Description

Traditional IRA accounts are a special type of investment vehicle that allow your earnings to grow tax-deferred. You can invest up to $5,500 per year in a Traditional IRA account (or up to $6,500 if you are 50 or older).

You are eligible for penalty-free withdrawals from your Traditional IRA once you are age 59½ or older. Once you reach age 70½ you must take a required minimum distribution (RMD) every year. At 70½, you are also no longer eligible to contribute to a Traditional IRA (consider a Roth IRA if you would like to make contributions past this age).

Features and Benefits:

• Awesome dividend rates — consistently among the best in the country
• No minimum deposit. No maintenance fee
• No fee to transfer funds in and out of Element FCU
• At age 70½, automatically distribute your IRS required minimum distributions
• Deposit is insured up to $250,000 by NCUA
• Dividends compounded every month
• Contributions may be tax deductible, helping you to reduce your taxes now

Annual Contribution Limits
2018 – Under age 50 = $5,500
2018 – Age 50 and over* = $6,500
2019 – Under age 50 = $6,000
2019 – Age 50 and over* = $7,000
*Catch-up contribution eligibility begins on January 1 of the calendar year of contributor’s fiftieth birthday.

Visit the Internal Revenue Service website for more information.