Estate Planning Perks - Traditional IRA

Start building your retirement nest egg and save on taxes!

A Traditional IRA offers a smart way to save for retirement. It provides powerful tax advantages and flexible investment options to grow your savings over the long term. Explore the benefits below that can help you achieve your retirement goals.

Other Benefits

Investment Choices

Choose from diversified options to meet your specific savings objectives.

Delayed Withdrawals

Your money can stay invested and growing until age 73.

More Details

Traditional IRAs from Fibre Federal Credit Union offer flexible, tax-advantaged retirement savings options.

Your money can grow over the long term without yearly taxes on earnings. You can contribute up to the annual IRS limit and enjoy immediate tax deductions on those contributions.

You must take the required minimum distributions each year starting at age 73. Qualified withdrawals after age 59-1/2 are not subject to IRS penalties.

Several terms and conditions apply to maintaining and withdrawing from a Traditional IRA.

Other features include:

Distributions—Withdrawals may incur income taxes after age 59 ½.

Federal Insurance—IRA deposits insured up to $250,000 by the NCUA.

No Income Limits—You can contribute regardless of your annual income level. Must be earned income to be eligible.

No Annual Fees—No annual account fees—save for retirement affordably.

Competitive Dividends—Make your money grow faster.

Contribution limits—As of 2023, contribute up to $6,500 yearly, or $7,500 if you are 50 or older.

Future Potential Tax Benefits—Best for those forecasting equal or lesser income later in life.

Early Withdrawal Fees—May be subject to IRS early withdrawal penalties for disbursements taken under age 59 ½.

Open a Traditional IRA

Why Choose Fibre Federal & TLC?

Choosing the right financial partner is essential, whether you’re just starting out or looking ahead to retirement.

As a not-for-profit cooperative, we exist solely to serve our community members rather than stockholders.

By becoming a member, you will be a partial owner and gain access to a full suite of banking services.

Our members enjoy low fees, high-yield returns, and innovative tools to help achieve savings goals, large and small.

We remain committed to empowering our members to thrive financially. Discover why Fibre Federal & TLC is the smart, local choice for all your banking needs.

Open a Traditional IRA

Traditional IRA Resources

Calculator

Traditional IRA Calculator

Apply & Save in 1-2-3

1 Request Your IRA Complete the request form at the top of this page or in Online Banking.
2 Deposit Funds Start saving for your future.
3 Watch Your Money Grow! Make additional contributions annually up to set limits.

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Real Words, Real People from the PNW

Money was never something that we talked about growing up, so it’s something I really try to focus on with my kids. My kids each have accounts at the credit union. My daughter just turned six and feels like such a big girl when she’s able to make that transaction with a teller. If I had had those conversations with my family, I could have had more opportunities to do the things that I wanted to do.

Shantelle

Traditional IRA Accounts FAQs

Who can open an IRA at Fibre Federal & TLC?

Anyone who is a member of Fibre Federal Credit Union and TLC is eligible to open a Traditional IRA.

What are the benefits of saving with a credit union Traditional IRA versus a non-IRA account?

Traditional IRAs frequently provide tax deductions on contributions. They also allow your funds to grow tax-deferred until you withdraw them during retirement. This powerful tax deferral can significantly boost the size of your nest egg over the long term.

How much can I contribute annually to a Traditional IRA?

As of 2023, the IRS sets an annual contribution limit of $6,500 for Traditional IRAs or $7,500 if over age 50. These contributions can grow tax-free until used for retirement.

When will I pay taxes on withdrawals from my credit union Traditional IRA?

Withdrawals during retirement get taxed as regular income based on your tax bracket. Qualified distributions taken after 59 ½ years of age avoid penalties.

How do I contribute to a Traditional IRA?

We make it easy for you to start contributing and watch your savings grow tax-free. Stop by any financial services center or submit an online request to get started.

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*Annual Percentage Yield (APY) effective and subject to change.

Also see Terms For Accounts.

Traditional IRA Accounts