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Individual Retirement Accounts (IRAs)

What is an IRA?
An Individual Retirement Account (IRA) is a special savings plan authorized by the Federal Government to help you accumulate funds for your retirement.

Who is eligible to contribute to an IRA?

Every individual who has earned income or received alimony may contribute to an IRA.  Income from other sources such as investments or inheritances does not qualify.  Contributions may not be made for or after the year in which you reach age 70 1/2.

If you are not an active participant in an employer-sponsored pension or profit-sharing plan, you may deduct 100% of your IRA contribution regardless of income level. If your spouse is an active participant and your joint income is $150,000 or more you cannot fully deduct your IRA contribution. Partial deductions are permitted for joint incomes between $150,000 and $160,000.

RelyOn Credit Union offers a variety of IRA plans. To find out which one is right for you, please contact our Member Services Department at 214-357-3328.