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Start saving for retirement today. A Roth IRA will earn you tax-free growth and offer flexibility to use your money without penalties before retirement.
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Roth IRA accounts are a special type of investment that allow your earnings to grow tax-free. In your Roth IRA account, you can invest up to $6,500 per year for 2023 and up to $7,000 per year for 2024 (or if you're 50 or older, up to $7,500 for 2023 and up to $8,000 for 2024).
You are eligible for tax-free earnings withdrawals from your Roth IRA once you are age 59½ or older and the money has been in the account for at least 5 years. There are no mandatory withdrawals, and you can continue to invest in a Roth IRA no matter your age as long as you have earned income and meet the income limits.
Roth IRA accounts grow tax-free. As the value of your IRA grows over time, all your earnings are tax-exempt.
Whether a Traditional IRA or a Roth IRA is the best option for you will depend on many factors, and it’s always best to contact your financial advisor. However, for the majority of cases, a Roth IRA will get you the best long-term financial growth.
2024
*Catch-up contribution eligibility begins on January 1 of the calendar year of contributor's fiftieth birthday.
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We offer a great savings rate for members who want tax-free earning with easy access to their money.
Federally insured by the NCUA.
For members planning on a longer time horizon for letting their nest egg grow, we offer outstanding Certificate rates with terms from 3-60 months.
Alternative IRA investment options are also available through the Alliant Retirement and Investment Services Program.31 Contact a representative today for a no-cost, no-obligation retirement savings analysis that can help you determine which IRA is right for you.
Non-deposit investment products and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution.
No matter which type of IRA you select, you reduce your taxes and keep more of your money. We’re always here to help. Call an Alliant member consultant at 800-328-1935. We’ll help guide you toward the right IRA for your situation12. Ready to get started? You can open a Roth IRA account by logging in to Alliant Online Banking.
You would like to reduce your taxable income now, and you don’t plan on making withdrawals until retirement.
You would like more flexibility for withdrawals, want to reduce your taxable income or are planning to work past age 73.
You are self-employed or are a small business owner.
Mailing Address Alliant Credit Union Attn: IRA Dept. P.O. Box 66945 Chicago, IL 60666-0945
Overnight Service Alliant Credit Union Attn: IRA Dept. 11545 W. Touhy Avenue Chicago, IL 60666 773-462-2291
Unlike a Traditional IRA, you can make tax-free and penalty-free early withdrawals up to the total amount of your annual contributions — at any time and for any reason.
Your annual Roth IRA contributions cannot exceed your annual compensation or the IRS limit, whichever is less. Any contributions you make to one type of IRA will reduce what you can deposit into another type of IRA. See a tax professional for more detailed tax advice or visit www.irs.gov for IRS limits.
Yes. Effective January 1, 2015, the IRS imposed the new IRA Rollover rule which stipulates that an IRA owner may complete only one IRA-to-IRA rollover per 365 days, regardless of how many IRAs you own, without differentiating between Traditional, Roth and SEP IRAs. This change of only one rollover per year will only affect rollovers, and will not have any impact on trustee-to-trustee transfers. The once-per-365-day rule does not apply to the direct rollover of 401(k) funds to a Traditional IRA.
Yes. To qualify for tax-free withdrawals of earnings, the funds must have been in your Roth IRA for at least five years. In addition, you must meet at least one of the following criteria:
You may be able to avoid penalties on early distributions in certain situations. See a tax professional for more detailed tax advice or visit the IRS website.
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