FIGFCU IRA | Save For Retirement | Traditional and Roth IRAs
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Farmers Insurance Federal Credit Union

Routing Number: 322077795

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Individual Retirement Account (IRA)

Secure Your Future, With Top U.S. Yields

How you save for retirement can make the difference between crackers and caviar. What makes Individual Retirement Accounts (IRAs) such a great savings tool is the special federal tax laws governing IRA earnings.

Over time, these tax features can result in significantly larger IRA savings accumulations than available with ordinary savings tools.

How It Works:
Choose the IRA plan best for you:

  • Traditional IRA: Earnings are tax-deferred until they are distributed.
  • Roth IRA: Earnings may be distributed tax-free.
  • SEP IRA: Allows employers to contribute into a Traditional IRA established in the employee's name.

Then choose the savings option of how your funds will be deposited:

  • IRA Certificate: Choose your term length. Allows you to earn a guaranteed return at a higher dividend rate.
  • Variable Rate IRA: Start early and contribute anytime.
  • High Yield IRA Savings Account: Contribute anytime while still earning a marketing leading 2.50% with no fees or balance tiers.

OPEN AN ACCOUNT

If you cannot sign documents electronically, open an account here. 

If you are depositing funds into an IRA Certificate, please complete the Certificate Application.

 

When you rollover your workplace 401(k) or other qualified retirement plan into a Traditional IRA, you get a variety of tax advantages. Your earnings grow tax-deferred and your contributions may be tax-deferred, too.

  • Deposit funds into a High Yield IRA Savings account, IRA Certificate or Variable Rate IRA.
  • For contribution limits, visit our IRA Service Center.

Distributions:

  • After age 59½, you can withdraw your Traditional IRA funds.
  • Distributions may be subject to income tax.
  • You must take distributions by April of the year following the year in which you reach 73.
  • Early withdrawal may be subject to a 10% penalty. Exceptions include disability, death, and payment to beneficiaries, first-time home buyer expenses up to $10,000, and qualified higher-education expenses.

Open An Account Now!

Learn more at our Retirement Central.

If you want more flexibility but don’t want to lose tax advantages, a Roth IRA might be a good choice. You can make after-tax contributions and you may be able to withdraw your earnings tax-free at retirement*. Plus, you have the freedom to withdraw most contributions at anytime.

  • Deposit funds into a High Yield IRA Savings account, IRA Certificate or Variable Rate IRA.
  • For additional details, step-by-step instructions for opening an account, and contribution limits, visit our IRA Service Center.

Distributions:

  • Generally, contributions may be withdrawn at anytime without penalty (excluding conversions).
  • Qualified distributions are not subject to tax and are penalty-free if both of the following conditions are met:
    • You have had a Roth IRA for at least 5 years, and
    • You are at least 59½, the funds are used for a qualified first-time home purchase, or you have a qualifying disability.
  • Funds can be withdrawn by your beneficiaries upon your death.

Open An Account Now!

Learn more at our Retirement Central.

A SEP IRA is a great option if you are self-employed or own a small business. Your earnings grow tax-deferred and your contributions may be tax-deferred*, too. 

  • Funded by employer contributions only
  • Deposit funds into a High Yield IRA Savings account, IRA Certificate or Variable Rate IRA

Open An Account Now!

You can also open a SEP IRA by completing IRS Form 5305 and returning it to your local branch.

Learn more at our Retirement Central.

*APY = Annual Percentage Yield. APY is the annualized rate based on a compounding period of one year. When the deposited money earns dividends and the accumulated dividends starts earning dividends as well, we are talking about compounding. Fees could reduce the earnings on an account. All yields except Certificate yields are subject to change retroactively to the beginning of the month.

*Consult your tax advisor regarding tax consequences and your specific situation.