IRAs

IRAs

A smart savings plan can lead to a more comfortable retirement

Benefit from tax breaks

IRAs help you get more from your retirement savings.

It's your choice

We offer Traditional, Roth and Rollover IRAs, as well as a special plan for non-working spouses.

Set your strategy

Easily withdraw money and transfer funds with Online and Mobile Banking.

Plan your savings

You can contribute up to $7,000 in 2025 - and $1,000 more if you're over age 50.

Grow tax-free

No matter which IRA you choose, all annual interest and dividend earnings are tax-exempt.

As time passes, we accumulate wisdom and experience that can make our golden years rewarding. The same principle applies to retirement savings. By making contributions over time to a tax-advantaged Individual Retirement Account, you can accumulate the funds needed to support an enjoyable, rewarding retirement in Michigan.

Traditional IRA

You may be able to take a tax deduction every year you make a contribution. But you'll pay taxes on withdrawals.

  • Traditional IRA contributors can be any age and must 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 of $7,000 total or 100% of taxable compensation, whichever is less
  • $8,000 catch-up contribution allowed for people 50 years or older
  • Eligibility and deduction limits may apply, based on your Adjusted Gross Income (AGI)
Roth IRA

Annual contributions aren't tax deductible, but qualified withdrawals are tax-free.

  • Contribution limits up to $7,000 total for 2025 or 100% of taxable compensation, whichever is less
  • $8,000 catch-up contribution allowed for people 50 years or older
  • Eligibility and deduction limits may apply, based on your Modified Adjusted Gross Income (MAGI)
  • Available as an IRA Certificate of Deposit or IRA Savings account
Rollover IRA

When you change jobs or head into retirement, you don't need to leave your money behind in a 401(k) account. By rolling your funds into an IRA CD or IRA Savings account, you maintain your tax benefits and avoid withdrawal penalties.

  • Ideal when you're changing jobs or entering retirement with an employee-sponsored plan
  • Take advantage of broad investment choices
  • Choose between a Traditional or Roth IRA
  • Available as an IRA Certificate of Deposit or IRA Savings account
Spousal IRA

Retirement planning can be a team effort. While one spouse is working and building up retirement funds, Credit Union ONE offers a non-working spouse to open a separate IRA .

  • Serves as a special option for a Traditional or Roth IRA
  • Available to working, married taxpayers whose spouses earn less than the maximum for modified adjusted gross income (MAGI) in annual wages
  • Must file a joint tax return to be eligible
  • Available as an IRA Certificate of Deposit or IRA Savings Account
  • Contribute up to $7,000 total for 2025 with potential cost-of-living adjustments
  • $8,000 catch-up contribution is allowed for people age 50 and older

Credit Union ONE is a full-service financial institution with locations in Southeast Michigan, Davison, MI, Traverse City, MI, and Grand Rapids, MI.

Run The Numbers

Find the right retirement account for you.

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Withdrawals may have additional penalties. Always consult your tax advisor.

Restrictions and documentation requirements apply.

Traditional IRA - withdrawals prior to 59 1/2 may result in 10% IRS penalty.

Roth IRA - withdrawals prior to 59 1/2 or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty.