IRA savings Account

Looking for Retirement Planning Solutions? As Northeast Ohio’s Trusted Credit Union, We Can Explain How IRAs Work – and How They Can Work for You!

If you’re confused by the choices available for retirement planning, you’re not alone. Retirement planning accounts can be employer-supported, such as a 401(k), or available to individual investors like Individual Retirement Accounts (IRAs). IRAs provide an opportunity to invest in your retirement with tax benefits, and depending on the type of IRA you choose (Traditional or Roth), you can enjoy tax advantages in different ways. At FFCCU, we can guide you through your options and help you find the best IRA account to suit your needs. With just $50, you can open a Traditional or Roth IRA with us, and enjoy the benefits of no maintenance fees**, monthly dividends, and the flexibility to make contributions in lump sums or through regular deposits throughout the year. Investing in an IRA is a tax-advantaged way to grow your retirement funds, and we can help make it simple and easy for you.

Traditional IRAs vs Roth IRAs:
What is the best IRA account for you

If you’re looking to save money for retirement, you may already be familiar with employer-sponsored 401(k) plans or other retirement plans, which are designed to help you either defer taxes or pay lower taxes later in life. These types of accounts encourage people to start saving for their Golden Years in ways that create the most financial benefit. So, how should IRAs fit into your overall retirement-saving plan? In most cases, both Traditional IRAs and Roth IRAs offer great tax-savings benefits. However, the amount you’re allowed to contribute is relatively low compared to other retirement savings plans. When investing in an IRA, consider these rules, limits and requirements – before deciding which type of investment is best for you.

Traditional IRA	Roth IRA
The Basics
With Traditional IRAs, you defer paying taxes on your earnings until you start taking distributions. Certain contributions are also tax-deductible in the year they are made. Please consult with your tax advisor for details.	With a Roth IRA, you can make non-deductible contributions that are taxed within the year they are earned rather than when they are withdrawn. Roth IRAs allow you to take tax-free distributions including earnings once you’ve reached age 59 ½ and had the account for at least five years. Other distribution exceptions may apply. Please consult with your tax advisor for full details.
Income requirements
Must have earned income to be eligible (or your spouse if filing jointly).	Must have earned income to be eligible (or your spouse if filing jointly).
Contribution limits
You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation and your modified adjusted gross income is below certain amounts. Total combined contribution cannot exceed the maximum contribution** (plus the catch-up amount if you are age 50 or older)	You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation and your modified adjusted gross income is below certain amounts. Total combined contribution cannot exceed the maximum contribution** (plus the catch-up amount if you are age 50 or older)
Withdrawal rules
Withdraw funds any time after age 59 ½ without incurring the 10 percent premature-IRS distribution tax. Required minimum distribution (RMD) rules apply, depending on when you were born.	Qualified contributions may be withdrawn without IRS tax or penalty. You can withdraw earnings after you reach age 59½. and the Roth has been open for five or more years.
Tax considerations
Your contributions to an IRA will reduce your current taxable income. Once you withdraw money, the money will be taxed based on your current tax rate.	Contributions are made with after-tax dollars, so they cannot be deducted on your tax returns.
Why to consider it
If you know that you’ll stop earning regular income by age 73, your tax rate will be much lower. If you want to diversify your retirement savings accounts.	If you’re not concerned about reducing your current taxable income. If your current tax rate isn’t very high, and you don’t expect it to be lower in retirement. To lower your tax liability taxes (on at least some of your money) during retirement.
The Bottom Line: Why we recommend it
Reduces your current taxable income today. When you do pay taxes on the money, you’ll likely be retired and earning less than you do now. This assumes your tax rate lower. Competitive rates.	By saving the money in a Roth IRA, you benefit from tax-free earnings and withdrawals after you retire. Competitive rates.

**COLAs are potential cost-of-living adjustments each year. For more information, visit the IRS website at www.irs.gov. (add link to irs.gov/IRA Contribution Limits)

KUDOS!

I called about a car loan for my daughter, who is a student, and Sumintra helped determine the best option. I have been a member for 25+ years, and always get great answers and help with our financial...

-Sandy

Jenny and Victoria from the Wellington branch were super helpful with getting things going for me, and gave me peace of mind. So grateful for their help!

-Austin L.

I experienced a problem with an automatic withdrawal. Emily provided lots of information on how to handle it and secured a refund. More than that: she gave me moral support, when I was feeling very up...

-Irene

Thanks to Brian Velioniskis, our financial goals are back on track. He explained the options for setting up our home equity loan very clearly and made the process easy.

-Jeff C.

Whenever I have questions and start a chat I always receive a quick response with all my questions thoroughly answered. Just wanted to say THANK YOU!

-Jerry T.

I did not have my loan information and needed to know how, when, and where to make a payment. I was completely frazzled but Megan S. was able to talk me through setting up my user account, payments,...

-Donna G.

Big kudos to the West Side CLE branch. I secured my new car loan with a rate better than what the dealer was offering. FFCCU has always been my go-to for car loans for this very reason!

-Bridget E.

The loan process was quick and easy. One of the FFCCU teammates told me about loan options when I was at the branch – by the time I was home 10 minutes later – they had already checked in.

-John S.

Shared branching lets me, as a member of an out-of-town credit union, access FFCCU’s services. I have never had a bad experience working with FFCCU and appreciate that they have helped me make large d...

-Paul P.

I had the pleasure of working with Tiffany Zifcak as I was selling one of my cars being financed by FFCCU. She stayed on top of all the details and parties involved. Tiffany is terrific: likable, trus...

-John G.

I needed a new vehicle loan, and FFCCU beat other interest rates so dramatically it was a no “brainer.” I was so happy with the service I am switching all of my checking and savings over. Kudos...

-Amy B.

Beth and Kathy were excellent to work with. They answered every question I had and every phone call I made. I loved those two.

-Alan S.

More Kudos!

Competitive IRA Rates

Looking for the best IRA rates? Maximize your IRA earnings with FFCCU’s competitive rates. There are no monthly fees** and dividends are paid monthly.

As of July 5, 2025

Account Type	Minimum Balance	APY*
Traditional IRA	$50+	0.30%
Roth IRA	$50+	0.30%

*APY = Annual Percentage Yield. This rate schedule states rates applicable to specified accounts. Dividends are credited to your account and compounded every month. Minimum balance requirements apply to average daily balance. Call 800.621.4644 for current rates as they are subject to change at any time and without notice. **IRA Transfer/Rollover out or Close IRA (within six months) fee is $25.00.

Take Advantage of These Credit Union IRA Benefits

When you open an IRA with FFCCU, we help you maximize the benefits of this savings vehicle. Ask us more about these advantages!

Tax savings

Whether you choose to open a Traditional or Roth IRA, there are tax benefits. We can take you through all the options to help you decide which is best for your needs and growth.

No setup or maintenance fees!*

Because we’re a credit union – and not a brokerage firm — we don’t charge you to open an IRA savings account, and there are never any hidden maintenance or service fees.

*Fees apply for Transfer/Rollover out and for Closing (within six months). Contact the credit union for current fee information.

Savings choices

Traditional and Roth IRA certificates are also available with a minimum deposit of $500 in terms of 6, 12, 18, 24, 36, 48, and 60 months.

Great IRA rates

As a credit union, we always look for ways to help our members maximize their investments. That’s why we always aim towards a good and stable rate of return for our customers.

Open an IRA Savings Account with Us Today

Opening a Traditional or Roth IRA with FFCCU is easy. There’s nothing to manage, deposits can be set up to automatically transfer into your account, and you can view your account details easily through FFCCU’s convenient online banking portal. Plus, there’s no application fee, approval process or maintenance fees**.

To open an IRA Savings Account with us today, please keep in mind the following steps:

IN-PERSON VISIT:

The process must be done in person since certain documentation is required.

KNOW YOUR IRA TYPE:

You’ll need to be clear about whether you want a Traditional or Roth IRA. Unfortunately, we cannot offer recommendations or guidance on this matter.

MINIMUM BALANCES:

To get started, you’ll need a minimum balance of $50 for a savings account or $500 if you’re interested in a certificate.

We’re here to make the process as straightforward as possible for you, so feel free to visit us in person with the necessary documents and knowledge of your IRA preference.

Investments Backed by ASI

FFCCU is proud to be an American Share Insurance (ASI) credit union. Founded in 1974, ASI is the nation’s largest provider of private share insurance. Currently, over 1.2 million members belong to credit unions insured by ASI, creating strength in numbers. This means your IRA savings account is fully insured up to $250,000 per depositor and backed by ASI protection. It’s a level of protection and safety you often won’t find with a traditional bank.

FAQs

How much can I contribute to an IRA account each year?

The amount typically changes annually. Please consult with your tax advisor for details.

Can I contribute 100% of my salary to an IRA?

It depends on your earnings and the current IRA rules, which typically change annually. Please consult with your tax advisor for details.

What should self-employed individuals consider when deciding how much to contribute to an IRA for retirement savings?

If you are a self-employed individual, contributing to an IRA can be a smart savings option for your retirement. It’s essential to consider how much you should put into your IRA per month to reach your savings goals. Maximizing your contribution, as suggested, is an excellent starting point for many people. However, as a self-employed individual, you should also evaluate your cash flow and budget to determine if you can afford to contribute more. Remember that the contribution limits for IRAs are the same for all taxpayers, including self-employed individuals. So, whether you are employed or self-employed, it’s crucial to maximize your IRA contributions to ensure a comfortable retirement.

What is the difference between a 401(k) and IRA?

A 401(k) is an employer-sponsored retirement plan, whereas an IRA is an individual retirement account that you manage on your own or with the assistance of an investment advisor. With a 401(k), your employer contributes to your retirement savings plan and often matches a percentage of your contributions, making it a valuable benefit of many employer-sponsored retirement plans. On the other hand, an IRA is entirely self-funded and is typically not tied to an employer.

What are the rules for putting money into an IRA?

You cannot put in more money than you earn. In other words, if you only make $3,000 a year, you can only put $3,000 into your IRA account.

What is the difference between IRA and savings account?

IRAs offer a dedicated savings vehicle for retirement and offer tax benefits along the way.

Who is eligible for IRA?

Anyone can contribute to a Traditional IRA, as long as you have earned income and you’re under age 73. To contribute to a Roth IRA, your adjusted gross household income must be $153,000 or less (if you’re single) or $228,000 or less (if you’re married, filing jointly). These figures are for 2023. Often IRA rules change annually. Please consult with your tax advisor for details.

Can I transfer funds from an existing IRA account to the FFCCU’s IRA account?

Certainly, you can transfer funds from an existing IRA account to FFCCU’s IRA account. However, this process typically requires documentation from both the sending and receiving institutions. This transfer can be either a straightforward transfer or a rollover.

When can I withdraw funds from an IRA account?

If you’re contributing to a Traditional IRA, Federal rules state that you must start taking distributions from the account after you turn 73. For a Roth IRA, you can begin to withdraw contributions without the withdrawal penalty, as long as you meet certain distribution criteria, and the money has been in the account for at least five years. You can only withdraw earnings after you reach age 59½.

What other retirement planning resources does FFCCU offer?

FFCCU partners with Cetera Advisors Network for comprehensive financial planning. Our trusted partners at Cetera can provide advice on retirement planning, estate planning, tax-deferred annuities, and much more. Learn more about Cetera’s capabilities here and schedule a meeting today!

**IRA Transfer/Rollover out or Close IRA (within six months) fee is $25.00.

Bill Deighton

Bill has over 40 years of experience in credit unions and previously served as Chair of the Board of Directors for 30 years. Bill is a retired Captain of the Cleveland Fire Department. Along with his credit union experience, he has served for 16 years on the Ohio Police and Fire Pension Fund Board. He believes that credit unions are powered by providing the best customer service to members. Bill volunteers at St. Ambrose Parish and the Fire Museum renovation. Bill and his wife live in Brunswick and have two grown children.

Anthony Missig

Tony is honored to have been the current Board Director since 1999. He has been a credit union member of Cleveland Fire Fighter since 1988. Tony graduated with a BA degree in Business from Hiram College and an MBA from Baldwin Wallace College. He is currently an Assistant Chief with the Cleveland Fire Department.

Ben Laurendeau

Ben Laurendeau has been employed in the credit union industry since 1987 in a variety of positions. Ben has held the position of President/CEO with Firefighters Community Credit Union since January of 2005. Ben holds an Associate Degree in Accounting from Terra Community College, A Bachelor Degree in Accounting from Tiffin University and a Master of Business Administration Degree from Baldwin Wallace University. Ben serves as a Director on the Ohio Credit Union League Services Corporation Board and serves on the Ohio Credit Union League Audit Committee.

Gary D. Arbeznik

Gary is a lifelong resident of Greater Cleveland and has been a member of the Board of Directors since 2018. Many of his family members have served in the Cleveland Fire department and are long-time members of FFCCU. Gary holds a BA from Columbia College and a JD g from Cleveland State University. He has worked for both Cuyahoga County and the US Attorney’s office in Cleveland during his legal career. Now retired, Gary and his wife live in Lakewood.

Barbara McCullough

Barb is a current Board Director of FFCCU and a fully vested member. She has an MBA in Finance and has spent 25 years teaching to all walks of life. Barb is a volunteer with the Foundation for Geauga Parks, Ohio Department of Natural Resources, Lorain County Spirit of America, and Girl Scouts of Northeast Ohio. Barb is a lifelong resident of the Cleveland area. She and her husband have one daughter.

Alyssa Garcia Evanoff

Alyssa Garcia Evanoff joined Firefighters Community Credit Union as the Chief Marketing Officer in February 2019. Alyssa has nearly two decades of experience in brand management and strategic marketing with a variety of organizations across the Greater Cleveland area. During her career, she has developed successful marketing and creative campaigns that have repositioned brand image and increased brand loyalty through emerging digital trends, content marketing and user experience strategy. Alyssa is a graduate of Miami University and sits on the board of the Cleveland chapter of the American Advertising Federation.

Jessica Bittner

Jessica Bittner joined FFCCU as a teller in 2009. In 2012 she was promoted to branch manager, and has managed multiple branches throughout the credit union. Jessica holds a Bachelors in Human Resource Management & Business Management, with a minor in accounting from Baldwin Wallace University. She was promoted to COO in 2021.

Kathleen Riggs

Kathleen Riggs joined FFCCU as Chief Retail Officer in 2013. Kathy has been in the financial services industry for over 25 years, holding a variety of positions. Kathleen received her bachelors degree in psychology from Kent State University and is a certified trainer of CUNA’s Creating Member Loyalty program.

Paul Humphrey

Paul Humphrey was born and raised in Northeast Ohio. He joined FFCCU in 2017 as the Chief Lending Officer. Paul is a graduate of Kent State University. He holds the designation of Certified Credit Union Financial Counselor (CCUFC) from CUNA. Paul has managed lending programs in both small and large credit unions and brings that unique perspective to serve the members of FFCCU.

John Carrick

John Carrick is the Chief Financial Officer of Firefighters Community Credit Union in Cleveland, Ohio. John was hired by Greater Cleveland Firefighters Credit Union (former name of Firefighters Community Credit Union) as an Accounting Assistant in February 1993, was promoted to acting CFO in 1995, and was awarded the position of CFO in 1996. John has assisted in the acquisition of multiple mergers for Firefighters Community Credit Union and has managed two different Merging Credit Unions during the merger process. John is a former member of the Audit Committee of the Cleveland Chapter of the Ohio Credit Union League. John holds a Bachelor of Business Administration degree from Cleveland State University.

Dennis Corrigan

Dennis has been a member of the Board of Directors since 2017. He is invested in forming bonds between the Credit Union and the community and helping members improve their economic situations. He has a strong desire to have a voice in the decision-making process of an institution that he was raised with and believes in. Dennis has been a part of the Cleveland Fire Department for 25 years and is currently a Captain. Dennis and his wife live in the Cleveland area with their three children.

Damian Borkowski

Damian has served on the Board of Directors for over 10 years. He has been the Citywide Service Manager for the City of Cleveland since 1983 and manages the demolition of houses and buildings. He holds degrees in Law and Engineering and is a member of the Ohio Bar. Damian lives with his wife in the Cleveland area. He has been a credit union member for 30 years.

Rich Bowman

Rich serves as the Chair of the Board of Directors and has been a board member since 2009. He has been a Cleveland Firefighter since 1989 and is presently a Battalion Chief serving the city’s lower west side. Rich is a founding member and Treasurer of the Firefighters Memorial Ride. Since their inception in 2004, they have donated over $250,000 to the families of fallen Fire, Police, and EMS workers. He has a bachelor’s degree in Business Administration with a minor in Finance from Cleveland State University.

James E. Polk

James is the Vice-Chair of the Board of Directors and has served on the Board since 1982. He has also held the position of Secretary. Jim is a retired Cleveland Firefighter after 30 years of service. He is the past treasurer of Fire Fighters Local 93 and served on the Union Executive Board for 18 years. Jim is also a former Worker’s Compensation Representative for Local 93 and the NOFF.

Bryan Gallagher

Bryan has served on the FFCCU Board of Directors since 2006 and looks forward to continuing to help the credit union move forward and provide quality services to members. Born and raised in Cleveland, Bryan and his wife live in Lakewood and have three grown children. He holds a degree in Communications from Cleveland State University and spent 40-years as a cameraman for the MLB and NBA. After 33 years, he retired as a Captain from the Cleveland Fire Department. He is a former Sergeant at Arms for Local 93 IAFF and was Secretary for the Firefighters Memorial.

Robert Schwind

Bob is a lifelong Cleveland resident and has been a member of FFCCU since 1993. He has served on the FFCCU board since 2019. Bob is a graduate of Cleveland State University and has served as a Cleveland firefighter for the past 28 years, becoming a lieutenant in 2002. He and his wife live in Cleveland and have two grown daughters.

James Andrews, Jr.

Jim has been a credit union member for over 40 years and has served on the Board of Directors since 2012. He has been a Cleveland Firefighter for 29 years, currently stationed at Engine Company 13. James has served on the Cleveland Firefighters Relief Fund board and was a former Union Steward and Committee Member for Firefighters Local 93. He and his wife have three children.