The Element Store

IRA – Traditional IRA

Traditional IRA accounts are a special type of investment that allow your earnings to grow tax-deferred.

Learn More Button

Category:

Description

Traditional IRA accounts are a special type of investment vehicle that allow your earnings to grow tax-deferred. You can invest up to $5,500 per year in a Traditional IRA account (or up to $6,500 if you are 50 or older).

You are eligible for penalty-free withdrawals from your Traditional IRA once you are age 59½ or older. Once you reach age 70½ you must take a required minimum distribution (RMD) every year. At 70½, you are also no longer eligible to contribute to a Traditional IRA (consider a Roth IRA if you would like to make contributions past this age).

Features and Benefits:

  • Awesome dividend rates — consistently among the best in the country
  • No minimum deposit. No maintenance fee
  • No fee to transfer funds in and out of Element FCU
  • At age 70½, automatically distribute your IRS required minimum distributions
  • Deposit is insured up to $250,000 by NCUA
  • Dividends compounded every month
  • Contributions may be tax deductible, helping you to reduce your taxes now

Annual Contribution Limits
2018 – Under age 50 = $5,500
2018 – Age 50 and over* = $6,500
2019 – Under age 50 = $6,000
2019 – Age 50 and over* = $7,000
*Catch-up contribution eligibility begins on January 1 of the calendar year of contributor’s fiftieth birthday.

Visit the Internal Revenue Service website for more information.

Learn More Button

Reviews

There are no reviews yet.

Only logged in customers who have purchased this product may leave a review.

X