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• Traditional IRAs allow you to defer taxes on your contributions' earnings until they are withdrawn.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

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

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.

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

Custodial Accounts

• Opened for minors under 18
• Earn quarterly dividends like Share Savings accounts
• Either the minor or custodian may make deposits, but only the custodian may make withdrawals

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