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Individual Retirement Accounts (IRAs)

Plan for the future you deserve with a UMCU IRA. Enjoy tax advantages, investment opportunities, and peace of mind as you grow your retirement savings.

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Secure Your Future with a UMCU IRA

It’s never too late—or too early—to start saving for retirement. The best time to plan is now, and UMCU is here to help. We offer Traditional and Roth IRAs designed to grow your retirement savings with tax advantages, investment opportunities, and peace of mind. Choose the option that fits your goals, and take control of your financial future today.


  • Invest Up to $7,000 Annually ($8,000 if you're over 50).
  • Traditional IRAs: Potential income tax deductions for every contribution.
  • Roth IRAs: Tax-free growth and tax-free withdrawals.
  • Flexibility: IRAs can often be used for higher education expenses.

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We Also Recommend

Money Market Savings Account

  • Tiered Interest Rates: Earn more as you save more, with higher interest rates at $5,000, $10,000, and $25,000.
  • Higher Returns: Enjoy better interest rates than a traditional Share Savings account.
  • Convenient Access: Manage your funds 24/7 through our Online Banking Portal and mobile app.
  • Minimum opening deposit: $500
  • Minimum monthly deposit: $500

Certificates

  • Flexible Terms: Select the timeframe that fits your goals.
  • Low Minimum Deposit: Start with just $500.
  • Access Interest Anytime: Withdraw monthly interest penalty-free*.
  • No-Risk Growth: Enjoy guaranteed returns without market volatility.

Common Questions

Everyone's financial situation is unique so the best way for you to save for retirement depends on many factors! We encourage you to speak to one of our helpful and knowledgeable team members who specialize in retirement planning! Give us a call or schedule an appointment to learn more about UMCU's IRA accounts.

While IRAs are a type of savings account, there are a few key differences to keep in mind.

Savings Accounts

IRAs

Good for short-term savings and emergencies

Long-term savings for retirement age

Funds stay as cash

Funds are invested in stocks, mutual funds, and ETFs

No limit to contributions

Yearly limits

Funds can be withdrawn at any time

Funds cannot be withdrawn until age 59 1/2 or you'll pay a penalty

Holds cash deposits; may earn interest depending on type of savings account

Some tax advantages may apply, depending on type of IRA

Feature

Traditional IRA

Roth IRA

WHO QUALIFIES?

Anyone who has earned income or whose spouse has earned income.

Anyone with earned income whose gross income is below $161,000 (single) or $240,000 (joint).

TAX ADVANTAGE

Tax-deferred investment; taxes come out at time of withdrawal. Possible tax deductions.

Taxes are paid before contributing. Possibility of tax-free investment growth.

ANNUAL CONTRIBUTIONS

Maximum of $7,000. Contributions to a combination of Traditional and Roth cannot exceed $7,000

Maximum of $7,000. Contributions to a combination of Traditional and Roth cannot exceed $7,000

MANDATORY DISTRIBUTIONS

Distributions must begin after you turn 73

No withdrawal requirements

ADDITIONAL CONTRIBUTIONS

After age 50 you can contribute an additional $1,000 as a “catch up”

After age 50 you can contribute an additional $1,000 as a “catch up”
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Disclaimer

Disclaimer: *Withdrawals and/or transfers to another account of yours or to a third party are limited to six (6) per calendar month in accordance with Regulation D requirements.

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