Retirement (IRAs) - Ideal Credit Union

Personal Accounts

Individual Retirement Accounts

Uphold Your Standard of Living

What are Individual Retirement Accounts?

Individual Retirement Accounts (IRAs) are a great way to uphold your standard of living after retirement. Both Traditional and Roth IRA options provide excellent tax-advantaged benefits to help you make the most of your retirement dollars.

Traditional IRA: Traditional IRAs allow earning to grow tax-deferred until they are withdrawn.*
Roth IRA: Roth IRAs provide a non-deductible alternative to traditional retirement savings. Contributions are made with after-tax dollars.**

Meet with Ideal CU IRA/HSA Specialist Kristy Baker

Set up an Ideal IRA Money Market account
Make changes to or discuss your current account
Create a savings plan to make the most of your retirement dollars

Make an Appointment
Visit a Branch

More about Traditional IRAs

Traditional IRAs allow earning to grow tax-deferred. Contributions may be tax deductible depending on your income and participation in an employer-sponsored retirement plan. Taxes are not paid until distributions (withdrawals) are made. Distributions are taxed as ordinary income. In addition, you may be allowed to take penalty-free withdrawals to buy your first home and pay higher education expenses.

Contribution Limits for 2017 & 2018

The deadline for contributions is the same as your tax filing deadline excluding extensions. For most individuals this is April 15.

Tax Year	Contribution Limit	Age 50+
2018	$5,500	$6,500
2019	$6,000	$7,000

More about Roth IRAs

Roth IRAs provide a non-deductible alternative to traditional retirement savings. Contributions are made with after-tax dollars, and earnings may be withdrawn tax- and penalty-free under a a variety of conditions after the account has been open five tax years which includes:

When you reach age 59 and 1/2
Become disabled
Make a first-time home purchase
Upon your death

Contribution Limits for 2017 & 2018

The deadline for contributions is the same as your tax filing deadline excluding extentions. For most individuals this is April 15.

Tax Year	Contribution Limit	Age 50+
2018	$5,500	$6,500
2019	$6,000	$7,000

IRA Investment Options

IRA Money Market: Ideal Premium IRA Money Market Accounts are penalty-free, and do not require a minimum deposit or set term. This is a great option if you would like to keep funds liquid while still enjoying tax benefits. Learn more
IRA Certificates: Certificates offer a safe investment option to grow your money. This is a great option if you want to enjoy competitive rates over a specific term. Learn more

*TRADITIONAL: Early withdrawals are subject to ordinary income tax and a 10% penalty if distribution taken before reaching age 59½.
**ROTH: Earnings distributions from a Roth IRA may be subject to taxes and a 10% penalty if account is less than five years old and the owner is under age 59½. Be sure to consult your tax advisor for more information about the tax benefits of IRAs.

Retirement Accounts