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PenFed IRAs

RETIREMENT MAY BE YEARS AWAY. PREPARING FOR IT STARTS TODAY.
It’s never too early to think about your future.

Find Your IRA

At PenFed, we want our members to invest in themselves, and build a retirement plan that fits the life they imagine. Our extensive IRA portfolio allows you to customize how you save for retirement. 

Choose from our IRA portfolio, then download the PDF application

For members that reside in Puerto Rico, please contact PenFed Wealth Management at 1-800-732-8022 to discuss the IRS’ retirement plan qualifications and their applicability to IRAs opened in Puerto Rico.

IRA Certificates

The best of both worlds with
GREAT RATES
Minimum Balance to Open: $1,000

Features & Benefits:
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Dividends compounded daily, paid monthly

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Low minimum opening deposits

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Available for Traditional, Roth and SEP IRAs

IRA Premier Accounts

Security Meets Flexibility
APY is %
Minimum Balance to Open: $10,000

Features & Benefits:
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Dividends compounded daily, paid monthly

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The flexibility of a liquid investment

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Available for Traditional IRAs, Roth and SEP IRAs

IRA Savings Accounts

Smarter Retirement Savings
APY is %
Minimum Balance to Open: $25

Features & Benefits:
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Dividends compounded daily, paid monthly

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Low minimum opening deposits

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Available for Traditional IRAs, Roth and SEP IRAs

IRA Types

Traditional

Features & Benefits:
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For members of all ages with taxable compensation

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For 2022, contribute annually up to $6,000 under age 50 and $7,000 for 50+ until Tax Day 4/18/23

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For 2023, contribute annually up to $6,500 under age 50 and $7,500 for 50+

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Tax deductible contributions

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No taxes until distribution

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Required minimum distributions beginning at age 73

Roth

Features & Benefits:
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For members of all ages with taxable compensation

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Ideal if you anticipate retiring in a higher income bracket

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For 2022, contribute annually up to $6,000 under age 50 and $7,000 for 50+ until Tax Day 4/18/23

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For 2023, contribute annually up to $6,500 under age 50 and $7,500 for 50+

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Take distributions tax-free

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No minimum required distributions

Simplified Employee Pension (SEP)

Features & Benefits:
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Ideal if you are self-employed

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Maximum contribution generally limited to 20% of net earnings

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Members can generally deduct the contributions they make every year

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No taxes until distributions

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Required minimum distributions beginning at age 73

Disclosures

Annual Percentage Yield (APY) is accurate as of and is subject to change at any time. Fees may reduce earnings. Rates could change after account opening.

*Refer to a qualified tax advisor

IRA Premier

A $10,000 account balance must be maintained to receive this higher rate. Account balances below $10,000 earn a lower return. Call for details.

Rates could change after account opening.

Roth IRA

Rates could change after account opening.

To take a qualified distribution, and avoid any tax liabilities, you must wait until after the five-taxable-year period beginning with the taxable year in which you first contributed to a Roth IRA.

IRA Certificates

Rates are subject to change monthly and are fixed for the term of the certificate. Certificates dividends compound daily. The minimum balance to open a certificate is $1,000.

Partial withdrawals for members over the age 59 1/2 (including Required Minimum Distributions) and qualified distributions regardless of age (including Disability) may be processed from IRA certificates without incurring an early redemption penalty.

Early Redemption Penalties

Penalties are imposed for early redemption of certificates. You must provide your request in writing.

If the certificate is redeemed within the first year, all dividends will be forfeited.

If after the first year, but prior to the maturity date, the early withdrawal penalty will equal 30% of what would have been earned if the certificate had been held to maturity, not to exceed total dividends earned.

 

Found your IRA? Download our simple PDF application and get started today

 

How To Open

PenFed Members:

1. Download and Print Forms (PDF)

2. Complete Your Application

3. Return Application to PenFed

 

Download Forms

Not A Member Yet?

Becoming a member is simple
(and no military affiliation is required).


Join PenFed    Membership Benefits

FAX FORM TO:

fax form to us

1-800-278-2212  or  1-800-557-7328

MAIL FORM TO:

email us

Attention: IRA Department

PO Box 247009

Omaha, NE 68124

CALL MEMBER SERVICES:

call member services

1-800-247-5626

 

Saving Enough for Retirement?

Are you going to meet your retirement goals? Connect with an investment representative at PenFed Wealth Management about your 401(k) and IRAs, investment planning, college funding, and more.

Visit PenFed Wealth