Traditional Individual Retirement Accounts

A Credit Union ONE Traditional IRA offers tax-advantaged retirement savings in which earnings accumulate tax–deferred, contributions may be fully or partially tax deductible, and maximum contribution limits may increase annually. Choose a fixed-rate, fixed-term Certificate IRA or an IRA Savings account, or call us about other IRA investment options. Talk to us. We're here to make retirement savings simple. All funds are insured by NCUA up to the maximum allowed by law.

Eligibility

• Contributor must be under 70½ and have earned taxable income for the year
• Rollovers or transfers from other plans can be made even if the IRA owner is 70½ or older

Contribution Limits

• $5,000 for the year 2008 or 100 percent of taxable compensation, whichever is less
• No more than $5,000 total can be contributed to Traditional and Roth IRAs in 2008
• For members 50 years or older, a $1,000 "catch-up contribution" is allowed for the year 2008
• Eligibility and deduction limits may apply, based on your Adjusted Gross Income (AGI). Contact your tax advisor for details

Withdrawal Guidelines*

• A contributor must begin to withdraw funds at age 70½
• IRS penalty-free withdrawal events include:
  • Reaching 59½
  • Incurring a disability
  • Buying a first home ($10,000 lifetime cap)
  • Other qualifying expenses include education and medical needs