Individual Retirement Accounts
Uphold Your Standard of Living
Individual Retirement Accounts (IRAs) are a great way to uphold your standard of living after retirement. Both Traditional and Roth IRA options provide excellent tax-advantaged benefits to help you make the most of your retirement dollars.
- Traditional IRA: Traditional IRAs allow earning to grow tax-deferred until they are withdrawn.*
- Roth IRA: Roth IRAs provide a non-deductible alternative to traditional retirement savings. Contributions are made with after-tax dollars.**
Meet with us
Meet with an Ideal CU Representative to get started or to discuss your current plan.
- Open a new IRA Money Market or CD
- Make changes to or discuss your current IRA Plan
- Designate or update your IRA beneficiaries
More about Traditional IRAs
Traditional IRAs allow earning to grow tax-deferred. Contributions may be tax deductible depending on your income and participation in an employer-sponsored retirement plan. Taxes are not paid until distributions (withdrawals) are made. Distributions are taxed as ordinary income. In addition, you may be allowed to take penalty-free withdrawals to buy your first home and pay higher education expenses.
Traditional IRA Contribution Limits for 2022, 2023 & 2024
The deadline for contributions is the same as your tax filing deadline excluding extensions. For most individuals this is July 15.
| Tax Year | Contribution Limit | Age 50+ |
| 2025 | $7,000 | $8,000 |
| 2024 | $7,000 | $8,000 |
| 2023 | $6,500 | $7,500 |
| 2022 | $6,000 | $7,000 |
More about Roth IRAs
Roth IRAs provide a non-deductible alternative to traditional retirement savings. Contributions are made with after-tax dollars, and earnings may be withdrawn tax- and penalty-free under a a variety of conditions after the account has been open five tax years which includes:
- When you reach age 59 and 1/2
- Become disabled
- Make a first-time home purchase
- Upon your death
Roth IRA Contribution Limits for 2022, 2023 & 2024
The deadline for contributions is the same as your tax filing deadline excluding extensions. For most individuals this is July 15.
| Tax Year | Contribution Limit | Age 50+ |
| 2025 | $7,000 | $8,000 |
| 2024 | $7,000 | $8,000 |
| 2023 | $6,500 | $7,500 |
| 2022 | $6,000 | $7,000 |