Individual Traditional IRA Accounts*

A Traditional IRA offers you a way to save for your retirement with the goal of creating certain tax advantages (these advantages vary according to your income and eligibility). We offer the following features:

• No minimum deposit or balance is required
• Deposits may be made through direct deposit and automatic payroll deductions (setting up Payroll Deduction can make this easy)
• Additional deposits may be made at any time, up to the maximum contribution allowed, per year, by law
• No account maintenance fees
• Dividends compound monthly
• Tax deferred contributions and dividends may become taxable upon withdrawal (consult your tax advisor)
• If you are under age 70-1/2, and if you have earned income from employment, you may contribute up to a maximum of $5,000, catch up contribution (an additional $1,000 for 2005, $1,000 for tax year 2006 forward) if you are age 50 or older**
• Withdrawals from traditional IRAs can begin at age 59-1/2

If you want to see what returns you'll receive from the Traditional IRA, click here to use our online Retirement Calculator.

Here's how you can open an account:

You can call our 24 Hour Communications Department at 877-MY-LAPFCU (877-695-2732) for more information.  You may also stop by any of our four branches. Click here for branch locations.

* Please consult your tax advisor for recommendations on which type of IRA will be most beneficial to your specific financial situation and IRS restrictions.

**Certain restrictions may apply depending on age or income level.

¹The links provided within this area are for our Members' convenience and in no way imply an endorsement. The links may take you to other web sites, which may or may not be secure. The Credit Union does not operate these web sites and is not responsible for their content, security or privacy. Any issue arising from content, the use of transactions with or inability to access these sites, should be directed to the actual site owner.
 

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