What is an IRA?
An Individual Retirement Account, or IRA, is an investment tool that enables you to set aside some of your earnings towards retirement with tax-free growth or on a tax-deferred basis. Owning an IRA is one of the best money decisions you can make, since the tax benefits allow your savings to potentially grow, or compound, more quickly than in a taxable account. Be prepared for your golden years with tax-exempt or tax-deferred retirement savings through an IRA from TDECU. It’s the smart choice!
We offer both Traditional and Roth IRAs, which each offer distinct advantages, and both allow your money to grow much faster than a regular savings account. To provide even greater flexibility, TDECU offers IRA Savings, IRA Money Markets, and IRA Certificates of Deposit to fund your Traditional or Roth IRA. Which account is right for you?
Types of IRAs
|Types||Traditional IRA||Roth IRA|
|Contributions||Often 100% deductible||Not deductible|
|Distributions||Taxable, but penalty-free under certain circumstances; required beginning at age 70-1/2||Tax-free at any time five years after first contribution, and under certain circumstances|
Accounts to fund your IRA
|Types||Savings Account||Money Market Account||Certificate of Deposit Account|
|Dividends||Compounded & paid monthly||Compounded & paid monthly||Compounded & paid monthly|
|Additional deposits allowed||Anytime||Anytime||At maturity only|
|Maturity Date||None||None||Terms from 3 to 60 months|
We're here to help
To open a Savings or Certificate of Deposit Retirement Account, please visit your nearest TDECU Member Center or call 800-839-1154.
To open an Investment Retirement Account, please contact TDECU Wealth Advisors.