General Rules of IRAs

Here are the general rules:

 

  • You can contribute up to $4,000 per year in 2007 and $5,000 in 2008. After tax year 2008, the limits will be adjusted annually for inflation in $500 increments. 

 

  • You can withdraw from your IRA without penalty to pay for certain expenses, such as educational expenses or buying a first-time home. Otherwise, you can't take money out without penalty before you reach 59 1/2. You must begin withdrawing from your IRA by April 1 of the year following the year in which you reach age 70 1/2.

 

  • You can often deduct IRA contributions from your income tax.


>> Traditional IRAs

 

>> Roth IRAs

 

>> Education IRAs

Savings Information

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Current deposit rates

 

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For more information, use our secure online form or call 405.606.OECU or toll-free at 877.648.OECU.

 

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Use our convenient retirement planning calculator to determine how much you will need for retirement.