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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 online with CU Online and on the go with the Wings Mobile App.

    eDocuments

    Enroll in eDocuments to access up to two 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

    2020

    $6,000

    $1,000

    $7,000

     
    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?

    Currently, IRAs are available to open at one of our branch locations and by mail.

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    • Traditional IRAs may allow you to defer taxes on your contributions' earnings until they are withdrawn.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