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Individual Retirement Account

Individual Retirement Accounts (IRAs) are a great way to build that nest egg. And, with the Taxpayer Relief Act of 1997, you have even more options for retirement savings. Traditional IRAs provide a tax deduction* for some people, along with tax-deferred interest*. Coverdell Education Savings Account and Roth IRAs are not tax deductible, but may earn income tax-free*.

Annual contributions to an IRA account may not exceed the lesser of 100% of your earned income or $5,500. Total contributions to a combination of traditional and Roth IRAs may not exceed this amount in any one tax year.

If you would like to transfer your IRA from somewhere else, we make it convenient and easy for you. IRAs are insured by NCUA separately - in other words, your IRA is insured for up to $250,000 in addition to the $250,000 on other accounts.

If you are seeking a higher yield by investing your IRA funds for a specified term, the Credit Union offers certificates with terms of 12 months to 60 months. IRA Certificates are available under Traditional, Educational and Roth IRA terms.

  • A penalty may be charged for early withdrawal
  • Rates are fixed for the term of the certificate
  • All activity appears on your regular statement
  • No minimum balance is required for the IRA
  • No monthly fees
  • Contributions may be made in "lump sums" or by regular deposits of up to $5,500 for Traditional and Roth IRA and up to $2000 for the Coverdell Education Savings Account. Age 50 and older can make contributions to Traditional and Roth IRAs of $6,500.
  • Dividends are paid monthly

Traditional and ROTH IRA Aggregate Regular Contribution Limits

Tax Year

Regular Contribution Limit*

Additional "Catch-Up" Contribution for IRA Owners Age 50 and Older**



$1,000 ($6,500 total)

* The regular contribution limit may be subject to cost-of-living adjustments (COLAs), which generally are released in the fourth quarter for the following year.
** The catch-up contribution limit will remain at $1,000 each year unless there is a tax law change.

2016 MAGI Limits for Regular Roth IRA Contributions*

Filing Status

MAGI for Full

MAGI for Partial Contributions

Ineligible for
Roth Contribution


Up to $117,000

$117,000 - $132,000

Over $132,000

filing jointly

Up to $184,000

$184,000 - $194,000

Over $194,000

Married, filing


$0 - $10,000

Over $10,000

* The MAGI limits may be subject to annual cost-of-living adjustments (COLAs), which generally are released in the fourth quarter for the following year.
** IRA owners that do not live with a spouse at any time during the year are considered single filers for purposes of determining Roth IRA eligibility.

For more information, please contact our IRA Specialist or contact a Financial Services Representative. Additional information can also be found here: IRS Publication 590-A for contributions and IRS Publication 590-B for distributions.

* Tax information is not intended as tax advice and you should consult a tax professional.



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