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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.

Traditional IRA

This IRA is available to any member with earned income and who is under age 70 1/2 years. If you are using the funds for a first time home purchase or educational expenses, you will not be charged penalties for early withdrawal. However, you will have to pay taxes on the withdrawal. This applies if the first time home-buyer is the IRA owner or spouse, or children, grandchildren, parents or grandparents of the owner or spouse. Educational expenses may be for the IRA owner or spouse; or children or grandchildren of the owner or spouse. There is a lifetime limit on penalty-free withdrawals of $10,000.

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