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Perfect for those members planning for the future, an OFCU Individual Retirement Account is a lifetime commitment. There is only a $5.00 minimum deposit required, but regular deposits to this account can help ensure your future security. Dividends paid on this account are typically higher than many other deposit products.
Retirement Calculator
Utilize our Retirement Wizard to help you create a retirement plan. Click here.
Our Rates
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Early Withdrawal Penalty:
In order to avoid tax penalties by the IRS, you must wait until you attain the age of 59-1/2 to withdraw funds or be able to demonstrate your withdrawal is being used for qualified higher education expenses or a first-time home purchase. Roth IRA holders must also satisfy a minimum five- year holding period. If a person takes funds out of an IRA before age 59-1/2 for purposes other than qualified higher education expenses or the first-time purchase of a home, this is a "premature" distribution and a 10% penalty may be assessed by the Internal Revenue Service (IRS). Premature distributions are also subject to income tax. There are some additional, special circumstances such as death, permanent disability, mental incompetence and certain medical expenses that allow funds to be withdrawn without a 10% premature penalty. After age 59-1/2, an individual can withdraw funds whenever requested and in any amount without incurring tax penalties.
IRA Term Share Certificate rates
Want to earn a higher return on your IRA? An IRA account can be easily transferred to a Term Share Certificate IRA. A Term Share Certificate IRA requires a minimum deposit of $1,000 and allows you to lock into a higher dividend rate for a certain term.
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