Individual Retirement Accounts (IRAs)
If you've made your bucket list, it's time to think about how you will fund it. An IRA offers certain tax advantages* while you save — so you can ensure your golden years truly are golden.
We offer different plans for different financial situations, including Roth, traditional, and SEP for businesses. Talk to a UECU representative about which plan is the right fit for you.
- Tax-advantaged savings for retirement*
- Earn competitive dividends
- Annual contribution limits apply
- Additional $1,000 "catch-up" contribution allowed for ages 50+
- Traditional, Roth, and SEP available
- Share Insurance up to at least $500,000
- $500 minimum deposit to open
*Consult a tax advisor.
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59 ½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70 ½
- Income limits to be eligible to open Roth IRA***
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal*
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59 ½
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.