IRA OWNERS! BIG NEWS THAT COULD INCREASE BOTH YOUR INCOME AND YOUR GIVING: LEARN ABOUT THE SECURE 2.0 ACT

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IRAs

Individual Retirement Accounts

Individual Retirement Accounts

Whether to save for retirement or supplement an existing plan, IRAs offer options and tax benefits to meet your individual needs. IRAs are open to any faith-minded individual, and as an option for those who do not have access to a 403(b), 401(K) or other sponsored retirement plan.

FUND AN IRA Contribution Limits

Traditional IRA

A Traditional IRA is a tax-advantaged account that allows earnings and deductible contributions to grow tax-deferred. This benefit allows you to avoid paying income taxes on the earnings and deductible contributions to your IRA until you begin taking distributions, usually after retirement.

  • No income limits to establish
  • Contributions may be tax-deductible
  • Must have earned income
  • Earnings are tax-deferred until distributed
  • Distributions may begin at age 59½
  • Early distributions may be subject to penalty
  • Required minimum distributions after age 72 (70½ if reached prior to January 1, 2020)
Contact your tax advisor. Additional AGFinancial early redemption penalties and IRA custodial fees may apply.
Fund an IRA

Roth IRA

A Roth IRA allows you to accumulate earnings on a tax-deferred basis and withdraw earnings tax-free for qualified distributions. Unlike a Traditional IRA, contributions to a Roth IRA are not deductible on your federal tax return.

  • Income limits must be met for Roth IRA eligibility
  • Contributions are not tax-deductible
  • No age limit to contribute as long as you have earned income
  • Earnings may be tax-free at distribution if qualified
  • Principal contributions may be distributed without penalty
  • Qualified distributions on earnings may begin at 59½
  • Early distributions on earnings are subject to penalty
  • No required distribution age
  • Traditional IRAs may be converted to Roth IRAs
Contact your tax advisor. Additional AGFinancial early redemption penalties and IRA custodial fees may apply.
Fund an IRA

Individual Retirement Accounts

Whether to save for retirement or supplement an existing plan, IRAs offer options and tax benefits to meet your individual needs. IRAs are open to any faith-minded individual, and as an option for those who do not have access to a 403(b), 401(K) or other sponsored retirement plan.

FUND AN IRA Contribution Limits

Traditional IRA

A Traditional IRA is a tax-advantaged account that allows earnings and deductible contributions to grow tax-deferred. This benefit allows you to avoid paying income taxes on the earnings and deductible contributions to your IRA until you begin taking distributions, usually after retirement.

  • No income limits to establish
  • Contributions may be tax-deductible
  • Must have earned income
  • Earnings are tax-deferred until distributed
  • Distributions may begin at age 59½
  • Early distributions may be subject to penalty
  • Required minimum distributions after age 72 (70½ if reached prior to January 1, 2020)
Contact your tax advisor. Additional AGFinancial early redemption penalties and IRA custodial fees may apply.
Fund an IRA

Roth IRA

A Roth IRA allows you to accumulate earnings on a tax-deferred basis and withdraw earnings tax-free for qualified distributions. Unlike a Traditional IRA, contributions to a Roth IRA are not deductible on your federal tax return.

  • Income limits must be met for Roth IRA eligibility
  • Contributions are not tax-deductible
  • No age limit to contribute as long as you have earned income
  • Earnings may be tax-free at distribution if qualified
  • Principal contributions may be distributed without penalty
  • Qualified distributions on earnings may begin at 59½
  • Early distributions on earnings are subject to penalty
  • No required distribution age
  • Traditional IRAs may be converted to Roth IRAs
Contact your tax advisor. Additional AGFinancial early redemption penalties and IRA custodial fees may apply.
Fund an IRA

IRA Investment Rates

Investment Type Rate APY*
DEMAND 2.625% 2.66%
1-YEAR FIXED 3.125% 3.17%
3-YEAR FIXED 2.875% 2.91%
5-YEAR FIXED 3.125% 3.17%
5-YEAR ADJ. 3.000% 3.04%

*Annual Percentage Yield
Effective February 15, 2023.

Rates subject to change. Demand certificates are investments that do not represent cash and are payable within 30 days after demand by the investor. Penalties may apply to redemptions prior to maturity.

This is not an offering to sell securities referred to herein and we are not soliciting you to purchase these securities. The offering is made only by the Offering Circular which includes risk factors. The Offering Circular may be obtained by writing or calling AGFinancial or by clicking here. AGFinancial investments are offered and sold only in states where authorized or exempt from authorization. Not available to new investors in Washington. Not available in Ohio.

Not FDIC or SIPC Insured. Not a Bank Deposit. No AGFinancial Guarantee.

AGFinancial is a DBA of Assemblies of God Loan Fund, an affiliated entity of Assemblies of God Financial Services Group.

Roth and Traditional IRA Contribution Limits

Age 2023 2022
Age 49 and under 100% of compensation, up to $6,500 100% of compensation, up to $6,000
Age 50 and older 100% of compensation, up to $7,500 100% of compensation, up to $7,000

Max Adjusted Gross Income (MAGI)

Roth IRA MAGI Phase-Out Ranges Traditional IRA MAGI Limit for Partial Deductibility
Type of Individual 2023 2022 2023 2022
Single individuals or head of household ≥$138,000 but < $153,000 ≥$129,000 but < $144,000 >$73,000 but <$83,000 >$68,000 but <$78,000
Married, filing jointly ≥$218,000 but <$228,000 ≥$204,000 but <$214,000 >$116,000 but <$136,000 >$109,000 but <$129,000
Married, filing separately ≥$10,000 ≥$10,000 >$10,000 >$10,000
Non-active participant spouse n/a n/a >$218,000 but <$228,000 >$204,000 but <$214,000

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