Individual Retirement Accounts

IRAs (Individual Retirement Accounts)

Save for the future at Southern Chautauqua FCU.

  • IRA-Individual Retirement Account.
  • Must be aged 18 and over.
  • Save for retirement even if you have an employer sponsored retirement plan.
  • You can save in both a Roth and Traditional IRA, but contributions are limited to a total of $6,000 for people under age 50, and
  • $6,000 for people over age 50 (depending on the type of IRA).
  • Consult a financial planner or tax consultant to determine what savings options are best for you.

What is right for you?

There are Traditional IRAs and Roth IRAs and both are available here.

  • You should talk to your trusted tax advisor to discuss the benefits of each type.
  • You may be able to contribute to both a Traditional and Roth IRA at the same time.
  • Your money is invested in a Share Certificate. (the equivalent of a CD at a bank)
  • There is no loss of principal risk.
  • You have the ability to withdrawal funds at any time though penalties may apply.
  • Both plans limit contributions as listed below or to 100% of your compensation–whichever is less.
  • One may contribute to his/her current year’s IRA through April 15th of the following year.

Click here for rates

Traditional IRA

Roth IRA

Under age 50 No age limit
                                                                $6,000 per year



Traditional IRA

Roth IRA

Under age 50-70.5 No age limit
                                                                $6,000 per year
                                                       Catch-up Contribution - $1,000
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168 E Fairmount Ave
Lakewood, NY 14750

(716) 665-7000

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