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 2014 and 2015 tax years, the maximum contribution is $5,500 each year. For those age 50 or older, the maximum contribution is $6,500 each year.
- 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.
- Find more useful articles and multimedia on our online financial education hub.
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.