Individual Retirement Accounts (IRAs)

Everyone's idea of the perfect retirement is different. Whatever it is, it should exclude financial constraints. Open a traditional or Roth IRA from CUA for the fulfilling retirement you deserve.

Each plan offers different tax advantages, in which our dedicated staff will help you determine the right one for your situation. And with only $5 to get started, there's no excuse for not enjoying your retirement to the fullest.

Summary
  • Tax-advantaged retirement savings*
  • Competitive dividends above standard savings rates**
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,000 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase share certificates within IRA***
  • $5 minimum deposit to open

*Consult a tax advisor.

**You must maintain a minimum average daily balance of $100 in your IRA account to obtain the disclosed annual percentage yield.

***There is a $500 minimum opening balance for an IRA share certificate. You must maintain a minimum average daily balance of $500 in your share certificate account to obtain the disclosed annual percentage yield.

Traditional vs Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution in any year allowing flexibility
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

Roth IRA

  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on dividends can begin at age 59½
  • Early withdrawals on earnings subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

***Consult a tax advisor.