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IRA: Individual Retirement Account

IRA: Individual Retirement Account

Start saving now to enjoy your retirement

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.

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 (CDs) 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
Earning Tax-deferred Tax-free
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
Minimum balance None $2,500 $1,000
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.

- OR -

Open an Investment Retirement Account
with TDECU Wealth Advisors

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