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IRA is an individual retirement account that allows you to defer taxes on your contribution earnings until they are withdrawn.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.
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.
Traditional IRAs | Traditional or Roth IRA — Which IRA is Right for You? | Retirement Planning Calculator
|Total Limit for
Age 50 and Over
|2020 and later years
||$6,000 + COLA*
||$7,000 + COLA
*Subject to annual cost-of-living adjustments (COLAs), if any.
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