Individual Retirement Accounts (IRAs)
Your future starts now ...
Individual Retirement Accounts help you save money to supplement your pension or Social Security benefits.
Choose from Traditional or Roth IRAs - both types are available as Savings Accounts and/or as Share Certificate Accounts. In addition, we offer Spousal IRA and Rollover Options.
Traditional IRA
- Contributions:
- Annual contributions may be tax deductible - consult your tax advisor
- Currently, the maximum annual contribution is $5,000 per individual
- Members who are 50 years and older are allowed to make "catch-up" contributions of $1,000 over the regular annual contribution limit
- You can contribute up to age 70½ if you have earned income
- Earnings:
- Earnings grow in your IRA tax-deferred until withdrawn
- Withdrawals:
- Taxed as ordinary income
- Distributions:
- May begin at the age of 59½, but must begin at age 70½
Roth IRA
- Contributions:
- Contributions are not tax-deductible
- Currently, the maximum annual contribution is $5,000 per individual
- Members who are 50 years and older are allowed to make "catch-up" contributions of $1,000 over the regular annual contribution limit
- Contributions can be made to your Roth IRA after age 70½
- Earnings:
- Earnings grow in your IRA tax-deferred until withdrawn
- Withdrawals:
- Withdrawals are tax-free if you are over age 59½ if you buy a first-time home or if you become disabled (provided your funds have been in your account for at least five years)
- Distributions:
- Distributions are not required after age 70½ as with a Traditional IRA
- Eligibility:
- Eligibility to open a Roth IRA is based on adjusted gross income qualifications
Spousal IRA
- Available as Savings Accounts and/or Share Certificate Accounts
- Contribute an additional $5,000 for the benefit of a non-working spouse
Rollover Options
- If you are retiring or changing jobs, you can roll over your retirement funds to an IRA to avoid stiff withholding and tax penalties
IRAs are insured up to $250,000 by the National Credit Union Administration (NCUA), a
U.S. Government Agency.
