Individual Retirement Accounts (IRA)

One of the greatest challenges facing American workers, including those in the Chippewa Valley and St. Croix is assuring their financial security in retirement. It’s important to rely on your own resources, including IRAs and other retirement plans, to support your retirement lifestyle.

All of our IRAs have the following features:

  • High Annual Percentage Yield (APY)
  • Federally insured by the National Credit Union Administration (NCUA) at an additional $250,000 above the $250,000 of insurance on other deposits at the credit union
  • No administration fees
  • Minimum deposit, after opening, of $20 and minimum withdrawal of $500, except for pre-arranged retirement disbursement schedules or to close the account
  • Choice between 18 or 60 month fixed rate or 18 month variable rate

Traditional versus Roth

Since tax year 2013 and beyond, total contributions to a combination of Traditional and Roth IRAs cannot exceed:

  • Under age 50: Lesser of 100% of compensation or $5,500 (non-working spouse may also contribute up to $5,500)
  • Age 50 or better: Lesser of 100% of compensation or $6,500 (non-working spouse may also contribute up to $6,500)

Not sure how traditional and Roth IRAs are different? WESTconsin Credit Union is here to help!

  • Variable Rate IRA
    • Open with as little as $50
    • Dividend rate can change monthly
    • Dividends compounded daily and credited monthly

    View Rates

  • Fixed Rate IRA
    • Open with as little as $500
    • Rate at time of opening is fixed for the term of the certificate
    • Dividends compounded and credited monthly

    View Rates

  • Traditional IRA

    A special tax-deferred savings plan authorized by the Federal Government. You do not pay annual taxes on the earnings you accumulate in your IRA. All earnings and deductible contributions are taxed at an ordinary income tax rate when withdrawn.

    Who Can Contribute:

    Any individual who has not reached the age of 70½ for the entire tax year is qualified to contribute if they or their spouse has earned income. (Income limits determined whether the contributions are tax deductible)

    Contributions:

    All contributions are reported on Form 1099-R to the IRS and IRA owner.

    Traditional IRA Distributions:

    All distributions are reported on Form 1099-R to the IRS and IRA owner. How those distributions are taxed depends on the tax payers individual situation.

    View Rates

  • Roth IRA

    Individual retirement account to which you can make annual non-deductible contributions. Unlike a Traditional IRA in which your earnings are tax-deferred, Roth IRA earnings can be tax-free. Contributions can be withdrawn tax-free at any time.

    Who Can Contribute?

    You need to have earned income equal to the amount you contribute up to a maximum amount set each year. Your income must also fall within the guidelines set by the IRS.

    Contributions:

    All contributions are reported on Form 1099-R to the IRS and IRA owner.

    Distributions:

    All distributions are reported on Form 1099-R to the IRS and IRA owner. How those distributions are taxed depends on the tax payers individual situation.

    View Rates

If you have any questions regarding your current IRA or are interested in opening a new one, please contact a Member Services Representative at your local WESTconsin office.

*Note: WESTconsin Credit Union is providing information only and is not intending to provide specific advice or recommendations for individuals. We suggest you contact your tax advisor in regard to your personal IRA plan.

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