Individual Retirement Account
An Individual Retirement Account, or IRA, is a savings and investing account. IRAs are an easy way to save for retirement.
IRAs are an essential tool for saving for the future, especially if you don't have an employer-sponsored retirement plan like a 401(k) or a 403(b) or are self-employed. Even if you’re saving for retirement with a plan such as a 401(k), supplementing your savings with an IRA provides flexibility and a boost to your overall savings.
- Individuals can contribute up to $5,500 a year ($6,500 if age 50 or older) to an IRA.
- There are no contribution limits if you’re rolling over an old 401(k) into an IRA.
- Traditional IRA contributions may be tax-deductible; withdrawals in retirement are taxed as income.
- Roth IRA contributions are not deductible, but withdrawals in retirement are tax-free.
- Minimum of $50 to open.
- Rates are set by the Board of Directors, and dividends are paid quarterly.
For more information regarding our IRA accounts please contact our Member Services Department .