Individual Retirement Accounts

Build your nest egg + get more out of retirement.

An Individual Retirement Account, or IRA, is a simple way to start getting the most out of your retirement.  Whether you’re on the verge of retirement or just joining the workforce, the tax advantages of an IRA can help build your nest egg and get more out of your retirement.  

Contributing to a traditional IRA can create a current tax deduction, plus it provides for tax-deferred growth.

An IRA is a tax-deferred retirement account that permits individuals to set aside money each year with earnings tax-deferred until withdrawals begin at age 59½ or later. Earlier withdrawal is subject to a 10% penalty.

Only those who do not participate in a pension plan at work or who do participate, but meet certain income guidelines, may make deductible contributions to an IRA. All others can make contributions to an IRA on a non-deductible basis. Such contributions qualify as a deduction against income earned in that year and interest accumulates tax-deferred until the funds are withdrawn. A participant is able to roll over a distribution to another IRA or withdraw funds using a special schedule of early payments made over the participant’s life expectancy. Certified Federal Credit Union offers both Traditional and Roth IRAs. Your IRA accounts are federally insured up to $250,000.

Learn more about our IRAs to see which one is best for your financial situation.

Traditional IRA

Traditional IRA contributions are tax-deductible on both state and federal tax returns for the year you make the contribution; withdrawals in retirement are taxed at ordinary income tax rates. You may receive tax breaks now, depending on your situation. Contributions can grow tax-deferred but are taxed when you take money out in retirement. Traditional IRAs can be a smart solution to increase your tax-deferred savings.

Roth IRA

Roth IRAs provide no tax break for contributions, but earnings and withdrawals are generally tax-free. While you won’t receive immediate tax breaks, your qualified withdrawals are tax-free. Roth IRAs can be a smart solution if you expect to be taxed at a higher rate when you begin making withdrawals.

To open an investment account, please call our Contact Center at 323.859.2250, Option [2].

CURRENT RATES