|MAXIMUM CONTRIBUTION||“CATCH UP” CONTRIBUTION*|
Individual Retirement Accounts offer the opportunity to save for retirement in one of two ways.
The Traditional IRA is the only IRA that may allow tax-deductible contributions. It is designed for members that are looking for a tax savings now and who expect a lesser tax burden after they reach the age of 59 1/2.
The Roth IRA is “back loaded”, which means that contributions are made after taxes. The trade-off is that your investment earnings are tax-free. Funds can be withdrawn if:
- You are over age 59 1/2
- Funds are going to your beneficiary upon your death
- You have become disabled
- Funds are being used for first time home purchase (lifetime limit is $10,000 per person)
Either IRA can be opened for as little as $100.00. Deposits can continue to be made regularly via payroll deduction or ACH (automated clearing house) until the maximum yearly contribution limit is reached.
Categorized as “Add-on Certificates”, IRA Certificates require an initial deposit of $1,000.00. They are available in 12 month, 24 month, and 60 month terms.
Deposits can be made on throughout the year until the maximum yearly contribution limit is reached.
View our Account Disclosures for account terms and conditions.
IRA funds are insured up to $250,000 by the NCUA (National Credit Union Administration), an agency of the federal government.
Ask to speak with our Account Specialist to learn more about the terms and conditions of IRA Share Accounts.
* If you are 50 years of age or older before the end of the calendar year.