An Individual Retirement Account (IRA) is a tax-advantaged savings account designed to help individuals save for retirement. IRAs allow your investments to grow either tax-deferred or tax-free, depending on the type of account.
Investment Options
We offer Traditional IRAs with terms ranging from 31 days to 5 years, requiring only a $500 minimum opening deposit.
Key Benefits
- Interest accrues monthly for optimal yield
- Interest will be compounded
- Competitive interest rates
- Special promotional rate offers
- Automatically renewable upon maturity
Digital Access
- Online Banking
- PCSB One-Touch Banking
Note: Enrollment in Online Banking is required to access PCSB One-Touch Banking.
Traditional IRA
- Tax Benefits: Contributions may be tax-deductible.
- Growth: Investments grow tax-deferred.
- Withdrawals: Taxable as income during retirement.
- Required Minimum Distributions (RMDs): Begin at age 73.
How IRAs Work
- Tax Benefits: Contributions may be tax-deductible.
- Growth: Investments grow tax-deferred.
- Withdrawals: Taxable as income during retirement.
- Required Minimum Distributions (RMDs): Begin at age 73.
Income Limits for Tax Benefits (2025)
Traditional IRA Deduction Phase-Out (if covered by a workplace plan):
- Single: $79,000–$89,000
- Married Filing Jointly: $126,000–$146,000
2025 IRA Contribution Limits
- Under age 50: Up to $7,000 annually.
- Age 50 and older: Up to $8,000 (includes $1,000 catch-up contribution). [irs.gov]
Note: These limits apply across all IRAs combined (Traditional + Roth).