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Individual Retirement Accounts

Don't be intimated by saving for retirement. There will always be competing demands for your money, and more things you want to buy than there is money to buy them. It may seem that saving for retirement will be easier once you've paid off current debt, but there are always life events competing for your money—saving for a wedding, a house, maybe even a college education for you child. That easier time may not happen, but retirement will. The sooner you start saving, the easier it is on your budget, and the less you have to save because you have time on your side. Money saved or invested over decades gains far more in compound interest and market gains. We have several Individual Retirement Account(IRA) options to help you build your savings.

Get one step closer to your retirement goal with our IRA options.

IRA Savings Account

With our IRA savings account, you'll earn a higher rate on your retirement funds than with a regular savings account. This is a good choice for those who are making their first step towards saving for retirement and are unsure about other IRA options, as well as those who are participating in an 401k and wish to also have a more secure savings option.

  • requires a $25 opening deposit
  • earns a higher rate
  • $100 minimum balance to earn interest

Increase your retirement savings with our IRA CD options. Learn more about IRA CDs

Traditional IRA

If you want to take advantage of the savings tax-deduction now, a Traditional IRA is your best option. It is also a good choice if you anticipate paying taxes at a significantly lower rate in retirement. You can contribute to a Traditional IRA if you are under age 70 1/2 and earn compensation, or if you are moving the proceeds of a qualified retirement plan distribution into an IRA.

  • Contributions may be tax-deductible**
  • Earnings grow tax-deferred until withdrawn
  • Penalty-free qualified withdrawals:
    • higher-education
    • first-time home purchase***
    • Age 59 1/2
    • Disability
    • Qualified medical expenses exceeding 7.5% of adjusted gross income
    • Beneficiary payment upon death
    • Health insurance premium payments while unemployed (12+ weeks)
Roth IRA

If you're looking for a more flexible investment and don't currently need the tax-break, you may be happier with a Roth IRA. You can contribute to a Roth IRA if you earn compensation and your modified adjusted gross income (MAGI)* is less than the defined limits set by Congress. After your Roth IRA is open for 5 tax years, you are able to qualified withdrawals (first-time home purchase, age 59 1/2, disability, or death)—tax-free and penalty-free.

  • Earnings are tax-deferred
  • Contributions are not tax-deductible
  • Not obligated to start withdrawals after age 70
  • Use up to $10,000 for First-time home purchase***
  • Withdraw regular contributions tax-free & penalty-free anytime

If you're looking to save for a child's education, consider a Coverdell ESA. Learn more about Coverdell ESAs

*Contribution and deductible limits change frequently. Please consult your tax professional regarding your individual circumstances.

**Deductible up to annual contribution limit for the following: singles not active in employer retirement plans, singles active in qualified retirement plans with MAGI below defined limits, married couples with neither spouse active in employer retirement plan, married couples in qualified retirement plans filing joint tax returns with MAGI below defined limits, married individuals not active in qualified retirement plans filing joint tax returns with spouses who are, as long as MAGI is below defined limits.

***Lifetime limit for exemption on first-time home purchase is $10,000

Traditional IRAs, Roth IRAs, and Coverdell ESAs are provided through CUNA Mutual Group. This information is not intended as tax advice. Please consult a tax professional. 014-0045-0107 ©CUNA Mutual Group