IRAs & Retirement

Solutions to reaching your retirement goals

Illinois Community Credit Union takes the guesswork out of planning for your retirement with different IRA options.

What is an IRA?

An IRA, or Individual Retirement Account, is an investment account that offers tax advantages while you prepare and save for your retirement through yearly contributions.

Which one is right for you?

It is important to know your choices when it comes to your retirement. Different IRAs have different rules, regulations, and tax advantages. Depending on your plans and expectations, one may be a better fit than the other. Please consult your tax advisor to determine which IRA is best for you.

Traditional IRA

A Traditional IRA is available to anyone who has earned income during the year. This retirement account’s contributions could be tax deductible depending on your employment status and you may not pay taxes until it’s time to withdraw funds.
The main features include:

  • Tax deductible contributions up to 100% depending on Annual Gross Income
  • Money grows tax-deferred
  • Taxed at withdrawal

Roth IRA

A Roth IRA is a retirement fund that requires you to pay taxes on contributions now, but you enjoy tax-free withdrawals when you retire. Also, you can contribute to the fund after age 70 ½ if you’re still earning income.
The main features include:

  • Withdrawals could be tax-free
  • Growth is tax-free
  • No mandatory withdrawal age
  • Taxes are paid up front

IRA Certificate Account

This type of IRA allows you to transfer funds from an existing IRA to a Share Certificate with no penalty. You decide the terms, and then upon maturity, you can renew your certificate, or transfer it back to an IRA of your choice.

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