IRA’s are savings plans to help you prepare for retirement. We offer Traditional and Roth IRA’s. We have several different options to meet your financial needs. Our IRA’s have no sign-up fee or maintenance fees!
If you leave your job or retire, roll your qualified retirement plan funds into an IRA and still keep the tax-deferred status!
All IRA accounts are insured separately by NCUA.
Roth IRA vs. Traditional IRA
An IRA can be an effective retirement tool. There are two basic types of Individual Retirement Accounts (IRA): the Roth IRA and the Traditional IRA. Click here to use our Roth IRA vs Regular IRA Calculator to determine which IRA may be right for you. Please note that this calculator should not be used for Roth 401(k) comparisons.
What is a Roth IRA?
A Roth IRA is an individual retirement arrangement named for the late Senate Finance Committee Chairman William Roth Jr. This type of IRA offers different tax incentives than a Traditional IRA to boost your retirement savings.
How does a Roth IRA work?
Unlike Traditional IRAs, contributions to a Roth IRA are never tax-deductible. But the money you contribute to Roth IRA can be withdrawn tax free at any time. And if you qualify, you can withdraw the earnings too. You are eligible to contribute if you earn a compensation or file a joint tax return with a spouse who earns compensation, and your modified adjusted gross income (MAGI) is less than within the defined limits.
What is a Traditional IRA?
A Traditional IRA is an individual retirement arrangement that allows you to save for retirement with tax-deferred earnings and the possibility of tax-deductible contributions. These tax advantages make the Traditional IRA a powerful tool in creating a balanced, long-term savings plan.
How does a Traditional IRA work?
You are eligible to contribute to a Traditional IRA as long as:
you (or your spouse if filing a joint tax return) earn a compensation from employment, and
you have not reached the age 70 1/2 before the end of the year.
You may be eligible to deduct the amount of your contribution on your federal income tax return for the year. Potential earnings accrue tax-deferred on the investments within the Traditional IRA each year, increasing your IRA balance. You can withdraw your assets at any time, but tax and penalties may apply, depending on your age and what type of assets you remove. Once you reach age 70 1/2, however, you must remove a minimum amount from your Traditional IRA each year.
Traditional and Roth IRA annual contribution:
2019 - $6000
Additional “catch-up” contribution for owners age 50 and older - $1000