Individual Retirement Accounts (IRA)
A Traditional IRA plan offers three basic benefits: Security for your retirement years; tax-deferred dividends until you withdraw your funds (as early as age 59-1/2); and a possible deduction from annual gross income on your federal income tax return. These tax advantages make the Traditional IRA a powerful tool in creating a balanced, long-term savings plan.
Deciding Between a Traditional IRA and a Roth IRA
Two Ways to Invest
Our Traditional and Roth IRAs are available as IRA Savings or IRA Certificates. Here's an overview of both options:
|FAQ||IRA Certificate||IRA Savings|
|What is it?||A guaranteed fixed rate for a specific term. After your certificate matures, you can move it or let it automatically renew with a new fixed rate.||A savings account that earns a variable rate. You aren't locked into any time frame, so you can enjoy more flexibility.|
|Who is it for?||Members who want the peace of mind of a steady return on their money.||Members with limited starting funds, or anyone who wants the freedom to move their money around.|
|Contribution deadline||IRAs must be opened by April 15 of the current tax year, for previous tax year benefits.|
|Available in?||Traditional and Roth IRAs||Traditional and Roth IRAs|
|What are the terms?||Terms from 6 to 60 months||No set terms|
|Is it insured?||Yes, by the National Credit Union Administration (NCUA)2||Yes, by the National Credit Union Administration (NCUA)1|
Have an IRA question? Call (800) 541-2546.
2Contact your tax advisor for details.