Traditional IRA Accounts
Grow your earnings tax deferred until withdrawn. Share and Certificate IRAs allow qualified participants to defer taxes on earned income. Minimum balances are $5 for an IRA Share Savings account and $500 for an IRA Share Certificate account. Funds are insured separately from regular savings, up to $250,000 by NCUA, and there are no maintenance fees. Please consult your tax professional about your specific situation.
- May be tax deductible (IRS income limits apply)
- Limits are set by the IRS and are subject to change
- Must be from earned compensation
- Allowed at any age
- Savers age 50 and over may make "catch up" contributions.
- May begin at age 59 1/2 and must begin by age 72
- Early withdrawal penalties apply
- Penalties may be waived for qualified reasons, including:
- Qualified higher education expenses
- First-time home purchase
- Payment of health insurance premiums while unemployed for 12-weeks or longer
- Payment to beneficiaries upon owner's death
Please Note: Contribution limits and penalties are governed by federal law. Your professional tax advisor is the best source of information for your specific situation.