Individual Retirement Accounts (IRAs)

Choose a traditional IRA or a Roth IRA. Accumulate funds in your regular IRA account and then transfer to an IRA Certificate for higher earnings. IRAs are separately insured to at least $100,000 by the NCUA.

• You are a taxpayer under the age of 70 with earned income. 
• Deductible contributions may be more important to you than tax-exempt distributions. 
• You would like to supplement your retirement savings in addition to your employer's retirement plan. 
• You do not have another IRA or you want to split contributions between a Traditional IRA and a Roth IRA (Please see the chart below for maximum annual contribution amounts).
  

Roth IRA potential tax-exempt* treatment of withdrawals, If

• Your modified adjusted gross income (MAGI) is less than $160,000 for married taxpayers (contributions phase out between $150,000 to $160,000), or less than $110,000 for single taxpayers (contributions phase out between $95,000 to $110,000). 
• You have earned income and you want to continue to make contributions after age 70 while working. 
• You don't want to have to take mandatory withdrawals after age 70. 
• You prefer to have tax-exempt* funds available at retirement. 
• You do not have another IRA or you want to split contributions between a Roth IRA and Traditional IRA (Please see the chart below for maximum annual contribution amounts).
  

The maximum annual contribution to a Traditional or Roth IRA cannot exceed the limits in the table below.

Traditional and Roth IRA
Tax Year	Under Age 50	Age 50 and Older
2004	$3,000	$3,500
2005	$4,000	$4,500
2006	$4,000	$5,000
2007	$4,000	$5,000
2008	$5,000	$6,000
2009 and later	Base contribution $5,000, indexed to inflation in $500 increments. Catch-up amount an additional $1,000 (not indexed).