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WSECU offers several options for opening an IRA or rolling over your qualified employee savings plan funds, including IRA savings accounts and certificates with terms ranging from six months to eighty-four months.

There are two types of IRAs - Traditional and Roth. Here is an overview of what each type features:

Traditional IRAs

  • Contributions may be tax-deductible.
  • Dividends accrue tax-free.
  • Funds are subject to taxation upon withdrawal.
  • Withdrawals are penalty-free starting at age 59½.
  • Mandatory distributions begin at age 70½.
  • Contributions cannot be made after the age of 70½.

Roth IRAs

  • Contributions are not tax-deductible.
  • Dividends accrue tax-free.
  • Qualified distributions/withdrawals are tax-free.
  • No mandatory distributions are required.
  • There are no age limitations on contributions providing the accountholder has an earned income.

Catch-Up Contributions

These contributions were created to enable those age 50 and over to "catch up" on their retirement savings by allowing additional contributions to their 401(k) plans or IRAs over and above the standard contribution limits. If you're 50 or older, this is an ideal way to give your retirement savings a boost.

We strongly encourage you to consult your tax adviser for complete details, your eligibility and to determine which IRA is best for you. Once you've decided, stop by any WSECU branch or give us a call at 800.562.0999 to open your IRA.

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