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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 $6500.
  • 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

Current contribution limits

Traditional IRA
Roth IRA

Under age 50

No Age Limit

$6,000 per year


Traditional IRA
Roth IRA

Age 50 - 70.5

No Age Limit

$7,000 per year


168 E Fairmount Ave
Lakewood, NY 14750

(716) 665-7000

Open today · 9:00 am – 5:30 pm

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Southern Chautauqua Federal Credit Union is committed to providing its members with the professional financial services they have come to expect. It will use its resources wisely and be held accountable to its members.