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Individual Retirement Arrangement FAQs
IRA stands for Individual Retirement Arrangement. IRAs allow you to make tax-deferred investments to provide financial security when you retire.
SECU offers the following IRA accounts:
- Traditional IRA
- Roth IRA (Contributory or Conversion)
- Coverdell ESA
Per the IRS: Generally, the amounts an individual withdraws from an IRA or retirement plan before reaching age 59½ are called “early” or “premature” distributions. Individuals must pay an additional 10% early withdrawal tax unless an exception applies.
Further fees may apply. Please contact SECU for more information.
IRAs are considered Payable on Death accounts which means you may name whomever you wish as your beneficiary to inherit the money upon your death. At that time, your beneficiaries will be notified, and funds will be distributed accordingly.
At any time prior to death, you may submit a form to update, add, or remove the beneficiaries listed on the account. To do this, visit a Financial Center.