Individual Retirement Accounts (IRAs)

Individual Retirement Accounts (IRAs)

Summary

Open an IRA with Nordstrom FCU and watch your money mature as you do. Our retirement savings accounts reward members with dividends above standard savings, and tax advantages.* Plus, signing up is hassle-free — there's no minimum deposit requirement to open an account and no setup fees. Fund your future with Nordstrom FCU.

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Benefits

  • Tax-advantaged retirement savings*
  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • Low, $20 annual maintenance fee
  • No minimum deposit required to open

*Consult a tax advisor.

Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on dividends can begin at age 59 ½
  • Early withdrawals on dividends subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

***Consult a tax advisor.