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IRA is an individual retirement account that allows you to defer taxes on your contribution earnings until they are withdrawn.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

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.

Required Minimum Distributions (RMDs)

You must start taking RMD in the year you turn 72.

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 at branch locations or by mail

Available at branch locations or by mail

  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.

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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