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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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    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IRA is an individual retirement account that allows you to defer taxes on your contribution earnings until they are withdrawn.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 may be able to deduct your contributions and you may pay taxes when you withdraw funds.

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

    Contribution Requirements

    Earned income

    Earned income

    Required Minimum Distributions (RMDs)

    You must start taking RMDs in the year you turn 72

    Do not apply

    Contribution Amount per Tax Year

    You can contribute up to $6,000. If you are over 50, you can contribute $7,000.

    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 and by mail

    Available at branch locations and 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

    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 may 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.
    • 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 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

    IRA Savings Accounts

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An individual retirement account that may allow you to defer taxes on the earnings on your contributions until they are withdrawn.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

    Certificates

    • Multiple Term Options - From 3 Months to 5 Years
    • Low Minimum Balance - Open a certificate with as little as $500
    • No Monthly Fees - Avoid monthly or service fees as an active member

    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.

    Learn about WFA

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