Individual Retirement Accounts

An APCO Individual Retirement Account (IRA) offers you tax savings today and a secure retirement in the future. An IRA is a special savings plan authorized by the Federal government to help you accumulate funds for your retirement. Every individual who has earned income may contribute to an IRA. Contributions are limited to earned income and the maximum annual contribution is $5,000 and $6000 for ages 50 and over.

Your IRA contribution may be fully or partially tax deductible depending on your income level as established by law. If neither you nor your spouse are an active participant in a company pension or profit sharing plan, you can deduct 100% of your IRA contribution regardless of income level up to the maximum allowed by law. But suppose you’re among those who can not claim a tax deduction. Does this mean you should not make a contribution? Not at all! Contributing to your APCO IRA is still a smart move for these reasons — because you still need to build funds for your retirement and because all the earnings you accumulate in your IRA are tax sheltered until withdrawn.

APCO IRA deposits may be invested in the IRA Share Account that requires an investment of at least $25 or the IRA Certificate Account that requires a minimum investment of $500. Both IRA accounts pay competitive rates of return and all APCO IRA accounts are separately insured up to $250,000 by the NCUA, an agency of the federal government.