IRAs

Traditional IRA (Individual Retirement Account)+

A traditional IRA is a type of retirement plan that has been in existence since 1975. Traditional IRAs offer tax-deferred earnings and the possibility for tax-deductible contributions. These tax advantages make the traditional IRA a powerful tool in creating a balanced, long-term savings plan. You can contribute to a traditional IRA if you earn compensation and you will not reach 70 1/2 by the end of the year. Earnings in a traditional IRA are not taxed until they are withdrawn. The ability to defer taxes on the earnings and to withdraw in a year when you may be in a lower tax bracket can mean more after-tax dollars for your retirement**. If you meet the eligibility criteria and you are under age 50, you can contribute up to $5,000. If you are age 50 and over, your annual contribution limit is $6,000.

Roth IRA (Individual Retirement Account)+

Unlike traditional IRAs, contributions to a Roth IRA are never tax-deductible. However, the money in your Roth IRA, including earnings, can be withdrawn tax-free. You are eligible to contribute to a Roth IRA if your income is less than a limit set by Congress and you earn compensation. If your income is too high to contribute the annual limit, you may be able to make a smaller contribution. We suggest that you consult your tax advisor for the current income limits**. The annual contribution limit for someone under age 50 is $5,000. The annual contribution limit for someone age 50 or older is $6,000.

TypeAnnual Percentage YieldDividend Rate
IRA/Roth IRA (Min. $5.00)+0.050% APY*0.050%

+ Min. Amount to earn dividends
* APY=Annual Percentage Yield. APYs are effective as of 05/21/13 and are subject to change without notice. Rates are for comparison only. Actual rates may vary. Fees could reduce the earnings on the account (only applies if maintenance or activity fees are associated with the account).
Please call the credit union for the most up to date rate information. Not responsible for typographical errors.