Phone: (401) 739-4600 or (866) 739-9121 | Routing Number: 211590671

Individual Retirement Account

Individual Retirement Account

GCU offers a variety of Individual Retirement Account (IRA) products to save for retirement including Traditional, Roth and Simplified Employee Pension Plan (SEP) IRA’s and also Coverdell Education IRA’s to save for a child’s education. We offer IRA savings accounts and IRA CD’s from three (3) months to five (5) years.  To open or add to an existing IRA please contact our member service department at 401-739-4600 or e-mail at [email protected].

Traditional IRA

  • Contribution limit up to $5,500 (if you are over age 50 then $6,500)
  • Contributions cannot be made for more than your earned income for the year
  • Contributions can be made until age 70 ½ or when you stop working whichever comes first (if you have a spouse still working and are under age 70 ½ contributions can still
    be made in your name)
  • No penalty withdrawals may begin at age 59 ½ and are required at age 70 ½
  • Tax deductible contributions (if you qualify)

For a quick comparison to ROTH IRA

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For important account information

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For our current fee schedule

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Roth IRA

  • Contribution limit up to $5,500 (if you are over age 50 then $6,500)
  • Contributions cannot be made for more than your earned income for the year
  • No required age to start taking distributions
  • You can continue to contribute after age 70 ½ as long as you have income
  • Taxes are paid on the funds deposited now instead of later

For a quick comparison to Traditional IRA click here

For important account information

click Here

For our current fee schedule

click Here

Coverdell Educational IRA

  • Maximum yearly contribution is $2,000
  • Contribution can only be made until the beneficiary reaches the age of 18, although there are special circumstances which allow contributions after the age of 18
  • Distributions for qualified educational expenses are tax free

For important account information

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For our current fee schedule

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SEP IRA

  • To qualify you must be either a sole proprietor, business owner, in a partnership or earn self-employment income
  • Contributions can be made until age 70 ½ or when you stop working whichever comes first
  • No penalty withdrawals may begin at age 59 ½ and are required at age 70 ½
  • Tax deductible contributions (if you qualify)
  • Contributions can be made by the employer for between 0% – 25% with a maximum of $52,000 for 2014

For important account information

click Here

For our current fee schedule

click Here

Traditional vs. ROTH IRA comparison
Effective Date 01/01/2014

Traditional

ROTH

Contribution limits if under age 50

$5,500

$5,500

Contribution limits if over age 50 and over

$6,500

$6,500

Contributions tax deductibility

Contributions may be
tax deductible

Contributions are not tax deductible

Distributions requirements

Withdrawals required
at age 70 1/2

No mandatory distributions

Contribution age limits

No contribution after age 70 1/2

No age limit

For more information on Traditional and ROTH IRA’s please view IRS publication 590.