IRAs Tips, Info & FAQs
A tax-advantaged savings account
Simply storing your money in your sock drawer isn’t enough to prepare for a comfortable future. An IRA offers you a tax-advantaged way to save for retirement. Members can save up to a certain amount each year based on their age, and then later enjoy the fruits of their labors.
Saving for Retirement? 3 Tax Strategies to Consider
1. Make switches from your Traditional IRA to your Roth IRA
Your IRA, whether it’s a Roth IRA or a Traditional IRA, is where you should be contributing the maximum amount of your retirement savings. Which account you contribute more to depends on your circumstances. For example, if you experienced significant losses in income (a lost job, reduced hours, etc.) then there is an advantage to switching to a Roth IRA this year. It means you’ll pay the tax portion of your IRA when it will cost you less, and then transition into a tax-free growth account.
2. Contribute to Your Employer’s 401(k) Program
Often, employer-sponsored 401(k) programs will match part of what you contribute, a big savings win. Look into your own company’s plan right away, and see what advantages it can offer you.
3. Look into the Tax Saver’s tax credit
When you file your taxes, be sure to take a look at the Tax Saver’s Credit. It offers a sliding scale of tax breaks based on how much you make and how much you save. This includes retirement savings, so contributing to your IRA and 401(k) can mean considerable deductions on your taxes.
From our Blog
Can I set up a direct deposit from my employer to go to my IRA?
Yes, the direct deposit will go into your savings and be automatically transferred into your IRA.
What is the maximum annual contribution?
For individuals under 50, it is $5,500 annually. People over 50 can contribute up to $6,500 annually.
What types of IRAs do you offer?
We offer Traditional, Roth, and Coverdell Education Savings Accounts.
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IRAs Rates & Calculator
Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Traditional & Roth IRAs & Education Savings Account
|Balance of $100 and Over||0.50% APY*|
*APY = Annual Percentage Yield. APY is accurate as of January 1, 2018, and may change after the account is opened. Dividends are calculated on the daily balance during the dividend period and paid to the account monthly. Fees or other conditions could reduce the earnings on the account. Payment of dividends is subject to availability of earnings.
Certificates & IRA Certificates
|0.75% APY*||6 months|
|1.51% APY*||12 months|
|1.71% APY*||24 months|
|1.92% APY*||36 months|
|2.02% APY*||48 months|
|2.27% APY*||60 months|
*APY = Annual Percentage Yield. APY offered period of January 1 - 31, 2018. Minimum balance to earn APY $500 for Certificates & IRA Certificates. A penalty will be imposed for early withdrawal. A withdrawal of all or any portion of the principal prior to maturity will cause automatic termination of the Certificate Account. For a Certificate with a term of one year or less, the penalty will be equal to 90 days worth of dividends, whether earned or unearned, which could reduce the principal balance of the Certificate. For a Certificate with a term exceeding one year, the penalty will be equal to 180 days worth of dividends, whether earned or unearned, which could reduce the principal balance of the Certificate.
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IRAs Why United Texas
- Traditional IRAs
- Roth IRAs
- Coverdell Education Savings Accounts
- Contribute up to $5,500 annually
- Direct deposit available
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IRAs How it Works
How it Works
Give us a call, contact us online, or come into any one of our branches.
Join United Texas Credit Union. All you need to do to become a member is to open a $5.00 minimum savings account.
Fill out our standard IRA application and get approved.
Choose the right IRA type for you. You may even want to consider opening multiple accounts.
Make a $100 initial deposit to start your retirement savings.
Related Products & Services
Contributions, interest, and dividends earned cannot be withdrawn until the age of 59 1/2 without incurring a penalty. Members may no longer contribute and must take mandatory distributions of the funds and earnings in the IRA the year they reach the age of 70 1/2. A 10% penalty may be assessed by the IRS if funds are prematurely withdrawn.
Please contact your tax advisor to determine which option is most suitable for your situation.