Individual Retirement Accounts

An Individual Retirement Account (IRA) is an excellent tool for our members to consider as part of their retirement plan. Unlike most investments, depending on the type of IRA you choose, contributions may be tax deductible and will grow either tax-deferred or tax-free. IRAs can be funded with rollovers from other IRAs and retirement plans, direct contributions, or both. Keep in mind, IRAs are intended for long term investing, so there are some restrictions on using funds prior to retirement. 

There are two types of IRAs to compare for you to make the best decision for your personal retirement savings:

TRADITIONAL IRAROTH IRA

Total contributions cannot exceed $5,500 for 2015. Individuals age 50 and older may contribute an additional $1,000

Total contributions cannot exceed $5,500 for 2015. Individuals age 50 and older may contribute an additional $1,000

Earned income just be greater or equal to contribution amount

Earned income just be greater or equal to contribution amount

Contribution is tax deductible if individual meets certain IRS qualifications

Contributions are not tax deductible

Earnings grow tax-deferred and are taxed as ordinary income upon withdrawal

Earnings and withdrawals are tax-free when certain requirements are met


For more information on a Traditional IRA, click here.

For more information on a Roth IRA, click here.

We have provided the following resources for you to learn more about choosing the IRA plan that is right for you.  Click on the image of brochure you would like to view.

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*The Credit Union provides no legal advice to members, and provides the foregoing information from a reliable resource to give our members a basic understanding of these services. You should consult with your tax or legal advisor regarding any particulars and the current status of applicable federal and state laws.