Traditional IRA
Save for retirement with tax-deferred earnings and contributions that may be deductible depending on your circumstances.
About the Traditional IRA
A Traditional IRA is a retirement savings account with tax advantages. Contributions may be tax-deductible depending on your income and filing status. Earnings grow tax-deferred, and withdrawals are taxed as ordinary income in retirement. Required minimum distributions begin at an age set by the IRS.
What You Should Know
Possible Deduction Now
Contributions may be tax-deductible depending on your income and filing status.
Tax-Deferred Growth
Earnings grow without being taxed until withdrawn.
Taxed on Withdrawal
Withdrawals are taxed as ordinary income in retirement.
Required Minimum Distributions
RMDs must begin at the age set by the IRS, which has changed and is scheduled to change again.
Contribution Limits Apply
The IRS sets an annual limit that changes each year.
Ask Your Tax Advisor
Whether a deduction is available to you is a tax question, not a banking one.
What You Will Need
- Waypoint membership
- Earned income, where the IRS requires it
- Your own tax adviser
Common Questions
They may be, depending on your income and filing status. That is a question for your tax adviser rather than for us.
The IRS sets a required minimum distribution age and it has changed in recent years. Check current IRS guidance.
A Traditional IRA may give you a deduction now and taxes in retirement. A Roth is the other way round.
Not sure which fits? Ask a Waypoint Credit Union representative
A Waypoint Credit Union representative will compare the options against what you are actually trying to do, including the ones we do not advertise heavily. Book a time at any Waypoint branch.
Important Disclosures
Federally insured by NCUA.
Waypoint does not provide tax advice. Contribution limits, income thresholds, deduction eligibility and required minimum distribution ages are set by the IRS and change from year to year. See current IRS guidance and consult your own tax advisor about your situation.