Individual Retirement Accounts (IRAs)

For many, retirement often feels like a lifetime away. However, the best time to start saving is when you begin your first job. IRAs are tax-advantaged accounts with limits on how much you can contribute annually. Therefore, the sooner you begin saving, the more you can set aside and the longer your funds can grow.

Even small deposits today can turn into substantial sums over decades of compounding interest.


What IRA Options are Available?

Members can take advantage of a variety of IRAs through Pinellas FCU:

  • Traditional
  • Roth
  • Coverdell
  • IRA Share Account
  • IRA Certificate Account

There are No Fees to open an IRA with the credit union.


Understanding Contribution Limits

It's essential to keep in mind that there are limits on how much money you can contribute to your IRA annually. The restrictions typically change yearly and will be announced by the IRS. For example, the maximum IRA contribution limit for 2024 increased by $500 from 2023.

  • 2023: IRA limit per individual = $6,500 
  • 2024: IRA limit per individual = $7,000

If you’re aged 50 years or older at the end of the tax year, you can participate in catch-up contributions. For both 2023 and 2024, these limits were set at $1,000 above the standard limit.

  • 2023: IRA age 50+ catch-up limit = $7,500 
  • 2024: IRA age 50+ catch up limit = $8,000

You can still make contributions to your 2023 IRA limit until April 15, 2024.


Ready to Open Your IRA?

If you want to learn more about opening an IRA or need to make 2023 contributions before the cutoff date, we’re here to help.

Please stop by any branch location or call 727.586.4422 to get started.




*Please consult your tax advisor regarding the deductibility of the IRA contribution(s).

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