Roth IRA Accounts
Roth IRA Accounts
With a Roth IRA, your contributions are not tax deductible, but your earnings are tax exempt. Minimum balances are $5 for an IRA Share Savings account and $500 for an IRA Share Certificate account. Funds are insured separately from regular savings, up to $250,000 by NCUA, and there are no maintenance fees.
Contributions
- Allowed at any age
- Must be from earned income
- Funds may remain on deposit past age 70 1/2
- Limits are set by the IRS and reviewed each year
- Savers age 50 and over may make catch-up contributions
Withdrawals
- Flexible withdrawal options
- Contributions may be withdrawn without penalties or tax liability
- Earnings may be withdrawn after five years if one of the following conditions apply:
- Qualified higher education expenses
- First-time home purchase
- Disability
- Payment of health insurance premiums while unemployed for 12-weeks or longer
- Payment to beneficiaries upon owner’s death
Open your Roth IRA account
NOT A MEMBER?
Join online, then you can open your Roth IRA account at any branch.
CURRENT MEMBERS
Open an account at any branch.
You can also visit any branch or call our Contact Center at (805) 543-1816.
For additional information, see How to Join »
PLEASE NOTE:
Contribution limits and penalties are governed by federal law. Your professional tax advisor is the best source of information for your specific situation.
Maximum contributions are set by the federal government. Each year the IRS gathers inflation statistics and updates contribution limits and income limits for the following year. These figures are typically available in late October or November. Penalties for excess contributions apply. Your tax professional is the best source of information about your individual situation. For more information on IRA limits, click here.
Your Money is Safe at SESLOC
Accounts are insured to at least $250,000 by the National Credit Union Administration, a U.S. government agency.
Retirement Tips
From the News+ Blog
What’s Happening in the World of Higher Education?
A big reason many Americans are foregoing college is the cost. For the 2022-2023 year (most recent data available), the average one-year cost for tuition, fees, room, and board was $23,250 for in-state students at a four-year public college, $40,550 for out-of-state students, and $53,430 at a four-year private college. But many schools, especially “elite” private colleges, cost substantially more, with some over the $80,000 mark.
RMD Relief and Guidance for 2023
In early 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) to reflect changes made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The IRS has held off on releasing final regulations so that it can address additional changes to RMDs made by the SECURE 2.0 Act of 2022, which was passed in late 2022. In the meantime, the IRS has issued interim RMD relief and guidance for 2023. Final RMD regulations, when issued, will not apply before 2024.
Fiscal Responsibility Act of 2023
The Fiscal Responsibility Act of 2023, signed into law on June 3, 2023, suspends the federal debt ceiling until January 2025. The legislation also includes a number of spending cuts. It is estimated to reduce federal budget deficits by about $1.5 trillion over the 2023-2033 period relative to the May 2023 baseline projections, according to the Congressional Budget Office.
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Savings are insured to at least $250,000 and backed by the full faith and credit of the U.S. government. National Credit Union Administration, a U.S. government agency.
