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.
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 $140,000 if single, or $208,000 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.
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Call 800.462.8328, ext. 4116
Monday through Friday, 7 a.m. - 7 p.m.
Saturday, 9 a.m. - 3 p.m.
- 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.
- Please consult a qualified tax professional for tax advice on your specific circumstances.
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