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Traditional & Roth IRAs

Traditional & Roth Individual Retirement Accounts (IRAs)

How do you choose which IRA option is right for you? It depends in large part on your individual circumstances. A traditional IRA offers tax-deferred growth for your money and may provide a current tax break. With a Roth IRA, contributions are not tax deductible; however, your earnings may be tax-free in a Roth IRA.

Here's what you need to think about when choosing an IRA:

  • Your current tax bracket and the one you expect to be in during retirement. This will affect the relative value of a current tax deduction versus taxes that may be due in retirement.
  • Other retirement assets available. If you have enough income from other sources to fund your retirement and want an account to build assets for future generations, a Roth IRA might be your choice. Unlike a Traditional IRA, it has no requirement that you begin taking minimum distributions at a certain age.
  • The length of time until you retire. Over time, the future savings of tax-free withdrawals may become more valuable than the current savings available from a deduction.

Traditional IRA

  • Dividend earnings are tax deferred until withdrawn
  • Contributions are tax deductible on current returns1
  • No income limits
  • Anyone under age 70½ can open
  • Penalty-free withdrawals can begin at age 59½2
  • Mandatory withdrawals begin at age 70½

Roth IRA

  • Dividends grow tax free
  • Earnings are 100% tax free upon withdrawal (account must be open at least 5 years)
  • Income restrictions to open account
  • Contributions not earnings can be withdrawn penalty free at any time
  • Penalty-free withdrawals on dividend earnings at age 59½2
  • No required minimum distributions after age 70½

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IRA: Savings or Certificate

At Silver State Schools Credit Union, both the Traditional IRA and Roth IRA can be opened either as a savings account or as a certificate. A savings account offers members the ability to earn dividends with the flexibility to access3 their funds at any time. A certificate offers members the opportunity to earn a higher dividend rate for added tax-deferred earnings for a term that is right for their needs.

Earns dividends4 at a variable rate Earns dividends5 at a fixed rate Earns dividends5 at a fixed rate
No monthly maintenance fee No monthly maintenance fee No monthly maintenance fee
No minimum balance requirements Terms from 12-60 months 12 or 24 month term
No minimum deposit to open $500 minimum deposit to open $100,000 minimum deposit to open
$25 fee to open/close $25 fee to open/close $25 fee to open/close


Deposit Rates

Traditional, Roth, & Education IRA Savings

Minimum Balance to Earn DividendsRateAPY*
$0.00 - $2,499.000.25%0.25%
$2,500.00 - $24,999.000.25%0.25%

Traditional, Roth, & Education IRA Certificates

($500.00 Minimum Deposit to Open)
12-23 months0.30%0.30%
24-35 months0.45%0.45%
36-47 months0.55%0.55%
48-59 months0.85%0.85%
60 months1.00%1.00%

Jumbo IRA Certificates

($100,000.00 Minimum Deposit to Open)
12 months0.35%0.35%
24 months0.45%0.45%

1 Consult a tax advisor.
2 Certain exceptions apply where early withdrawals do not incur penalties, such as for healthcare and purchasing a first home among others.
3 No more than 6 preauthorized, automatic, or telephone transfers may be made from each account to another account or to a third party in any month.
4 Compounded and credited monthly using the daily balance method.
5 Compounded and credited monthly. If you elect to have dividends paid to you by check, or transferred to another account, compounding will not occur. See complete account disclosures.
*Annual Percentage Yield

Traditional & Roth IRAs 1
Traditional & Roth IRAs 2
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