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IRA is an individual retirement account that allows you to defer taxes on your contribution earnings until they are withdrawn.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,an IRA Investment Money Market Account, or a High-Yield Savings 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.
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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 |
| 2019 |
$6,000 |
$1,000 |
$7,000 |
| 2020 and later years |
$6,000 + COLA* |
$1,000 |
$7,000 + COLA |
*Subject to annual cost-of-living adjustments (COLAs), if any.
Application
Fill out the form, print and mail it to our Account Services - IRA Department at the address on the form.
Traditional IRA Application
Additional IRA Forms
Contact the Account Services - IRA Department
For additional information, call our Account Services - IRA Department at
1 800 692-2274, option 8, ext. 8165, or in the Minneapolis/St. Paul metro area, call
952 997-8165.