Retirement Accounts
Individual Retirement Accounts (IRA) were created as a way to help individuals supplement retirement savings plans, such as social security and any employer sponsored retirement plans. As an incentive to save, there may be possible tax benefits making saving for the future in an IRA attractive.
As an IRA custodian, we will be happy to answer any questions you may have. Contact one of our Third Federal IRA representatives at 1-877-324-5661. However, we know you will want to seek guidance from a financial expert to help you make the best decision for your personal circumstances.
Third Federal offers the following types of IRAs:
Traditional IRA
- Contributions may be tax-deductible and the interest earned is tax deferred. You can open a Traditional IRA if you have earned income for the year, regardless of your age.
- For 2025, the standard contribution limit for the Traditional IRA is $7,000 and the “catch up” contribution limit for those turning 50 or older is $8,000.
Roth IRA
- Contributions to a Roth IRA are not tax-deductible, however, when you take a distribution, if certain criteria are met, the interest earned may be tax-free. Anyone with earned income, regardless of age, can open a Roth IRA.
- For 2025, the standard contribution limit for the Roth IRA is $7,000 and the “catch up” contribution limit for those turning 50 or older is $8,000.
Simplified Employee Pension (SEP) IRA
- Simplified Employee Pension (SEP) is for individuals who are self-employed or own a small business. Like a traditional IRA, a SEP IRA defers federal income taxes until you withdraw funds. However you can contribute much larger amounts than those allowed into IRAs.
- The maximum contribution is the lesser of 25% of compensation or $69,000 for 2024 and $70,000 for 2025.
External Transfers, Rollovers and Direct Rollovers More Info
There are various reasons and ways for an IRA owner to move retirement assets.
There are various reasons and ways for an IRA owner to move retirement assets.
- Moving from an existing IRA to another IRA for a more appropriate investment
- Life changes can also require an IRA change, a new job, new house, or moving to a new city
- Eligible rollover distributions to participants in certain qualified employer plans might be eligible for rollover contributions to an IRA
Talk with one of our non-commissioned IRA representatives about contributing to your IRA or moving your IRA to Third Federal by calling 1-877-324-5661. We'll happily answer questions you may have to help you meet your goals.
Beneficiary Information More Info
An IRA owner can designate specific individuals or other entities as the IRA primary or contingent beneficiaries.
- The named beneficiaries who survive an IRA owner inherit any assets remaining after the IRA owner's death.
- If an IRA owner does not name a beneficiary or all of the beneficiaries pre-decease the IRA owner, the assets pass to the IRA owner’s estate.
To learn more information about how to add or change a beneficiary to your IRA, visit the frequently asked questions section of our website.
We encourage you to contact an IRA representative at Third Federal by calling 1-877-324-5661 for beneficiary options and questions.
