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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.
No Monthly Fees
Avoid monthly or service fees as an active member.
Digital Banking
Keep track of your finances online with CU Online and on the go with the Wings Mobile App.
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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 |
|---|---|---|---|
|
2019 |
$6,000 |
$1,000 |
$7,000 |
|
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
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- Traditional IRAs allow you to defer taxes on your contributions' earnings until they are withdrawn.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, 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
Helping you reach your goals.
Get details and guidance about savings, checking, loans and more. We’ll help you take the next step forward, together.
Certificates
Take advantage of highly competitive rates with Wings Financial’s Certificates. With terms from three months to five years, our certificates give you safe, secure investment options that consistently rank among the nation's best.
Wings Financial Advisors
The key to your financial wellbeing is ensuring your entire picture remains in focus. Wings Financial Advisors serve members’ complete financial needs with straightforward, professional advice, through the credit union you know and trust.
Roth IRAs
As you plan for retirement, a Roth Individual Retirement Account (IRA) may help you maximize your savings. Wings’ Roth IRAs can be structured around your specific goals so your expenses and lifestyle are covered in retirement.
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