Individual Retirement Accounts
Flexible financial paths toward a successful retirement.
- Four IRA options to choose from
- Flexible, guaranteed returns
- No maintenance fees
- Dividends with interest posted monthly
It’s never too early, or too late, to start making plans for retirement.
Choose a hassle-free retirement option with Truliant IRAs.
Truliant Federal Credit Union Individual Retirement Accounts (IRAs) are designed to help you save consistently over time. They are a great way to save for retirement or pay for a college education.
- No maintenance fees
- Dividends posted monthly
- Option to set up recurring, automatic deposits
- Multiple options to perfectly fit your savings goals
- Help me decide if an IRA is right for me
Are there any eligibility requirements to open an IRA?
There are a few requirements when it comes to opening, contributing, and withdrawing from an IRA. To open an IRA, you must first have earned income, and you may not contribute more than you earn within that year to your IRA.
There are also contribution limits for each calendar year for both Traditional and Roth IRAs. The maximum 2021 yearly contribution for IRAs is $6,000 ($7,000 for those 50 years or older).
You may begin to withdraw funds from your IRA once you reach age 59.5 or older. Once you're 72, you are required to begin withdrawing these funds.
What IRA options does Truliant offer, and how do they differ?
There are multiple IRA options available with a broad range of tax advantages. Primarily, most IRAs are one of two types: Roth and Traditional. The biggest difference between these two types of accounts boils down to how and when you get a tax break. A traditional IRA features tax-deductible contributions, but your withdrawals are taxed. A Roth IRA’s contributions are made after tax, so your withdrawals in retirement are not taxed.
Additionally, Truliant offers a Simplified Employee Pension (SEP) Plan, a tax-deferred retirement plan for self-employed individuals and small business owners.
The Coverdell Savings is an IRA account designed to help you fund your child’s education while providing you with a tax-deferred chance to grow your money.
We encourage you to speak with your tax professional for the latest information regarding the tax benefit of contributions and distributions.
Truliant also offers alternative options to help you save. With an IRA Savings Account, we’ve waived the minimum balance requirement to allow all of our members greater access. You can open an IRA Select Money Market starting at $1,000. You can open an IRA Certificate with as little as $250. Additionally, you can meet with Truliant Financial Advisors1 available through CUSO Financial Services, L.P. to review other investment vehicles, like stocks, bonds, mutual funds, annuities and more.
Can Truliant help with IRA rollovers?
When you have multiple IRAs, you may way to roll some of these over into a single account which can then, in turn, be diversified. By rolling over your accounts with Truliant, you may be able to:
- Save money on annual fees,
- Find opportunities to allocate, diversify, and rebalance your portfolio,
- Simplify required minimum distributions,
- Receive one easy consolidated statement.
Schedule an appointment today to learn more.
Advantages of IRAs
When you're wanting to grow your money, there are a lot of options to consider. With an IRA, there are more advantages than simply investing in your money. In fact, there are a number of lesser-known features that make IRAs a great choice for investing in the future.
How much should I contribute to an IRA?
With guaranteed returns on your investments, certificates are the perfect way to start investing.
Membership Savings Accounts
Make more of your membership with a variety of savings options to hit your goal.
Money Market Accounts
Truliant's money market accounts offer a blend of long-term savings at tiered rates.