Individual Retirement Accounts

With a traditional IRA, eligible contributions may be tax-deductible and are only taxed when withdrawn during retirement, often when you're in a lower tax bracket. There is no age restriction for Traditional IRAs, so anyone at any age can contribute if they are still working. Traditional IRAs are also subject to Required Minimum Distributions (RMDs) starting at age 73.

With a Roth IRA, eligible contributions are not tax deductible. However, qualified distributions are tax-free, regardless of your tax bracket or income level. Roth IRAs are also subject to income limits, restricting how much you can contribute depending on your earnings and filing status. Additionally, Roth IRAs are not subject to RMDs, allowing funds to grow throughout your lifetime, effectively fund education, and even transfer to beneficiaries.

With a Traditional IRA, you can contribute pre-tax dollars. Your money will grow tax-deferred, and withdrawals are taxed as current income after age 59 ½. Roth IRA contributions consist of after-tax funds. Your money will grow tax-free and you can typically make tax-and penalty-free withdrawals after age 59 ½. 

Visit any of our branch locations and speak to a Member Services Representative to get started. 

An IRA Share Certificate is just like regular Share Certificate except they are for designated retirement funds. IRA Share Certificates provide a low-risk investment option for IRA owners, while also earning a higher dividend rate compared to the Traditional or Roth IRA share. Even if the market changes, your rate is locked for the selected term. IRA Share Certificates are a great option to help boost your retirement savings. 

Qualified Retirement Plan rollovers are tax-free transactions in which your balance in a tax-qualified employer-sponsored retirement plan – such as a 401(k), tax-sheltered annuity 403(b), or governmental 457(b) plan – is rolled over to another tax-qualified account such as an IRA. When done properly, a rollover will preserve the tax-sheltered status of the retirement assets.

Prior to requesting a rollover from your employer-sponsored retirement account to an Individual Retirement Account (IRA), you should consider whether the rollover is suitable for you. There may be important differences in features, costs, services, withdrawal options, and other important aspects between your employer-sponsored retirement account and an IRA.