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Individual Retirement Accounts (IRA)

You are never too young to begin planning for retirement! Whether you want to travel the world, attend every Cardinals game, or just enjoy time with the grandkids, our IRAs ensure financial security for your golden years.

IRAs offer a variety of tax advantages and other features in both traditional and Roth IRAs. Talk to one of our friendly experts today and get started right away.

Individual Retirement Accounts (IRA)
  • Tax-advantaged retirement savings*
  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Contribute up to $5,500 for tax year 2018 and $6,000 for tax year 2019
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be deposited into our IRA Savings Account and IRA Certificates of Deposit (CD)
  • $100 minimum deposit to earn dividends on the IRA Savings Account

IRAs are insured separately from your other accounts. Your IRA is federally insured by NCUA up to $250,000. An additional $250,000 insurance coverage is provided on IRA accounts by Excess Share Insurance, a private insurer.

*Consult a tax advisor.

Traditional vs. Roth

There are two kinds of IRA to choose from, each with distinct tax advantages. Compare them and consult a tax advisor to help you decide which one is right for you.

Traditional IRA

Anyone who has earned compensation or files income tax jointly with a spouse who has earned compensation and is under 70 ½ can contribute.

  • No minimum contribution per year
  • Contributions may be tax deductible*
  • Earnings are tax deferred until withdrawal
  • Penalty free withdrawals can begin at age 59½
  • Early withdrawals are subject to penalty**
  • Mandatory withdrawals at age 70½

Roth IRA

Anyone with earned compensation or files income tax jointly with a spouse who has earned compensation and is within certain income limits can contribute.

  • Contributions are NOT tax deductible
  • Earnings are tax deferred*
  • Contributions can be withdrawn without tax or tax penalty
  • Early withdrawal of interest is subject to income tax and possible tax penalty**
  • No mandatory distribution
  • Qualifying withdrawals are tax free***

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

**Certain exceptions apply, such disability, first time home purchase, etc.

***Account must be open for 5 years and after age 59½, first time home purchase, disability or death of the owner.

IRA Forms

Below are links for our IRA forms. You can complete them at home, print them and then either mail them to us or drop them off at your nearest branch.

Please contact the IRA Department at (636)537-4400 ext 1337 or 1397 for assistance completing forms.

Address for completed forms:

First Community Credit Union

Attn: IRA Department

PO Box 1030

Chesterfield, MO 63006

Traditional IRA Simplifier – Open a traditional IRA

Traditional & Simple IRA Withdrawal Authorization – Withdraw from your traditional IRA

Traditional IRA Contribution and Investment Selection form – Make a contribution to your traditional IRA

Roth IRA Simplifier – Open a Roth IRA

Roth IRA Withdrawal Authorization – Withdraw from your Roth IRA

Roth IRA Contribution and Investment Selection – Contribute to your Roth IRA

IRA Beneficiary Designation – Change your traditional IRA Beneficiaries

IRA Beneficiary Designation – Change your Roth IRA Beneficiaries

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