IRAs - First Commonwealth Credit Union

Invest in Retirement with Tax Advantages!

Save for retirement with an IRA from First Commonwealth.

We offer three main types of IRA accounts. Depending on which you choose, you can enjoy tax free or tax- deferred growth on your retirement savings. IRAs can be savings, certificate or money market accounts.

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Three Types of IRAs Offered at First Commonwealth

Traditional IRA

Annual maximum contribution amount is based on an individual's age.
Some contributions may be tax deductible (consult a tax advisor).
Possible tax credits to certain individuals (consult a tax advisor).
Distributions are generally included as income and subject to federal income tax.
Mandatory distributions are required beginning in the year that the IRA holder reaches age 70½.
Dividend earnings are tax deferred.

Roth IRA

Annual maximum contribution amount is based on individual's age and income.
Roth IRA contributions are not tax deductible.
No age restriction on regular contributions.
Possible tax credits for certain individuals (consult a tax advisor).
Dividend earnings from contributions are tax deferred.
Don’t pay taxes on distributions after a five-year waiting period.
Qualified distributions of earnings are tax exempt.
No mandatory distributions, regardless of age.
Principal amount can be withdrawn tax and penalty free.

Education IRA

Designed to help set aside money for the qualified education expenses of a child, grandchild or eligible beneficiary.
After-tax contributions can be made until the child reaches age 18.
Annual maximum contribution can be made to a single account or multiple accounts designed to benefit same child.
Dividend earnings on contributions are not taxed while they are held in the account.
Distributions for qualified education expenses are tax free.
Dividend earnings are tax free when withdrawn for qualified education expenses.

Middle aged woman planning for retirement

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Invest in Retirement with Tax Advantages!

Three Types of IRAs Offered at First Commonwealth

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