Retire with Asp!re Federal Credit Union
Retirement planning with Aspire Retire

Are you hoping to retire early? Or, are you currently approaching retirement? Aspire FCU offers various investment options to help you plan appropriately to meet your financial goals. Let us help you in the planning process so you will be ready when the time comes.
Traditional IRAs Roth IRAs Advantage Accumulation IRAs Coverdell Educational IRA
Traditional IRAs

Aspire FCU offers many IRA products to enhance your retirement plan. You may choose from Traditional and Roth IRAs, Coverdell Education Savings Accounts, as well as, an Advantage Accumulation IRA, which utilizes the convenience of Direct Deposit to build up your savings automatically. Most important, your funds are safe at your Credit Union. Effective October 3, 2008, the NCUA increased share insurance limits to $250,000 for all accounts, including retirement accounts.

You will find a comprehensive description of IRA plans and regulations below; please consult your tax advisor for guidance.  Contributions may be fully or partially tax deductible or non-deductible.  Please consult your tax advisor for your specific tax advantages.

  • Dividends are tax-deferred until distribution. No penalties on withdrawals if taxpayer is: 1) Age 59 1/2, 2) Buying a first home ($10,000 lifetime maximum), 3) Paying for college expenses or 4) Disabled or deceased.
  • Contributions can me made at any time until April 15th of the following year
  • Withdrawals of contributions and earnings are subject to 10% penalty unless taxpayer is: 1) Age 59 ½, 2) Buying a first home ($10,000 lifetime maximum), 3) Paying for college expenses or 4) Disabled or deceased.
  • 2009 and 2010 tax years: Contribute up to $5,000 per individual annually ($6,000 if age 50 or over) or 100 percent of your earned income, whichever is less provided that income from compensation is equal to or greater than the IRA contribution.
    Spousal Contributions: The maximum contribution amount can also be made to a nonworking spouse's IRA—subject to certain requirements.
    Note: The maximum contribution amount can be deposited into a Traditional IRA, a Roth IRA or split between the two.
  • The deductibility of your contribution varies depending on your Modified Adjusted Gross Income (MAGI) and whether you have a retirement plan at work.
    If you are covered by a retirement plan at work:
    2010 tax year: Fully deductible if MAGI is less than $56,000 (single) or $89,000 (joint); partially deductible if MAGI is between $56,000 and $66,000 (single) or $89,000 and $109,000 (joint). No deduction if MAGI is over $66,000 (single) or $109,000 (joint).
    If either you or your spouse is covered by a retirement plan at work (but not both): 2010 tax year: Fully deductible if your MAGI is less than $167,000; partially deductible if MAGI is between $167,000 and $177,000; not deductible if MAGI is over $177,000.
    Neither spouse participates in a qualified plan: Contributions are deductible.

Maximum Annual Contribution Amounts
Year Under Age 50 Over Age 50
2010 $5,000 $6,000
2011 $5,000 $6,000
2012 $5,000 $6,000

Convert a Traditional IRA to a Roth IRA

The 2010 rule eliminates all eligibility requirements for IRA conversions, which means that anyone may move all or a portion of their traditional IRA assets to Roth IRAs by conversion. The balance converted is normally taxable for the tax year in which the transfer occurs. However, the law provides a special tax rule for 2010 conversions. You have the option to pay the entire tax in 2010, or spread the taxation over 2011 and 2012.

Please consult with your tax advisor to decide which product will work best for your financial situation.


What can we do for you today?
Click here for current rate information, or click here to open an account. If you would like to speak to a Financial Service Associate, please contact our Member Call Center at 1-888-322-3732.