Individual Retirement Accounts

Traditional IRA is a type of IRA in which individuals can make pre-tax contributions and the investments in the account grow tax deferred. In retirement, the owner pays income tax on withdrawals.

Roth IRA is a type of IRA in which individuals make post-tax contributions and provides tax-free growth and withdrawals in retirement.

Simplified Employee Pension (SEP) IRA is much like a Traditional IRA. SEP IRAs are for business owners, with different contribution limits, and contributions are tax-deductible. Investments grow tax-deferred until retirement, when distributions are taxed as income.

CFR partners with our custodian NuView Trust Company (based in Longwood, FL) for our IRA accounts. As a custodian, NuView administers the Self-Directed IRAs, including tax reporting and annual statements. CFR products are selected as the investment choice within the IRA.

Yes, both Qualified Retirement Plans and IRAs can be transferred or rolled over to a CFR IRA (some additional qualifications for eligibility may apply), please contact CFR if you have questions regarding eligibility. *Transfers typically take up to a minimum of 6-8 weeks depending on the institution transferring the account funds.

Funds received to open and establish or contribute to IRAs should always be made payable to the custodian, “Inspira Financial” and sent to CFR. CFR sends these funds to Inspira Financial along with the necessary Investment Direction. Inspira Financial invests the funds back into your IRA account with CFR.

The minimum to invest is $20,000 which can be placed into any Term Investment or Ready Access Certificate.

An Inspira IRA Distribution Form is required to process a distribution. You can contact CFR to receive this form. This form should be returned to CFR. The funds will be distributed by Inspira and can be sent via check or electronically via ACH/Direct Deposit (requires external bank account information). Customers distributing $10,000 and more should expect a call from Inspira to give verbal authorization on the transaction. Customers using an external bank account for the first time should expect a call from Inspira to verify their bank account addition. The typical withdrawal process is 5-7 business days.

The annual account management fees are paid by CFR and not passed to the client, as long as the client has at least $20,000 total funds here at CFR. CFR will not be responsible for additional fees such as distribution fees (wires, etc.), account closure fees, or other administrative fees. CFR will not be responsible for any IRS penalties, taxes, or interest charges for early withdrawal (which may also include a six-month interest penalty from IRA Time Certificates held at CFR).