Be aware that people are calling members and claiming to be employees of Sunlight FCU or law enforcement to get account information. If you are not sure of the person you are talking to don't give out any information. Hang up and call your local branch number directly.
An IRA is an account that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. The 3 main types of IRAs each have different advantages:
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*A distribution from a Roth IRA is tax-free and penalty-free provided that the five-year aging requirement has been satisfied and one of the following conditions is met: age 59½, death, disability, qualified first time home purchase. See US Treasury's Website for the latest rules and regulations.
The IRS may apply early withdrawl fees to IRA accounts. In addition, withdrawing a traditional IRA may result in a higher taxable earnings. You may also be assesed a fee for moving your IRA to another financial institution.