Traditional IRAs - Members Heritage CU

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Grow Your Retirement Nest Egg With Ease

While it may seem a long way away, retirement will eventually be here before you know it. Now is the ideal time to start preparing by opening an Individual Retirement Account (IRA). It will help you save more for the future while also providing potential annual tax benefits.

There are no required contribution levels or income limits. You can invest as little or as much as you'd like up to the annual allowable maximum. Members Heritage Credit Union makes it simple and easy to start saving for your future today.

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An IRA That Works for You

Traditional IRAs Details

A Traditional IRA lets you save for retirement and offers possible tax benefits. You can make deductible contributions that grow tax-deferred over time.

Features include:

You may qualify for a tax credit of up to $1,000 when contributing to a Traditional IRA.
Any earnings are tax-deferred (you do not pay tax on the earnings until you withdraw them).
If your contributions are tax-deductible, you do not pay taxes on them until you withdraw the money.
You can withdraw after-tax amounts (nondeductible contributions) tax and penalty-free.
Required minimum distributions starting at age 72
You can contribute if you earn compensation or file a joint tax return with a spouse who earns compensation. Starting with the 2020 tax year, you may make a contribution at any age.
For 2023, you can contribute up to $6,500, or $7,500 if you are age 50 and older. Contributions cannot exceed your annual compensation.

Save for retirement now by opening a Traditional IRA. The sooner you start contributing, the more your money can grow.

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A young man and wife shaking the hands of a Members Heritage CU banker after opening a credit union Traditional IRA.

Open a Traditional IRA in 3 Simple Steps

What Our Members Are Saying

I am so glad that made the decision to join Members Heritage!! Very friendly and nice people.

Omega L. - Lexington, KY.

Additional Savings Options

Traditional IRA FAQs

How does your credit union IRA differ from other IRAs?

When is the best time to open an IRA for retirement planning?

Will I pay taxes on IRA withdrawals?

Can I contribute to a Traditional IRA at any income level?

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