Teachers Credit Union
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IRAs*

Social Security may give you just enough to get by when you're older. But, will you be able to pay for the special events and times that make retirement special? An IRA offers a realistic way to help achieve your retirement dreams. Individual Retirement Accounts give you an opportunity to accumulate money for retirement with various tax advantages, depending on which you choose*.

Traditional IRA

  • Contributions may be fully tax deductible up to $5,000 per year
  • Earnings are tax deferred
  • Contribute an additional $1,000 if you are age 50 or older
  • After age 59 1/2 withdraw funds without any IRS premature penalty
  • Contributions are subject to Modified Adjusted Gross Income (MAGI) limits

Roth IRA

  • Allows earnings to grow tax-exempt
  • Contribute up to $5,000 per year, or an additional $1,000 if you are age 50 or older
  • Deposits can be withdrawn at any time without tax or IRS Penalties
  • No age requirements
  • Ask about income requirements

Education Savings Account

  • Non-deductible account featuring tax-free withdrawals for children's education expenses
  • The child you are contributing for must be under age 18
  • Contribute up to $2,000 per year based on income requirements


* A minimum $25.00 monthly deposit is required on IRA Share Accounts.

 

 

 

 

 

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