Whether you want to start saving for your future, or avoid taxes on a pension plan payout, a credit union IRA may be the solution for you. Besides flexibility, an IRA offers several advantages over other savings options such as the opportunity for tax deductible contributions or tax-free earnings.
As an added convenience, you can elect to have a payroll deduction from your paycheck to automatically build this account.
Common questions about IRAs
What is an IRA?
An Individual Retirement Account or IRA is a savings account specifically designed to provide additional income for your retirement years. An IRA is one of the easiest and safest methods to ensure financial stability during your retirement years. The National Credit Union Administration (NCUA) insures an IRA at Guardian Credit Union for up to $250,000.
Can I put my 401K or any other retirement account into an IRA at Guardian?
Yes, you can transfer your current IRA to an IRA account at Guardian Credit Union.
How is an IRA at Guardian Credit Union different from stocks and mutual funds?
The NCUA insures all IRAs at Guardian up to $250,000, which means that if something were to happen to the credit union, you would be able to receive all of your funds up to $250,000. Stocks and mutual funds are not completely insured.
What is a Traditional IRA?
With a traditional IRA, earnings are deferred meaning that you will not pay taxes on your IRA until you begin to make withdrawals. With a traditional IRA, you may begin withdrawing your funds at 59 ½. You may contribute to your IRA until you are 70 ½.
What is a Roth IRA?
Contributions to a Roth IRA are not tax deductible. Earnings are free from income tax at the time of withdrawal. With a Roth IRA, you are not required to make withdrawals at the age of 70 ½.
Note: Both Traditional and Roth IRAs have limits on how much you can deposit within a given year. Contact a Member Service Consultant to see how much you can deposit per year. All accounts are insured with NCUA.
A Guardian IRA account can be set up as fixed-rate certificates of deposit or as a variable-rate quarterly club account. We offer a Traditional IRA, a Roth IRA, and a Coverdell Education Savings Account.