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Individual Retirement Accounts (IRAs)

IRAs offer a great way to save for retirement, first homes, or higher education. DCFCU offers Traditional, Education, and Roth IRAs. Opening a DCFCU IRA requires a minimum deposit of $100. Members who open Roth or Education IRAs can make regular deposits through payroll deduction for added convenience. Your age and income level will determine which type of IRA you are qualified to open.

Education IRA

This IRA is available to individual members whose income is less than $110,000 and couples whose combined income is less than $160,000. This IRA is set up as a custodial or trust account intended exclusively to provide funds for the higher education of a beneficiary (a child under age 18).

Contributions may be withdrawn at any time for any reason. Earnings can be withdrawn tax-free only if used to pay for tuition, the cost of books, supplies, and equipment for the beneficiary. If the money is not spent on education expenses by the time the beneficiary is age 30, the earnings will be subject to income tax. Withdrawals that are not used for education expenses may be subject to a 10% penalty unless the distribution is a result of the beneficiary´s disability, or it occurs after the beneficiary is deceased.

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