IRAs
It’s never too soon to start saving for retirement! SecurTrust Individual Retirement Accounts (IRAs) make it easy with a variety of convenient, tax-advantaged savings options. Whether you have an existing retirement account to transfer or roll over, or if you want to start a new one, SecurTrust has an IRA that’s right for you. All IRAs are federally and separately insured up to $250,000 by NCUA.
Compare Individual Retirement Accounts
| Traditional IRA | Roth IRA | |
|---|---|---|
| Tax Benefits | Tax-deferred growth contributions may be tax-deductible | Tax-free growth. Tax-free qualified withdrawals |
| Eligibility Age | Under age 72 with earned income | Any age with earned income |
| Eligibility Income | No income limits to make contributions | See income limits |
| Taxation at Withdrawal | Withdrawals of pre-tax contributions and any earnings are taxable when distributed | Contributions are always withdrawn tax-free. Earnings may be tax-free after certain conditions are met |
| Penalties at Withdrawal | Withdrawals before age 59½ may be subject to a 10% early withdrawal penalty unless an exception applies | A non-qualified distribution is subject to taxation of earnings and a 10% additional tax unless an exception applies |
| Required Minimum Distributions (RMDs) | Starting at age 72 | (None) |
| Requirements if 72 | If RMD not taken, penalty of 50% will be assessed by IRS | If RMD not taken, penalty of 50% will be assessed by IRS |
| Maximum Contribution | Tax Year 2022: $6,000 Tax Year 2023: $6,000 |
Tax Year 2022: $6,000 Tax Year 2023: $6,000 |
| Catch-Up Contribution (Age 50 or Over) | Additional $1,000 per year | Additional $1,000 per year |
| Contribution Deadline | (Your tax return filing deadline) Tax Year 2022: Friday, April 14, 2023 |
(Your tax return filing deadline) Tax Year 2022: Friday, April 14, 2023 |
| More Information | For a comprehensive review of your personal situation, always consult with a tax or legal advisor, or visit IRS.gov | IRA Frequently Asked Questions |