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A Traditional IRA will help you save for retirement with tax-deferred growth.
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Traditional IRA accounts are a special type of investment vehicle that allow your earnings to grow tax-deferred. In your Traditional IRA account, you can invest up to $6,500 per year for 2023 and up to $7,000 per year for 2024 (or if you're 50 or older, up to $7,500 for 2023 and up to $8,000 for 2024).
You are eligible for penalty-free withdrawals from your Traditional IRA once you are age 59½ or older. Once you reach age 73, you must take a required minimum distribution (RMD) every year.
Learn more about traditional IRA account contributions and withdrawals.
Learn about the differences between IRA types.
Your contributions to a Traditional IRA are tax deductible based on your income73. Your earnings also grow tax-deferred, meaning you only pay tax when you make a withdrawal.
Thus, Traditional IRA accounts may be the best option if you need to reduce your current tax liability and think you’ll be in a lower tax bracket when you eventually withdraw money from the account.
2024
*Catch-up contribution eligibility begins on January 1 of the calendar year of contributor's fiftieth birthday.
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We offer a great savings rate for members who want to grow their money but still have easy access to it.
Federally insured by the NCUA.
For members planning on a longer horizon for letting their nest egg grow, we offer outstanding certificate rates with terms from 12-60 months.
Alternative IRA investment options are also available through the Alliant Retirement and Investment Services Program.31 Contact a representative today for a no-cost, no-obligation retirement savings analysis that can help you determine which IRA is right for you.
Non-deposit investment products and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution.
No matter which type of IRA you select, you'll reduce your taxes and keep more of your money. We’re always here to help. Call an Alliant member consultant at 800-328-1935. We’ll help guide you toward the right IRA for your situation12. Ready to get started? You can open a Traditional IRA account by logging in to Alliant Online Banking.
You would like to reduce your taxable income now, and you don’t plan on making withdrawals until retirement.
You would like more flexibility for withdrawals, want to reduce your taxable income or are planning to work past age 70.
You are self-employed or are a small business owner.
Mailing Address Alliant Credit Union Attn: IRA Dept. P.O. Box 66945 Chicago, IL 60666-0945
Overnight Service Alliant Credit Union Attn: IRA Dept. 11545 W. Touhy Avenue Chicago, IL 60666 773-462-2291
The purpose of an IRA is to save for retirement, so this tax-advantaged savings vehicle is specifically designed to discourage investors from withdrawing funds before turning age 59½. If you do so, the IRS imposes a 10 percent penalty on top of the income taxes you pay on the withdrawal. There are some exceptions that allow early withdrawal without penalty, so please see a tax professional for more detailed tax advice or visit the IRS website.
Yes. There are no income limits to make contributions to a traditional IRA. Your ability to make deductions may be affected by filing status and your participation in an employer retirement plan.
You must begin to annually withdraw a required minimum distribution (RMD) from your IRA once you turn 73 years of age. RMD guidelines, set by the IRS, ensure that investors don't use an IRA as a permanent shelter from income taxes.
Yes. There are specific rules and forms to ensure that your IRA funds are dispersed to your intended beneficiary, in case of death. You can use the Individual Retirement Account Beneficiary Designation/Change form to select your beneficiary.
Yes. Effective January 1, 2015, the IRS imposed the new IRA Rollover rule which stipulates that an IRA owner may complete only one IRA-to-IRA rollover per 365 days, regardless of how many IRAs you own, without differentiating between Traditional, Roth and SEP IRAs. This change of only one rollover per year will only affect rollovers, and will not have any impact on trustee-to-trustee transfers. The once-per-365-day rule does not apply to the direct rollover of 401(k) funds to a Traditional IRA.
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