Plan for a Secure Retirement with our Individual Retirement Accounts (IRAs)
Guarantee your future and all the things that are on your horizon. You’re the expert on being you – and we’re the experts on money and how you can help you achieve your goals. A Certificate of Deposit gives you a guaranteed return on your investment that can put you a step closer to your dreams.
Individual Retirement Accounts, or IRAs, are accounts that offer tax benefits and allow you to save for your retirement through yearly contributions. Start taking action now to meet your goals for a comfortable retirement!
What We Offer
Traditional IRA – Traditional IRAs are taxed at withdrawal but allow tax deductions on the contributions that you make. Also, this type of IRA requires you to begin withdrawing funds at 70 ½ years of age.
Roth IRA – A Roth IRA allows you to enjoy tax-free growth but you’ll pay taxes on your contributions. Your contributions also depend on the modified adjusted gross income limits. However, a Roth does not require you to withdraw at a specific age.
SEP and SIMPLE – We offer options that enable business owners to help their employees save for retirement. Learn more.
Comprehensive Guide to Individual Retirement Accounts (IRAs)
| IRA Basics | Traditional IRA | Roth IRA |
|---|---|---|
| Contributions | Up to $5,500 per year Up to $6,500 for age 50 and older | Up to $5,500 per year Up to $6,500 for age 50 and older Subject to modified adjusted gross income limits |
| Contribution Age Limit | Age 70 ½ | None |
| Taxation | Earnings taxed at withdrawal Contributions may be tax deductible, check with a tax advisor | Contributions subject to taxation Earnings grow tax-free |
| Withdrawals | Optional beginning at age 59 ½ Mandatory at age 70 ½ | Optional beginning at age 59 ½ No mandatory withdrawal age |
| Early Withdrawal | Penalties apply; exceptions exist for first time home purchase*, higher education expenses**, or if disabled. Consult a tax advisor for details. | |
Explore our Competitive IRA Rates and Flexible Terms
| Term | Rate* | APY** | Minimum Balance to Open | Minimum Daily Balance to Earn APY |
|---|---|---|---|---|
| 3 Months | 3.93% | 4.00% | $500.00 | $500.00 |
| 6 Months | 3.93% | 4.00% | $500.00 | $500.00 |
| 12 Months | 3.20% | 3.25% | $500.00 | $500.00 |
| 14 Months (SPECIAL) | 3.93% | 4.00% | $500.00 | $500.00 |
| 18 Months | 2.23% | 2.25% | $500.00 | $500.00 |
| 20 Months | 1.74% | 1.75% | $500.00 | $500.00 |
| 24 Months | 1.25% | 1.25% | $500.00 | $500.00 |
| 36 Months | 1.25% | 1.25% | $500.00 | $500.00 |
| 40 Months | 0.25% | 0.25% | $500.00 | $500.00 |
| 48 Months | 0.25% | 0.25% | $500.00 | $500.00 |
| Effective: 11/09/2024 * Rates subject to change without notice. ** Annual Percentage Yield. *** NEW MONEY for all CD Specials Certificate Term Deposit: Federal regulations require a penalty for early withdrawal on all term deposits. Terms less than 12 months earn simple interest. Dividends are compounded and paid monthly. Fees and penalties may reduce earnings. Refer to CCU's Fee Schedule and Account Product Disclosures for additional account requirements to earn interest. MEMBER NCUA, MSIC |
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Everyone has different needs. Visit one of our branches to talk to one of our financial experts who can answer all your questions so you can make the best retirement choice for you.
If you need help or would like more information, please visit one of our branches or call us at 800-862-7009. Become a member today and live more vibrantly!