Individual Retirement Accounts

Make sure retirement’s covered with Roth & Traditional IRAs.

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Save today for a better tomorrow.

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.

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Compare & find the best account for you. Traditional IRAs Roth IRAs

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IRA is an individual retirement account that allows you to defer taxes on your contribution earnings until they are withdrawn.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. 

Tax Benefits

You can deduct your contributions and you’ll pay taxes when you withdraw funds.

Pay taxes when you contribute to your account. You will withdraw the money tax free.

Contribution Requirements

Add money until you 70 ½ years old.

Add money at any age.

Required Minimum Distributions (RMDs)

You must start taking RMDs in the year you turn 70 ½.

Do not apply

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.

Which accounts can I open

  • Certificate
  • Share Account
  • Investment Money Market Account
  • High-Yield Savings Account
  • Certificate
  • Share Account
  • Investment Money Market Account
  • High-Yield Savings Account

Where can I open an IRA

Available only at branch locations

Available only at branch locations

  Traditional IRA Details Roth IRA Details

Save for a child’s education with a CESA.

A Coverdell Education Savings Account (CESA) helps you save for eligible expenses in a child’s elementary, secondary or higher education. It’s a nondeductible account that features tax-free withdrawals for this specific purpose.

Learn about CESA

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Common Questions about IRAs

View All FAQs

What is an IRA?

IRAs are Individual Retirement Accounts.

When Social Security and pension plans are not enough to maintain your standard of living at retirement, an Individual Retirement Account (IRA) can be an excellent investment. Both the Roth and traditional IRA offer a number of benefits, depending on your current financial situation.

  • Traditional IRAs allow you to defer taxes on your contributions' earnings until they are withdrawn.
  • Roth IRAs allow only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period.
  • Coverdell Education Savings Accounts (CESA) are non deductible accounts that feature tax-free withdrawals for a child's education expenses.
What happens to my Traditional IRA if I die?

Your beneficiaries will be notified and funds will be distributed accordingly.

What is a Roth IRA?

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.

You may also choose between an IRA Certificate with a specific term, an IRA Share Account or an Investment Money Market Account.

You must be a member of Wings (with a Primary Share Account) prior to opening a Retirement Account. If you are not currently a member, open your account online or download a membership application.

What types of Savings Accounts does Wings offer?

Share Savings

  • The foundation for your relationship with Wings Financial Credit Union
  • Offers lifetime membership, NCUA security and a competitive yield
  • Earns more without being tied to a specific term
  • Access 24 hours a day, 7 days a week via CU Online, ATMs, Wings branches and CU PAL Phone banking

High-Yield Savings

  • No minimum balance to earn dividends
  • No term commitment gives you ready access to your deposits
  • NCUA insurance for your peace of mind

Custodial Accounts

  • Opened for minors under 18
  • Earn quarterly dividends like Share Savings accounts
  • Either the minor or custodian may make deposits, but only the custodian may make withdrawals

Money Manager

  • Great way to save for something special like a vacation, a new computer or a wedding
  • A high-yield, no-risk investment
  • Save as much as you want, when you want
  • Make saving even easier with direct deposit or payroll deduction

Coverdell Education Savings Accounts (CESA)

  • A nondeductible account that features tax-free withdrawals for a child’s education expenses
  • See our IRA page for more information

IRA Savings Accounts

  • An individual retirement account that allows you to defer taxes on the earnings on your contributions until they are withdrawn.
  • See our IRA page for more information

Our experts are here to guide you.

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.

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