Traditional IRA Accounts
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Grow your earnings tax deferred until withdrawn.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
Open your Traditional IRA account
Contribution limits and penalties are governed by federal law. Your professional tax advisor is the best source of information for your specific situation.
Maximum contributions are set by the federal government. Each year the IRS gathers inflation statistics and updates contribution limits and income limits for the following year. These figures are typically available in late October or November. Penalties for excess contributions apply. Your tax professional is the best source of information about your individual situation. For more information on IRA limits, click here.
Your Money is Safe at SESLOC
Accounts are insured to at least $250,000 by the National Credit Union Administration, a U.S. government agency.
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Why Saving is Winning
From the News+ Blog
As we approach the end of 2021, now might be a good time to take a closer look at a few developments surrounding required minimum distributions (RMDs).
Social Security is a pay-as-you-go system, which means today’s workers are paying taxes for the benefits received by today’s retirees. However, demographic trends such as lower birth rates, higher retirement rates, and longer life spans are causing long-run fiscal challenges.
If you pay attention to financial news, you are probably seeing a lot of discussion about inflation, which has reared its head in the U.S. economy after being mostly dormant for the last decade. In May 2021, the Consumer Price Index for All Urban Consumers (CPI-U), often called headline inflation, rose at an annual rate of 5.0%, the highest 12-month increase since August 2008.1