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Traditional Individual Retirement Account

Save for retirement with a Traditional Individual Retirement Account.
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    Preparing for tomorrow, today.

    Save for retirement today with a Traditional IRA, and defer taxes on contribution earnings until you withdraw funds in retirement. We’ll work with you to set up an IRA that works toward your savings goals and delivers peace of mind for your retirement.

    Digital Banking

    Keep track of your finances with CU Online and on-the-go with the Wings Mobile App.


    Enroll in eDocuments to access up to three years of statements all in the Wings Mobile App or CU Online.

    Traditional IRA Contribution Chart

    Tax Year Contribution Limit Catch-up Limit Total Limit for Age 50 and Over





    Straight Answers to Your IRA Questions
    Traditional or Roth IRA - Which is Right for You?

    Common Questions about Traditional IRAs

    View All FAQs

    Where can I open an IRA?

    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    • Traditional IRAs allow you to defer taxes on your contributions' earnings until they are withdrawn.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.

    What happens to my Traditional IRA if I die?

    Your beneficiaries will be notified and funds will be distributed accordingly.

    What is a Roth IRA?

    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.

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

    What types of Savings Accounts does Wings offer?

    Share Savings

    • The foundation for your relationship with Wings Financial Credit Union
    • Offers lifetime membership
    • Earns more without being tied to a specific term
    • Access 24 hours a day, 7 days a week via CU Online, ATMs and Wings branches
    • Can be opened as an individual, joint or custodial account

    High-Yield Savings

    • No minimum balance to earn dividends
    • No term commitment gives you ready access to your deposits

    Money Manager

    • Great way to save for something special like a vacation, a new computer or a wedding
    • A high-yield, no-risk investment
    • Save as much as you want, when you want
    • Make saving even easier with direct deposit or payroll deduction

    Coverdell Education Savings Accounts (CESA)

    • A nondeductible account that features tax-free withdrawals for a child’s education expenses
    • See our IRA page for more information

    IRA Savings Accounts

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