1/2

If older than 59 1/2

Annual maintenance fee

$15 per IRA participant

$15 per IRA participant

Check Rates

Frequently Asked Questions

  • What are the fees to open an IRA at First Federal?
    • A maintenance fee of $15 will be charged annually per IRA participant.
  • Are IRAs FDIC insured?
    • Yes. Your IRA accounts are FDIC-insured up to $250,000 per depositor.
  • Can I transfer my IRA to First Federal from another financial institution?
    • Yes. Consolidating your IRAs at First Federal is a simpler way to manage your retirement investments all at one financial institution. To transfer your IRA, stop by your nearest First Federal branch or call us at (503) 472-6171 or 1-888-317-8333.
  • Is there a fee to transfer my IRA to First Federal?
    • You will not pay a fee to First Federal for transferring your IRA.
  • How much can I contribute to an IRA?
    • You may be able to contribute up to $5,500 annually as well as an additional $1,000 annually, if you are age 50 or older. Allowed contributions depend upon your age and earned income. Consult a tax adviser for questions on eligibility and deductible contributions.
  • When can I withdraw from my IRA?
    • Once you reach age 59½ you can withdraw any or all of your IRA funds without an early withdrawal penalty. These distributions may be subject to income tax. If you have a Traditional IRA you must begin to take distributions by April of the year following the year in which you reach age 70½.
  • What if I withdraw from my IRA before I turn 59½?
    • You can withdraw any or all of your IRA funds, however, in addition to the early withdrawal penalty, you may also be subject to a 10% IRS early distribution penalty, unless an exception applies. Disability, death, beneficiary distribution, first-time homebuyer, qualified higher education expenses and medical expenses are just some of the exceptions. Please consult a tax adviser regarding distribution exceptions. Distributions may be subject to income tax.
  • I am contributing to an employer-sponsored retirement plan. Can I still contribute to an IRA?
    • Yes, if you meet the eligibility requirements. For questions about your contribution eligibility and deductibility, please consult a tax adviser.
  • How can I move my employer-sponsored retirement plan to an IRA?
    • The best way to move your employer-sponsored retirement plan to an IRA is as a direct rollover. To directly rollover your employer-sponsored retirement, stop by a First Federal branch or call us at (503) 472-6171 or 1-888-317-8333.
  • Is there a fee for a direct rollover to an IRA at First Federal?
    • You will not pay a fee to First Federal for a direct rollover.

Have additional questions?

We are here to help you with:

  • SEP Employer Plans
  • IRA Documentation and Maintenance Requirements
  • IRA Eligibility and Contribution Requirements
  • Retirement Plan Portability
  • IRA Distribution Requirements
  • IRA Fees

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