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IRAs

An individual retirement annuity is a wise complement to your retirement plan

What are IRAs?

An IRA helps you accumulate retirement savings while you work, and then provides an income after you retire. Catholic United offers both traditional and Roth IRAs, which have different tax advantages.

Benefits of contributing to an IRA

  • Guaranteed minimum rate of return
  • Protection from stock market risk
  • Automated payments save you time and money
  • No upfront service charges, annual fees, or surrender charges after 5 years
  • “Catch-up” contributions for those age 50 or over are possible, up to $1,000 per year
  • Rollover contributions at any age are allowed

How do I buy an IRA?

Your Catholic United Sales Representative can explain the advantages of IRAs, and which type will best fit with your financial situation and goals.

IRA Contribution Limits

Due to the ongoing COVID-19 health emergency, the filing date for federal income tax returns has been postponed until July 15, 2020. This also means that the deadline for making contributions to an IRA for 2019 has been extended to the same date — July 15.

Contribution Limits for 2019 & 2020

Under Age 50 years: $6,000
Over Age 50 Years: $7,000
An individual singing paperwork.

What types of IRAs are available?

Roth IRA

A Roth Individual Retirement Annuity (IRA) is a retirement savings tool that accumulates money on an after-tax basis. Since the funds have already been taxed, qualified withdrawals made later can be made income tax-free. See your tax advisor for advice about your specific situation and income restrictions.

  • Qualified withdrawals are not taxed
  • Automated payments save you time and money

Traditional IRA

A traditional Individual Retirement Annuity (IRA) is a retirement savings tool that defers the taxes on the growth of your account value until you withdraw the funds. In addition, your contributions may be tax deductible, but consult with a tax advisor for details about your specific situation.

  • Tax-deferred savings through age 70 1/2
  • Automated payments save you time and money
  • Contributions may be tax deductible
IRS IRA Disclosure Statements

Become a member and become something more

Membership in Catholic United Financial starts after you purchase a product from us. Membership means aligning your finances to your faith, and:

  • Making our grants, scholarships and incentive programs possible
  • Encouraging volunteer work and training
  • Fundraising for Catholic parishes, schools and religious education programs
  • Participating in the business decisions of a company that is member-owned and operated
  • Bringing benefits to your local Catholic community

Catholic United Financial IRAs are Individual Retirement Annuities. Annual percentage yield (APY) subject to change on an annual basis after first year. Federal and state penalties may apply with early withdrawal. Withdrawals prior to age 59 1/2 will be subject to government penalties. Subject to surrender charges for the first five to seven years depending on contract type. Minimum annual deposit may be required, depending on contract type. Catholic United Financial does not offer tax advice. Consult with a tax advisor for details about your specific situation. Form 11A-1