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.

Benefits
  • 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.

Traditional vs. Roth

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.

Traditional IRA

  • 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

Roth IRA

  • 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  • Principal contributions can be withdrawn without penalty*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.

SEP IRA

A Simplified Employee Pension Individual (SEP) is a tax-deferred program that allows self-employed members and small business employers to build retirement funds through our high-yield savings account or CDs.

  • Enjoy tax advantages*
  • Give employees a way to save for their retirement
  • Available to businesses of any size (including self-employed)

*Consult a tax advisor.

Don’t hesitate to ask! We'd love to hear from you.