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Traditional IRAs

 

Most people know that saving for retirement is the responsible thing to do. They know that starting as early as possible and saving as long as possible will maximize the chance to have enough money to live on when retired. A Traditional IRA provides a tax-favored way for individuals to save. It also provides supplemental income during the golden years, with required annual distributions. That is why opening a Traditional IRA Savings Account today with INOVA is a smart thing to do!

Benefits to YOU

  • Choose between Traditional IRA Savings Account or Traditional IRA Certificate investment options to earn the highest market rates available.
  • Saving is easy when using payroll deduction, direct deposit or automatic ACH transfers.  Contributions by mail are also accepted.
  • Dividends computed and deposited monthly.
  • Contribution limits can change and may be eligible for previous year's contributions. Visit www.irs.gov for full details.
  • Deposits made prior to April 15 eligible for previous years contributions.
  • Earnings are tax deferred until withdrawal and Contributions may be tax deductible.
  • Roll-over a Traditional IRA or a Qualified Employer Retirement Plan (401K) to an INOVA Traditional IRA within 60 days to maintain continued tax savings.
  • No early withdrawal penalty applies if 59 ½ years of age or older and with qualified distribution.
  • No annual maintenance fee on your investments and quarterly statements to monitor your earnings.
  • No penalty to close a Traditional IRA if done within seven (7) days of receiving disclosures.


Requirements

  • Credit Union membership is required.
  • IRA owner or spouse must have earned income to contribute to a Traditional IRA.
  • No income limit requirements for contribution to a Traditional IRA.