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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Avoid monthly or service fees as an active member.

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IRA is an individual retirement account that allows you to defer taxes on your contribution earnings until they are withdrawn.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

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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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