PERSONAL SAVING // IRA
Prepare for your future with IRAs
Individual retirement accounts are a great way to ensure your financial security down the road. Take a look and see which option sounds right to you.
Traditional IRAs
Our IRAs offer ZERO annual administration fees.* As in zilch. Nada. You can also make IRS penalty-free withdrawals for:
Qualified educational expenses
First-time home purchase (congrats!)
Qualified medical expenses
If you become disabled
Reaching age 59-½ (happy half birthday!)
Payment to beneficiaries at IRA owner’s death
Health insurance premiums while unemployed
Birth or adoption of a child
Traditional IRAs: Frequently asked questions
You can start contributing if you have earned income from employment equal to or greater than your IRA contribution.
The annual contribution limit for individuals is $7,000 ($8,000 for ages 50 and above) or 100% of earned income, whichever is less.
Distributions from an IRA must begin in the year that an IRA holder turns 73 years old.
Yes, our IRAs are federally insured. That’s a key difference compared to IRAs invested in the stock market. Check out the NCUA Deposit Insurance calculator to understand how much of your savings is insured.
Roth IRAs: Pay taxes now, benefit later
The money you contribute to a Roth IRA has already been taxed, so the principal amount isn’t subject to taxes or penalties in the future when you stay within the contribution guidelines. Basically, paying the tax now (quick, like a Band-Aid!) means you won’t have to stress about it later.
Roth IRAs: Frequently asked questions
You simply need to have earned income equal to or greater than the amount you contribute up to a maximum amount set each year.
The annual contribution limit for individuals is $6,000 ($7,000 for ages 50 and above) or 100% of earned income, whichever is less.
There are no required minimum distributions.
No, contributions to this type of account are not tax-deductible. Please consult your tax advisor if you have questions.
Insurance = confidence.
Unlike IRAs invested in the stock market, your deposits are federally insured up to $250,000 by the National Credit Union Administration (NCUA), an agency of the U.S. government. IRAs are insured up to an additional $250,000. You can check out the NCUA’s Deposit Insurance Calculator to learn more about how your savings are covered.
You can visit irs.gov for more information about IRAs.
*Withdrawal of earnings and deductible contributions may result in taxable income for Traditional IRAs. Please consult your tax advisor.
