Discover Your Options:
IRA Accounts
IRA Accounts
At The Credit Union for All, your financial future is our priority. We offer a range of IRA accounts to help you save for retirement and other important life goals. Whether you’re planning for your golden years or for your child’s education, we make it easy and accessible.
Traditional IRA
Enjoy tax-deferred growth and flexible contribution options with our Traditional IRA.
Roth IRA
Contribute after-tax dollars and enjoy tax-free withdrawals in retirement with a Roth IRA.
Grow Savings with a Traditional IRA
Benefits of a Traditional IRA
Our Traditional IRA offers a straightforward, reliable way to save for retirement while making the most of valuable tax advantages. With tax-deferred growth, your contributions have the opportunity to compound faster since you won’t pay taxes on them until you withdraw the funds in retirement. Depending on your income and participation in other retirement plans, you may also enjoy potential tax deductions on your annual contributions, putting even more money toward your future.
Best of all, a Traditional IRA helps you build lasting retirement security, with the flexibility to make certain penalty-free withdrawals for qualified education expenses or a first-time home purchase.
Best of all, a Traditional IRA helps you build lasting retirement security, with the flexibility to make certain penalty-free withdrawals for qualified education expenses or a first-time home purchase.
Save for the Future with a Roth IRA
Roth IRA: Tax-Free Growth for Tomorrow
Looking for long-term, tax-free advantages? Our Roth IRA makes it possible to pay taxes on your contributions now and then watch your retirement savings enjoy tax-free growth for years to come. When the time comes, you can take tax-free withdrawals in retirement, provided you’ve held the account for at least five years and meet age requirements.
With flexibility built in, there are no required minimum distributions, and you can keep contributing at any age as long as you have earned income. Plus, you’ll have early access to funds through penalty-free withdrawals for a first-time home purchase or qualified educational expenses, giving you financial freedom both now and in the future.
With flexibility built in, there are no required minimum distributions, and you can keep contributing at any age as long as you have earned income. Plus, you’ll have early access to funds through penalty-free withdrawals for a first-time home purchase or qualified educational expenses, giving you financial freedom both now and in the future.
| Feature | Traditional IRA | Roth IRA |
|---|---|---|
| Can I contribute? | You are eligible to contribute if you earn compensation or file a joint tax return with a spouse who earns compensation. Contributions may be made at any age. | You are eligible if you earn compensation and your modified adjusted gross income (MAGI) is within the allowed limits. |
| Can I take an income tax deduction? | Deductibility depends on your income, filing status, and whether you or your spouse participates in an employer-sponsored retirement plan. | Roth IRA contributions are not tax-deductible. |
| Taxation of contributions | Contributions may be tax-deductible and can reduce your taxable income. | Contributions are made with after-tax dollars. |
| Taxation of withdrawals | Withdrawals are taxed as ordinary income in retirement. | Qualified withdrawals are completely tax-free. |
| What is MAGI? | MAGI is your adjusted gross income before a Traditional IRA deduction, subject to annual cost-of-living adjustments. | MAGI is your adjusted gross income before a Traditional IRA deduction, subject to annual cost-of-living adjustments. |
| When can I withdraw the money? | Withdrawals are allowed at any time. Early withdrawals before age 59½ may be subject to taxes and penalties unless an exception applies. | Withdrawals are allowed at any time, subject to federal tax rules and possible penalties. |
| Required withdrawals? | Required minimum distributions (RMDs) must begin at age 73. | No required distributions during the owner’s lifetime. |