Membership in Northrop Grumman Federal Credit Union means co-ownership in one of the strongest credit unions in the country.
The Individual Retirement Account (IRA) provides an excellent retirement savings program when you want the tax advantages associated with an IRA.
NGFCU offers several types of IRA savings programs: a Term IRA, which requires a minimum deposit of $2,000; an Accumulation IRA, which may be opened with as little as $5; and a Money Market IRA which requires a minimum deposit of $2,500. The maximum annual contributions to all your IRAs may not total more than $5,500 ($6,500, age 50 and over). Other restrictions apply specifically to Roth IRAs. Withdrawals before reaching age 59-1/2 may be subject to IRS penalty.
IRA savings are federally insured by the NCUA up to $250,000 separately from other types of savings.
For more information visit IRS.gov - Individual Retirement Arrangements (IRAs)
For more specific information, click on the topics above. Be sure to speak with a qualified tax advisor to verify the consequences of transactions involving your IRA and other retirement investments.