Contributions might be
The traditional route to retirement
- Make your money work hard
- Contributor must be under 70½ years of age and have earned taxable income for the year
- Rollovers or transfers from other plans can be made even if the IRA owner is 70½ years of age or older
- Contribution limits up to $6,000 total (Traditional and Roth) for 2019 or 100% of taxable compensation, whichever is less
- $1,000 catch-up contribution allowed in 2019 for members 50 years of age or older
- Eligibility and deduction limits may apply, based on your Adjusted Gross Income (AGI)
- Available as an IRA Certificate of Deposit, growing at a fixed rate, or an IRA Savings account
Start planning today.
Do you have a picture of your retirement in mind? Credit Union ONE's Traditional IRA options can clarify your vision. Your retirement funds will grow steadily when you choose our IRA CD or IRA Savings account, and your contributions might be tax-deductible. You won't pay taxes on this account until you withdraw money, meaning this could be the right fit if you expect to be in a lower tax bracket in retirement. Make sure you consult your tax advisor for full details about specific tax advantages. Plus, there's more flexibility in Traditional IRAs today, and you could use this account to make penalty-free withdrawals long before retirement for purposes such as buying a first home. No matter your goals, we're dedicated to helping you, and all our Michigan members, reach them.
- A contributor must begin to withdraw funds at age 70½
- IRS penalty-free withdrawal events include:
- Reaching 59½ years of age or older
- Incurring a disability**
- Buying a first home ($10,000 lifetime cap)
- Other qualifying expenses include education and medical needs
*Withdrawals may have additional penalties. Always consult your tax advisor.
**Restrictions and documentation requirements apply.
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