Individual Retirement Accounts (IRAs)
(Tuesday, June 30, 2020 Update: IRA accountholders now have additional choices regarding their accounts, such as contributions being allowed to Traditional IRAs after turning 70.5-years-old, exemptions from the 10 percent early distribution penalty for expenses related to the birth or adoption of a child, and more. These changes are part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and members can receive a copy of these disclosures by contacting ITCU in relation to the IRA account they have with the credit union.
Please use our Contact Information page, secure messaging in Online Banking or call Member Care, at (800) 337-3328, to have a copy of these disclosures mailed to you
The saving you do now can add up to a strong financial future. An Individual Retirement Account (IRA) at InTouch Credit Union can help you to enjoy the retirement lifestyle you want. An IRA savings or IRA Certificate of Deposit (CD) can be a great way of saving on its own, or as a supplement to company retirement benefits and Social Security.
IRA and Rollover IRAs
IRAs and IRA CDs are account options available to everyone but can be especially valuable to members who do not have access to a company 401(k) or other work-related retirement program. If you have changed employers, you can move your 401(k) funds by direct rollover into an InTouch IRA or IRA CD account.
Consolidate IRA Accounts
If you have funds at multiple financial institutions you may consider consolidating funds in an ITCU Jumbo IRA CD. You'll get the very best rates for deposits of $95,000 or more. The same rates and terms apply to IRA CD accounts.
Not only does your IRA at InTouch Credit Union feature potential federal income tax deferral* on interest earned, but your IRA is also insured up to $250,000, independent of your other Credit Union accounts by the National Credit Union Administration (NCUA). So, you may confidently contribute to your ITCU IRA or IRA CD every year. And there is an additional reward for those over 50 years, who can take advantage of a larger annual contribution amount.
Give your Future the Benefit of Forethought
Open an ITCU IRA or IRA CD and know that your financial blueprint is being built to your specifications.
Call the Member Care Center at 800-337-3328, Option 5 for more details.
Frequently Asked Questions
Q. How much can I contribute to an IRA?
The annual contribution limit varies from year to year. Your Roth IRA contributions may also be limited based on your filing status and income. Please see the IRS page regarding IRA Contribution Limits for up to date information.
Q. Is this a Roth IRA?
No, this account is considered a Traditional IRA. A Traditional IRA allows your savings to grow tax-deferred, meaning you pay no taxes on earnings until they're withdrawn. Typically, you can't withdraw from a traditional IRA without paying income tax plus a 10% federal penalty tax until you reach age 59½. You must begin withdrawing money by the year after you turn 70½.*
*Contact your tax advisor for advice on whether an IRA is a good option for your situation, and whether you qualify to defer federal income tax.