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IRAs – Individual Retirement Accounts


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, 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 ½ and earn compensation.  There are no income limits for contributions.  Combined contributions to a Roth and/or Traditional IRA are limited to $5,000 per person, per year ($6,000 if 50 years of age or older).  Contributions may be fully or partially tax-deductible.  Earnings are tax-deferred until withdrawn.  Contribution 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  Regular contributions can be withdrawn at any time for any reason.  Total combined contributions to a Roth IRA and a Traditional IRA cannot exceed $5,000 per person, per year ($6,000 if 50 years of age or older).  Contribution limits adjust annually. 

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.

Coverdell Education Savings Account*
Starting with contributions for 2002, you can save up to $2,000 per child per year in a Coverdell Education Savings Account.  Although contributions are not tax-deductible, withdrawals (including earnings) are tax-free and penalty-free if used for qualified education expenses.

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.

Contact us by email at or (707) 527-6216 to open your new Savings Certificate.

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