• Provides a tax-advantaged savings plan to set aside money for retirement
  • Offer Traditional/SEP and Roth IRAs to choose what works best for you
  • Allow Primary and Contingent Beneficiaries to be added directly to your IRAs

Traditional IRA

  • Earn Compensation - typically defined as money you earn from employment
  • Non-earning spouses who file joint tax return with working spouse

Roth IRA

  • Earn Compensation or be a non-earning spouse who files joint tax return with working spouse
  • Subject to income limitations based on modified adjusted gross income (MAGI) limits
  • IRS reviews and determines maximum annual contribution limits annually
  • If you are over 50, you may qualify for an additional $1000 contribution, known as a Catch-Up
  • Traditional and Roth IRA contributions are cumulative for the annual contribution limit
  • Required Minimum Distributions (RMD) required annually from Traditional IRAs upon reaching the age 72 (70 ½ if born before July 1, 1949 or 73 if born 1951 or later)  
  • No RMD required for Roth IRAs
  • Distributions prior to age 59 ½ may be subject to additional tax and/or penalty
  • Visit Retirement Central for detailed information
  • Talk with a tax advisor prior to opening or making changes to existing IRAs

What do you want out of life?

Empower Federal Credit Union welcomes employees of many companies, immediate family/household members of employees and retirees, as well as our outreach to underserved communities to enjoy personal and business banking solutions including auto loans, mortgages*, credit cards and more. Bank online, in any central NY branch, or call us at 315.477.2200.

* Home mortgages available in FL, PA, CT, NY, NC, SC and TN.

Empower Federal Credit Union rated 5-Stars by Bauer in 2023  Best Companies to work for New York 2023 Logo2023 Winner of Best Companies to Work for in New York State