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Traditional IRA

A Traditional IRA is a great choice for those wishing to save for retirement. Contributions may be tax deductible, eligibility is based on income, tax filing status and participation in an employer sponsored pension plan. Withdraw penalty-free for any of the following reasons: qualified higher education expenses, first time home purchase, age 59 1/2, disability, qualifying medical expenses, payment to beneficiaries upon the owner’s death, payment of health insurance premiums while unemployed for 12 weeks or longer.

Beginning in 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. The limit will apply by aggregating all of an individual’s IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit.

Features Benefits
No required annual contributionsFlexible
No minimum deposit required. However, there is a monthly fee of $10 if the aggregate IRA balance drops below $100Flexible
Contributions may be tax deductible. Eligibility based on income, tax filing status, and participation in an employer sponsored pension plan.Tax incentive
Maximum annual combined contributions allowed to traditional IRAs is $5,500 (2014) or 100% of earned incomeSavings
Dividends are calculated using the average daily balance method and are paid monthly on the last day of the monthEarns dividends
Taxes on earnings are deferred until withdrawnSavings incentive
Periodic statement, usually quarterly, monthly if any electronic or telephone services are utilized, such as iTalkEasy to understand
Catch up contributions allowed for individuals 50 and older $1,000Convenient
Contributions can be made up to the tax return deadline each yearConvenient
Contributions can be made up to age 70 1⁄2Convenient
You may access your account in person, over the phone, Online Banking and through mailConvenient
Federally insured by NCUA for up to $250,000Peace of mind
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