Individual Retirement Accounts (IRAs)

You’ve put in the time — ensure that your earnings have too. With an IRA from Chief Financial, you can grow your nest egg with competitive dividends that compound over time. You can open a new account or roll over an existing account. Whether you choose a traditional or Roth option, an IRA is always a tax-advantaged1, low-cost account insured by the NCUA.

Summary
  • Save for retirement with tax advantages1
  • Earn competitive dividends higher than regular savings
  • Pays monthly dividends
  • Available in traditional and Roth
  • Annual contribution limits apply
  • $1,000 annual “catch up” contributions allowed for ages 50 and better
  • No annual fees or set up fees
  • No minimum balance requirements
  • Federally insured
  • $1,000 minimum deposit to open
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 requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70½

Roth IRA

  • Prepare for qualified medical expenses
  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on earnings can begin at age 59½
  • Early withdrawals on earnings subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

Will this account be added to an existing Chief Financial Credit Union account?

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing a first home, etc.

3Consult a tax advisor.