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An IRA can help you bridge the gap between Social Security, pension plans and the standard of living you want in retirement. Wings’ Roth and Traditional IRAs simplify saving so you can have peace of mind.
| Traditional IRAs | Roth IRAs | |
|---|---|---|
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Overview |
The traditional IRA is an individual retirement account that allows you to defer taxes on your contribution earnings until they are withdrawn. Certain contributions are also tax-deductible in the tax year for which you make them. |
The Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period. If you expect to be in a higher tax bracket when you retire, you may benefit more from a Roth IRA, since contributions are nondeductible and taxed in the year they are earned. |
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Contribution Requirements |
Add money at any age, as long as you have earned compensation. |
Add money at any age, as long as you have earned compensation. |
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Required Minimum Distributions (RMDs) |
You must start taking RMD in the year you turn 72. |
Do not apply |
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Contribution Amount per Tax Year |
If you are 50 or younger you can contribute up to $6,000. If you are over 50, you can contribute $7,000. |
If you are 50 or younger you can contribute up to $6,000. If you are over 50, you can contribute $7,000. |
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Which accounts can I open |
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Where can I open an IRA |
Available at branch locations or by mail |
Available at branch locations or by mail |
| Traditional IRA Details | Roth IRA Details |
Wings Financial Advisors help our members turn financial plans into reality. Get started today with a complimentary consultation for straightforward, professional advice from the credit union you already know and trust.
