IRA Accounts - Sonoma Federal Credit Union

An IRA is a tax-advantaged* savings plan built around your individual needs. It’s easy to start, affordable, and can make a world of difference in your retirement living.

Sonoma Federal Credit Union IRAs offer competitive dividend rates, insured deposits, payroll deduction (ADD: direct deposits), No annual maintenance fees, comfortable minimum deposit requirements and personalized answers to your questions.

All of the IRA plans below can be invested in a Sonoma Federal Credit Union IRA Share Savings Account, IRA Premium Money Market Account and/or IRA Certificate of Deposit. Please see our Rate Sheet for current dividend rates.

Traditional IRA*

The traditional IRA has a widespread appeal due to its tax-deferred status and the fact that many people are eligible. You qualify if you are under age 70 1/2 and earn compensation. There are no income limits for contributions. Contributions may be fully or partially tax-deductible and limits adjust annually.

Roth IRA*

Contributions to a Roth IRA are not tax-deductible, however a Roth IRA offers the opportunity for tax-free earnings. Roth IRA contributions are always made with after-tax dollars and income restrictions apply. There are no age restrictions. Regular contributions can be withdrawn at any time for any reason. Contribution limits adjust annually.

SEP IRA*

SEP IRAs are an ideal plan for business owners, self-employed individuals, or someone operating a business on the side. They provide maximum flexibility for contributions, allowing you to set aside a different percentage each year. Self-employed individuals or business owners with only a few employees typically prefer this type of IRA. SEPs are easy to set up and maintain, with little paperwork or administrative responsibility for your company. Contributions to a SEP for yourself and your employees are tax-deductible as a business expense. The limits adjust annually.

Rollover IRAs*

When you retire or change jobs, rolling your retirement plan assets into a Sonoma Federal Credit Union IRA instead of taking a cash payout helps you delay federal income taxes, and avoid mandatory federal withholding and applicable penalties.

*Not intended to provide tax advice. Consult your tax advisor.

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