IRA (Individual Retirement Account)
IRA Accounts, or Individual Retirement Accounts, are a great way to start saving for retirement. Transcend Credit Union can help you start the planning process for life after retirement with tax-free or tax-deferred savings accounts. Transcend Credit Union offers two types of IRA accounts:
Traditional IRA Account
If you qualify, this account allows members to save funds without paying taxes upfront. Taxes will not be paid on the funds until withdrawal. This account makes sense if you anticipate paying taxes at a lower rate in retirement. Contributions may be deducted from your taxable income, which will reduce the income taxes you pay now.
Roth IRA Account
If you qualify, this account allows members to save funds and pay taxes immediately upon contribution. This account makes sense if you anticipate paying taxes at the same or a higher rate during retirement. Contributions are not tax-deductible, but the earnings within a Roth IRA are tax free during retirement.
Traditional/Roth IRA Certificates
With a minimum balance of $500, members may transfer their IRA funds in to an IRA Certificate, which will increase their earnings over time. Click below for our current certificate rates.
Any information provided to you is for general information purposes and neither constitutes, nor should be relied upon, as tax, legal, or investment advice. The member is advised to consult with a competent tax advisor for additional tax information.