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A Traditional IRA will help you save for retirement with tax-deferred growth.
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Traditional IRA accounts are a special type of investment vehicle that allow your earnings to grow tax-deferred. You can invest up to $5,500 per year in a Traditional IRA account (or up to $6,500 if you are 50 or older).
You are eligible for penalty-free withdrawals from your Traditional IRA once you are age 59½ or older. Once you reach age 70½ you must take a required minimum distribution (RMD) every year. At 70½, you are also no longer eligible to contribute to a Traditional IRA (consider a Roth IRA if you would like to make contributions past this age).
Learn more about traditional IRA account contributions and withdrawals.
Learn about the differences between IRA types.
Traditional IRA accounts grow tax-deferred. Your contributions to a Traditional IRA are tax deductible based on your income73. Your earnings also grow tax-deferred, meaning you only pay tax when you make a withdrawal.
Thus, Traditional IRA accounts may be the best option if you need to reduce your current tax liability and think you’ll be in a lower tax bracket when you eventually withdraw money from the account.
*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 to grow their money but still have easy access to it.
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For members planning on a longer horizon for letting their nest egg grow, we offer outstanding certificate rates with terms from 12-60 months. For even higher dividends, explore our jumbo certificate rates.
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'll 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 Traditional 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 70.
You are self-employed or are a small business owner.
You may be able to reduce your current income taxes now. You don't pay taxes until you take money out, typically when you are in a lower tax bracket.
All earnings grow tax-free, and you don’t pay taxes when you take money out of the account, typically when you are in a lower tax bracket.
You don’t pay taxes until you take money out of the account.
Withdrawals are taxable income. Withdrawals made before age 59½ could include a 10% penalty.
Earnings are tax-free if they've been in the account for 5 years and you are at least 59½.
Contributions are non-deductible and can be withdrawn anytime with no penalty or taxation.
At age 70½
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Alliant Credit Union
Attn: IRA/HSA Dept.
P.O. Box 66945
Chicago, IL 60666-0945
Alliant Credit Union
Attn: IRA/HSA Dept.
11545 W. Touhy Avenue
Chicago, IL 60666
The purpose of an IRA is to save for retirement, so this tax-advantaged savings vehicle is specifically designed to discourage investors from withdrawing funds before turning age 59½. If you do so, the IRS imposes a 10 percent penalty on top of the income taxes you pay on the withdrawal. There are some exceptions that allow early withdrawal without penalty, so please speak with an Alliant representative for more details.
Yes. There are no income limits to make contributions to a traditional IRA. Your ability to make deductions may be affected by filing status and your participation in an employer retirement plan.
You must begin to annually withdraw a required minimum distribution (RMD) from your IRA once you turn 70½ years of age. RMD guidelines, set by the IRS, ensure that investors don't use an IRA as a permanent shelter from income taxes.
Yes. There are specific rules and forms to ensure that your IRA funds are dispersed to your intended beneficiary, in case of death. You can use the Individual Retirement Account Beneficiary Designation/Change form to select your beneficiary.
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.
Everyone has different concerns when it comes to their hard-earned money. Alliant Retirement and Investment Services representatives can help you determine which IRA is right for you. Ensure that your retirement savings are on track with a professional no-cost, no-obligation retirement savings analysis.
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