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Individual Retirement Accounts (IRAs)

While living in the moment has it perks, it pays to look ahead to the future. Setting aside money for your retirement today will not only provide you with a comfortable cushion to settle back on, but you’ll also earn dividends and may qualify for special tax benefits.

We offer both traditional and Roth IRAs to meet your specific needs.

Summary
  • Start saving for retirement today
  • Tax-advantaged retirement savings*
  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • Federally insured by NCUA up to $250,000
  • $5,500 maximum annual contribution from earned income
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • $100 minimum deposit to open and must have $25 deposit in Member Savings account

*Subject to some minimal conditions. Consult a tax advisor.

Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open*
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 1/2
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 1/2

Roth IRA

  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59 1/2
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

Please Note: IRS guidelines limit the forms of compensation an individual may use in order to be eligible to open an IRA. For example, rental income is not an eligible form of compensation to open an IRA.

 

*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

***Consult a tax advisor.

Don’t wait — there’s no time like the present to get started