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 money.

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 $6,500 in 2023 - 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.

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 $6,500 total or 100% of taxable compensation, whichever is less
  • $1,000 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 $6,500 total for 2023 or 100% of taxable compensation, whichever is less
  • $1,000 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 $6,500 total for 2023 with potential cost-of-living adjustments
  • $1,000 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.

The calculator tools are not guarantees of credit. Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes.