Individual Retirement Accounts (IRAs)
Save for your retirement with an individual retirement accumulation account or IRA CD from Arsenal. If you are younger than age 70½ with earned income, you can open an IRA even if you have an employer-sponsored retirement plan. With our traditional IRAs:
- Your savings are federally insured by the National Credit Union Administration (NCUA), a U.S. Government agency.
- No minimum contribution is required.
- You can make your contributions at any time (before age 70½).
- For the 2012 tax year, contribute up to $5,000 if you were less than 50 years of age by the end of 2012; contribute $6,000 if you were age 50 or older by the end of 2011.
- There are no service fees.
- You may transfer or rollover funds from other retirement plans.
- There is a no minimum balance requirement to earn interest for the IRA accumulation account.
- There is a $500 minimum requirement to open an IRA CD (the same as our other CDs).
- There may be penalties for withdrawing before age 59½.
Arsenal Credit Union offers traditional IRAs. For other types of IRAs, contact the MEMBERS Financial Services Representative serving the members of Arsenal Credit Union.
Determine whether a traditional or Roth IRA is right for you with our IRA calculator.
- IRA account rules – An overview of IRA account rules, including the importance of designating beneficiaries and the no-borrowing rules
- IRAs: The truth – IRA contribution rules
- IRAs: Age 70½ required minimum distributions – An overview of the rules that require you to begin withdrawing at least minimum amounts from your traditional IRA each year after age 70½
- IRAs: Required distributions for heirs – Summary of the required minimum distribution rules for beneficiaries who inherit traditional IRAs
- IRAs: Traditional IRAs, nondeductible – The eligibility and tax rules for making nondeductible contributions to a traditional IRA
- IRAs: Traditional or Roth - which one? – Comparison of Roth IRA and traditional IRA
- IRAs: Is the Roth IRA the right plan for you? – Explanation of Roth IRA tax advantages
- IRAs: Roth IRAs for young people– Teens and young adults can invest in a Roth IRA to get an early start on saving for retirement, a first home, or college
- IRAs: Roth IRA as an estate-planning tool – Using a Roth IRA for estate planning
- IRAs: Roth IRA early withdrawal rules – Comprehensive information about withdrawing money from a Roth IRA, including the early withdrawal rules
- IRAs: Sorting out your options – Here are some general guidelines if you’re eligible to contribute to a Roth IRA and also to make tax-deductible contributions to a traditional IRA
- IRAs: Sorting out your options, part 2 – If you’re not eligible to make tax-deductible contributions to a traditional IRA but you’re eligible to contribute to a Roth IRA, here’s why contributing to a Roth IRA is the way to go.
- IRAs: Sorting out your options, part 3 – If you don't qualify to contribute to a Roth IRA or to make tax-deductible contributions to a traditional IRA, nondeductible contributions to a traditional IRA are your only IRA option.
- IRAs: The long and short of goal setting – Setting long-term and short-term goals for IRA investing
- Traditional IRA vs. taxable savings Use this calculator to determine which makes more sense for you, based on your personal financial information, years until retirement and more.
Your savings are federally insured by the National Credit Union Administration (NCUA) to at least $250,000. Learn how your Arsenal accounts are protected. Have more questions? Call the NCUA Insurance Call Center at 1.800.755.1030, ext. 1, Mon.-Fri. 7 a.m.-5:30 p.m. CST, or use the share insurance estimator to calculate your coverage.