Skip to main content

TRADITIONAL IRA

Traditional IRA is offered through CUNA Brokerage Services, Inc.1, a broker/dealer focused on serving credit union members. CUNA Brokerage Services, Inc. is an affiliate of CUNA Mutual Group.


Traditional IRA

An Individual Retirement Account (IRA) is a tax-advantaged account you can use to save for retirement outside of an employer-sponsored plan.

The tax benefit of a Traditional IRA is your contributions are deductible each year you make them.2 It may be best for you if you expect to be in a lower tax bracket in retirement. 

For an IRA that instead defers tax advantages to your retirement, consider a Roth IRA.

How it works

  • Make contributions up to $6,000 ($7,000 if you’re over age 50)
  • Enjoy possible tax benefits by deducting your contributions2
  • Watch your savings grow tax-deferred
  • Make IRS penalty-free withdrawals after age 59½; they’ll be taxed as income at your then-current tax rate
  • Withdrawals taken before age 59½ are generally subject to an IRS penalty
  • Begin taking your required minimum distributions no later than April 1 following your 72 birthday.  You must take your first required minimum distribution upon turning age 72 (70 ½ if you turned 70 ½ before January 1, 2020)

How to qualify

  • Anyone with earned income can make contributions
  • Tax-deductibility is subject to income limitations if you already participate in an employer-sponsored plan
  • If your adjusted gross income is less than $144,000 if single, or $214,000 if married, consider a Roth IRA

Traditional IRA is offered through CUNA Brokerage Services, Inc.1, a broker/dealer focused on serving credit union Members. CUNA Brokerage Services, Inc. is an affiliate of CUNA Mutual Group. For more information about CUNA Brokerage Services, Inc., please visit cunabrokerage.com.


OPEN AN ACCOUNT

Online

Call 800.462.8328, ext. 4116

Monday through Friday, 7 a.m. - 7 p.m.
Saturday, 9 a.m. - 3 p.m.

Visit

ANY SCHOOLSFIRST FCU BRANCH

Disclosures
  1. Retirement Planning Financial Professionals are registered representatives of CUNA Brokerage Services, Inc. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, may lose value, no financial institution guarantee, and not an obligation of the Credit Union. Not a deposit of any financial institution. CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty States of the United States of America.
  2. Please consult a qualified tax professional for tax advice on your specific circumstances.

Refer Family or Friends

Invite your immediate family and eligible colleagues to join SchoolsFirst Federal Credit Union!

Not a Member?

Joining SchoolsFirst FCU is quick and easy. Apply for Membership today.