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Traditional and Roth IRAs

It's never too early to start planning for your retirement. We offer both Traditional and Roth IRAs to help you start planning for your financial future.

See Rates

Benefits of a Credit Union Roth IRA or Traditional IRA

  • Get started with as little as $10.00
  • No enrollment or annual maintenance fees
  • Possible tax-advantaged ways to save and invest for retirement
  • IRA funds are secured by the NCUA

IRA Considerations

  • Limits to contribution amounts
  • Penalties for early withdrawals

 

Credit Union Roth IRA vs. Traditional IRA

 

Traditional IRa - Tax break now 

Roth IRa - tax break later 

Contributions

You can contribute if you or your spouse, if filing jointly, have taxable compensation

May be tax-deductible 

*View contribution limits

You can contribute at any age if you, or your spouse, if filing jointly, have taxable compensation and your modified adjusted gross income is below certain limits

Not tax-deductible

*View contribution limits

Withdrawals

You must withdraw part of your tax-deferred savings each year, starting at age 72

If you withdraw less than your RMD, you may owe a 50% penalty tax on the portion you didn't withdraw

Withdrawals may be taken after age 59 1/2

Withdrawals may be taken after a five-year holding period and may be classified as qualified distributions

Exceptions to the early withdrawal penalty include but are not limited to: first-time home purchase, college expenses, and birth or adoption expenses

Required Minimum Distributions (RMD)

You must start taking distributions by 4/1 following the year in which you turn 73No minimum distribution requirements 

If you'd like more information regarding IRAs, visit the Internal Revenue Service's website.

If you are not sure which IRA is right for you, contact us, we have staff available to help.

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