Retirement Options

A Traditional or Roth IRA, insured for up to $250,000, can help you prepare for retirement.

Individual Retirement Accounts (IRAs)

There are two Individual Retirement Account (IRA) options available—Traditional and Roth. Both come with their own unique potential advantages on the tax front, which we encourage you to explore in further detail with a trusted tax advisor. 

All SAFE IRAs have the following features:

  • Insured for up $250,000 by the National Credit Union Administration
  • Account holders are permitted to make a maximum annual deposit of $7,000 (which increases to $8,000 once you reach age 50)

Learn more about IRA contribution requirements and restrictions below. 

Traditional IRAs 

  • Account holders may incur a 10% penalty tax from the IRS on all funds in their Traditional IRA if they make withdrawals before the age of 59 ½ 
  • There is no age limit for deposits
  • Withdrawals, referred to as “required minimum distributions,” must begin at age 72

Roth IRAs 

  • As with Traditional IRAs, Roth IRA account holders may incur a 10% penalty tax from the IRS if they withdraw funds before the age of 59 ½
  • There is no age limit for deposits
  • There are no age withdrawals required—money may be left in the account until the owner’s death 

How do I open a Retirement Account? 

Setting up an IRA with SAFE only takes about 10 minutes! Stop into your nearest SAFE branch or call into our Member Service Center at 1-800-763-8600, option 2, and speak to one of our IRA specialists who can answer your questions and open up your IRA.

SAFE Investment Options 

An IRA isn’t the only way to build your wealth over time. Explore investment options including Money Market certificates, Share certificates, and more.

Health & Education Savings 

Guard against unforeseen health-related expenses with a Health Savings Account (HSA) from SAFE. Or prepare for college costs with one of our Education Savings Accounts (ESAs).