Individual Retirement Account (IRA)

An IRA is a personal savings plan that offers tax advantages to help you save for retirement. You can contribute money each year and grow it through investments or interest, depending on the type of IRA. At Elevations Credit Union, we offer Traditional, Roth, and Rollover IRAs to fit your retirement goals and financial situation. 

The main difference is how and when you pay taxes: 

• Traditional IRA: Contributions may be tax-deductible, and earnings grow tax deferred. You’ll pay taxes when you withdraw the money in retirement.
• Roth IRA: Contributions are made with after-tax dollars, but withdrawals in retirement (including earnings) are tax-free if certain conditions are met.
  

Choosing between the two depends on your income, tax bracket, and when you’d prefer to pay taxes. 

Anyone with earned income can typically open an IRA. Eligibility for Roth IRAs is subject to income limits, while Traditional IRAs are available to most individuals under age 70½ (for contributions based on earned income). If you’re a member of Elevations Credit Union, you can open and manage your IRA with us. 

For 2025, the annual contribution limit is $7,000 if you're under age 50, or $8,000 if you're 50 or older (thanks to the catch-up provision). These limits apply across all IRAs you may own, and income limits may affect how much you can contribute to a Roth IRA or deduct from a Traditional IRA.

Yes! You can roll over your 401(k) or other employer-sponsored retirement plan into a Rollover IRA at Elevations Credit Union. This helps you consolidate your retirement savings and maintain tax-deferred status without triggering penalties.

IRAs at credit unions like Elevations often provide: 

• A more personal, member-first, local experience
• Simpler savings-focused investment options
  

Our IRAs typically do not have monthly maintenance fees, though a minimum opening deposit may apply depending on the account type. We’ll review all requirements with you before opening the account.

Your IRA stays with you, even if you move out of state. You’ll still have full access to manage your account online or by phone, and Elevations Credit Union will continue to support your retirement savings goals wherever life takes you. 

That depends on your income, tax situation, and retirement timeline. A Traditional IRA might be best if you want to reduce your taxable income now, while a Roth IRA could benefit you more in retirement if you expect to be in a higher tax bracket. Our team is here to walk you through your options and help you make the best decision for your future.