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What you save today could transform the way you live tomorrow. With an Individual Retirement Account (IRA), it’s easy to save a little at a time and grow a fund that can support you after you retire.
Individual Retirement Accounts (IRAs)
Save for a Greater Future
What is an IRA?
An Individual Retirement Account is a tax-advantaged savings account created by the IRS. At our credit union, we offer two types of retirement accounts: Traditional IRAs and Roth IRAs. Depending on the account you choose to open, you can either defer or avoid taxes altogether when you contribute to or withdraw funds.
Traditional IRA
With Traditional IRAs, you can deduct account contributions from your taxes. You’ll pay taxes on these funds later when you withdraw–normally when you retire.
Contributions
Contribute pre-tax dollars. Dividends may be tax-deferred.*
Deductions
Contributions may be deducted from income tax returns.*
Contribution Limit
$6,000 contribution limit per year. Additional “catch-up” contributions of $1,000 per year are allowed beginning at age 50.
Withdrawals
Withdrawals can begin at age 59½. Mandatory withdrawals at age 72. Early withdrawals subject to penalty.**
Funds Federally Insured
to $250,000
Roth IRA
With Roth IRAs, you’ll pay taxes on any contributions you make now. Later (again, typically when you retire) you can withdraw funds tax-free.
Contributions
Contribute after-tax dollars. Earnings and principal are 100% tax free upon withdrawal.*
Deductions
Contributions are not tax deductible.
Contribution Limit
$6,000 contribution limit per year. Additional “catch-up” contributions of $1,000 per year are allowed beginning at age 50.
Withdrawals
No mandatory distribution age. Principal contributions can be withdrawn without penalty. Early withdrawals on interest subject to penalty.**
Funds Federally Insured
to $250,000
*Consult your tax advisor.
**Certain exceptions apply, such as healthcare, purchasing your first home, etc.
Additional Information (PDFs)
Traditional & Roth IRA’s
Transfers, Rollovers, and Conversions
IRA and Retirement Plan Distributions
Inherited IRA’s
IRA Share Accounts & Certificates
How you invest in your IRA is up to you. With both types of IRAs–Traditional and Roth–you have the option of saving via an IRA Share account or IRA Share Certificate.
If you’re opening an IRA for the first time or need a place to hold your IRA while you plan to reinvest, an IRA Share account is a good option. There’s no minimum balance or term requirement, and it pays a variable rate.
Looking for something with a higher fixed rate? Consider opening an IRA Share Certificate. They require a minimum balance and term, but typically pay a higher fixed rate than an IRA Share account.
IRA Share Certificate (CD) Rates
Term
Minimum Balance $500 Rate
Minimum Balance $500 APY1
Term
3 Months
Minimum Balance $500 Rate
1.490%
Minimum Balance $500 APY1
1.50%
Term
6 Months
Minimum Balance $500 Rate
2.472%
Minimum Balance $500 APY1
2.50%
Term
12 Months
Minimum Balance $500 Rate
3.928%
Minimum Balance $500 APY1
4.00%
Term
18 Months
Minimum Balance $500 Rate
3.590%
Minimum Balance $500 APY1
3.65%
Term
24 Months
Minimum Balance $500 Rate
3.057%
Minimum Balance $500 APY1
3.10%
Term
30 Months
Minimum Balance $500 Rate
3.057%
Minimum Balance $500 APY1
3.10%
Term
36 Months
Minimum Balance $500 Rate
2.960%
Minimum Balance $500 APY1
3.00%
Term
48 Months
Minimum Balance $500 Rate
2.960%
Minimum Balance $500 APY1
3.00%
Term
60 Months
Minimum Balance $500 Rate
2.960%
Minimum Balance $500 APY1
3.00%
IRA Share Certificate (CD) Special Distribution Rates
Term
Minimum Balance $500 Rate
Minimum Balance $500 APY2
Term
3 Months
Minimum Balance $500 Rate
1.490%
Minimum Balance $500 APY2
1.50%
Term
6 Months
Minimum Balance $500 Rate
2.472%
Minimum Balance $500 APY2
2.50%
Term
12 Months
Minimum Balance $500 Rate
3.928%
Minimum Balance $500 APY2
4.00%
Term
18 Months
Minimum Balance $500 Rate
3.590%
Minimum Balance $500 APY2
3.65%
Term
24 Months
Minimum Balance $500 Rate
3.057%
Minimum Balance $500 APY2
3.10%
Term
30 Months
Minimum Balance $500 Rate
3.057%
Minimum Balance $500 APY2
3.10%
Term
36 Months
Minimum Balance $500 Rate
2.960%
Minimum Balance $500 APY2
3.00%
Term
48 Months
Minimum Balance $500 Rate
2.960%
Minimum Balance $500 APY2
3.00%
Term
60 Months
Minimum Balance $500 Rate
2.960%
Minimum Balance $500 APY2
3.00%
IRA Share Account Rates
Tier
Rate
APY3
Tier
All Amounts
Rate
0.100%
APY3
0.10%
Learn More About IRAs
The best time to plant a tree is 20 years ago. The next best time is today. Don’t wait, learn more about different paths to retirement, or browse our other financial resources.
Why Invest in an IRA?
Build a more secure future with an Individual Retirement Account from Greater Nevada. Here are just a few of the reasons these accounts are popular tools for improving financial wellness.
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Tax-Advantaged:
Depending on whether you choose a Traditional IRA or a Roth IRA, deposits you make and interest you earn are either tax-deferred or tax-free.
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More Investing Options:
With IRAs, you can choose from a wider variety of investment opportunities than you’d have available with 401(k)s and employer retirement plans.
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Federally Insured:
All funds deposited in a credit union (including your IRA) are federally insured by the National Credit Union Administration (NCUA) up to $250,000.
Open Your IRA Today
To open an IRA, schedule a meeting at your local Greater Nevada Credit Union branch–we can’t wait to show you how your money will grow.
1APY (Annual Percentage Yield) effective November 13, 2024, and subject to change without notice. Certificate rates remain fixed for the term of the certificate. Unless otherwise paid, dividends will be credited to your account and compounded every month. Non-compounding Certificates are also available at reduced rates and APYs. A penalty may be imposed for withdrawals before maturity. Fees could reduce the earnings on the account. The minimum opening deposit is $500.
2APY (Annual Percentage Yield) effective November 13, 2024, and subject to change without notice. Certificate rates remain fixed for the term of the certificate. Unless otherwise paid, dividends will be credited to your account and compounded every month. Non-compounding Certificates are also available at reduced rates and APYs. A penalty may be imposed for withdrawals before maturity. Fees could reduce the earnings on the account. The minimum opening deposit is $500.
3APY (Annual Percentage Yield) effective November 13, 2024, and subject to change without notice. Fees could reduce the earnings on the account.