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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. You can invest up to $6,000 per year in a Roth IRA account (or up to $7,000 per year if you are 50 or older).
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.
*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 12-60 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 72.
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 72 (or if you turned 70½ before January 1, 2020)
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Alliant Credit Union
Attn: IRA Dept.
P.O. Box 66945
Chicago, IL 60666-0945
Alliant Credit Union
Attn: IRA Dept.
11545 W. Touhy Avenue
Chicago, IL 60666
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.
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.
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:
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