Individual Retirement Accounts (IRAs)

  • No Setup Fee

  • No Annual Fee

  • No Miscellaneous Fees

  • Funds Federally Insured up to $250,000

An IRA is a type of an account most often used to save for retirement or education. Elevations Credit Union offers both Traditional and Roth IRAs. Both types of IRAs offer tax benefits. Which one is for you? View our comparison chart below to see the basic differences between these accounts.

Open an Individual Retirement Account (IRA)

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Features

IRA Type Comparison

Account Type Contributions Withdraws

Traditional IRA: Traditional retirement savings account.
Can be used to rollover your 401(k) from a previous employer.

Contributions are tax deductible depending on your income, marital status, and whether you have a retirement plan at work.

Taxes are deferred on earnings. Withdrawals can be made IRS penalty-free at age 59-1/2 and are taxed as ordinary income. Additional benefit comes from possibly being in a lower tax bracket at retirement age.

Roth IRA: Mostly used for retirement savings, but can also be used for qualifying first home purchase, education and medical expenses.

Contributions are not tax deductible.

The original contributions can be withdrawn at any time. Withdrawals of earnings are tax-free if the account has been open for at least 5 years plus one of the following:

  1. Age 59-1/2
  2. Qualifying first home purchase
  3. Disability
  4. Death

You may also make IRS penalty free withdrawals for other qualifying expenses.