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IRAs — 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  • Traditional IRAs allow you to defer taxes on your contributions' earnings until they are withdrawn. Learn more.
  • Roth IRAs allow only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period. Learn more.
  • Coverdell Education Savings Accounts (CESA) are nondeductible accounts that feature tax-free withdrawals for a child’s education expenses. Learn more.

IRA/CESA Investment Options

  • IRA Share Savings Account
  • IRA Certificates
  • IRA Investment Money Market Account
 

Learn more about:

 

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IRA is an individual retirement account that allows you to defer taxes on your contribution earnings until they are withdrawn.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. Every individual situation is unique, consult with a tax advisor before opening an IRA account.

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

Contribution Limits
You may contribute any amount up to 100% of your compensation, or the amount specified in the chart below — whichever is less—  to a traditional IRA (or in total between a traditional and a Roth IRA). In addition, if you reach age 50 or older by the end of the taxable year, you will be eligible to make catch-up contributions.

Learn More
Traditional IRAs | Traditional or Roth IRA — Which IRA is Right for You? |  Retirement Planning Calculator

Tax Year Contribution
Limit
Catch-up
Limit
Total Limit for
Age 50 and Over
2017 $5,500 + COLA* $1,000 $6,500 + COLA*

*Subject to annual cost-of-living adjustments (COLAs), if any.

Application
Fill out the form, print and mail it to our Deposit Services - IRA Department at the address on the form.

Traditional IRA Application
 

Additional IRA Forms

Contact the Deposit Services - IRA Department
For additional information, call our Deposit Services - IRA Department at 1 800 692-2274, option 8, ext. 8165, or in the Minneapolis/St. Paul metro area, call 952 997-8165.
 
 

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. Every individual situation is unique, consult with a tax advisor before opening an IRA account.

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

Contribution Limits
You may contribute any amount up to 100% of your compensation or the amount specified in the chart below — whichever is less — to a traditional IRA (or in total between a traditional and a Roth IRA). In addition, if you reach age 50 or older by the end of the taxable year, you will be eligible to make catch-up contributions.

Learn More
Roth IRAs | Traditional or Roth IRA — Which IRA is Right for You? |  Retirement Planning Calculator


Tax Year
Contribution
Limit
Catch-up
Limit
Total Limit for
Age 50 and Over
2017 $5,500 + COLA* $1,000 $6,500 + COLA*

*Subject to annual cost-of-living adjustments (COLAs), if any.

Application
Fill out the form, print and mail it to our Deposit Services - IRA Department at the address on the form.

Roth IRA Application
 

Additional IRA Forms

Contact the Deposit Services - IRA Department
For additional information, call our Deposit Services - IRA Department at 1 800 692-2274, option 8, ext. 8165, or in the Minneapolis/St. Paul metro area, call 952 997-8165.
 
 

The Coverdell Education Savings Account is a nondeductible account that features tax-free withdrawals for a very specific purpose — a child’s education.
You may also choose between an IRA Certificate with a specific term, an IRA Share Account or an Investment Money Market Account.
The person for whom the CESA is opened must be a member of Wings (with a Primary Share Account) prior to opening a CESA Account. If you are not currently a member, open your account online or download a membership application.
Contribution Limits
You may contribute a total of $2,000 per year into one or more CESAs on behalf of any child.

Learn More
Coverdell Education Savings AccountCollege Planner Calculator


To request more information please fill out and submit the form below.

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Contact the Deposit Services - IRA Department
For additional information, call our Deposit Services - IRA Department at 1 800 692-2274, option 8, ext. 8165, or in the Minneapolis/St. Paul metro area, call 952 997-8165.