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Individual Retirement Accounts

D.C. Teachers Federal Credit Union offers two different kinds of Individual Retirement Accounts (IRAs):
      Traditional IRAs
      Roth IRAs

Each is available as either a Regular Share Account or a Share Certificate. And you can make deposits automatically to either of them by using payroll deduction.

Traditional IRAs
Traditional IRAs give you a reliable source of income when you retire and may give you a tax break now. Eligible taxpayers can deduct as much as $5,000 worth of contributions to their accounts from their income taxes. (Taxpayers over 50 can deduct $6,000.) Your eligibility will depend on your income, among other factors. You must start making withdrawals when you turn 701/2. You'll have to pay taxes on the deductible contributions and the interest they earned when you make your withdrawals.

Roth IRAs
While you can't deduct contributions to Roth IRAs, you can avoid paying taxes on your earnings. You can make tax-free withdrawals starting at age 591/2 if it's been five years since you opened the account. You're not required to make withdrawals at any age.

Contribution limits are the same as for Traditional IRAs.

See our current rates.

Use our Retirement Savings Calculator to make sure you're saving enough for retirement.

See our current service charges

Account Terms, Disclosures & Agreements


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