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 2017 tax year, the maximum contribution is $5,500. For those age 50 or older, the maximum contribution is $6,500.
- 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 Arsenal Financial Advisors.
Determine whether a traditional or Roth IRA is right for you with our IRA calculator.
Check out our online financial education hub for a variety of helpful resources.