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Individual Retirement Accounts (IRAs)

Image for Individual Retirement AccountsOur IRAs are designed to help save for retirement while meeting your financial needs today. Even if you already have a 401(k) plan, an IRA is a valuable way to supplement an employer-sponsored retirement plan. We offer a full range of IRA products:

Traditional IRA – This is a flexible and convenient option to save for retirement, because you aren’t taxed on your IRA savings until retirement. Contribute up to $5,000 annually and enjoy penalty-free withdrawals after age 59 1/2. Contributions may be tax deductible.*

Roth IRA – The Roth IRA yields tax-free* earnings at competitive rates to help you save for your retirement. The money you contribute to a Roth IRA has already been taxed, so qualified distributions are not subject to taxes or penalties.* You may also be able to withdraw funds to help with a first-time home purchase.

IRA Share Certificates – IRA Share Certificates are interest-bearing Share Certificates housed within your IRA. They enjoy the same tax benefits as a Traditional IRA. The minimum purchase for an IRA Share Certificate is $4,000.

To contribute to an IRA, call (718) 658-9800 or stop by to speak to a Member Service Representative.


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Funds Availability Disclosure

*Consult your tax adviser. Although the funds you contribute are not tax-deductible, earnings on your investment are tax-deferred, and withdrawals of your contributions and earnings, under certain conditions, are tax-free after five years.