IRA Account
It’s never too early or too late to save for your retirement. An IRA from Transport CU will help you start building or add to your existing savings. All three IRA options are available – Traditional, Educational and Roth. For more information on contact us online or call 1.813.621.9631
We have created a basic comparison of the two main types of IRAs, which can assist you in selecting the best option.
| Traditional | Roth | |
| Tax Implications | Funds are tax-deferred; taxed upon withdrawal. | Funds are taxed before funding; qualified withdrawals are tax-free. |
| Tax Benefits | Earnings growth is tax-deferred. | Earnings growth is tax-free. |
| Income Requirements | Your income does not affect yearly contribution amount. | Your income affects yearly contribution amount. |
| Age Restrictions | No restriction. | No restriction. |
| Early Withdrawal Penalties | 59 1/2+ to avoid withdrawal tax penalty. | 59 1/2+ to avoid withdrawal tax penalty. |
| Withdraw Taxes | You pay taxes on all amounts withdrawn. | You won't pay taxes upon withdrawal if funds have been in the IRA for 5 years. |
IRA Share
- Minimum to open $5
- Minimum to earn dividends $5
- No Setup Fee
- No monthly maintenance fee
- No annual administration fee
- Allows contributions throughout the year through payroll deduction
IRA Certificate
- Minimum to open $500
- Minimum to earn dividends $500
- No Setup Fee
- No monthly maintenance fee
- No annual administration fee
- Allows contributions on renewal date only
- Competitive dividend rates
- Certificate terms from 6 months to 5 years
- Jumbo Certificates available
The IRA share account is the IRA itself. This is where your retirement funds are held and managed. From here, you can move money into an IRA Certificate to lock in a fixed rate for the term (rate may change at renewal). All deposits and withdrawals go through your IRA Share Account, keeping everything simple and in one place.
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