Individual Retirement Account (IRA)
Opening a retirement account has never been easier.
To open a Traditional or Roth IRA, launch a video banking call or stop by one our branch locations during business hours. If you are an existing member, you can also send us a secure message through online or mobile banking.
BluCurrent Traditional & Roth IRA Benefits
Saving for retirement has never been more convenient or simple. Traditional and Roth IRAs are great options with similar benefits, including:
- Same-day access to retirements funds
- IRA certificate options to maximize your earning potential
- Avoid early withdrawal penalties for expenses relating to higher education, medical services, disability claims, health insurance, first-time home purchases, and more!
Traditional vs. Roth IRA
There are two main types of IRAs - Traditional and Roth. They are taxed differently, so one may be better than the other depending on your financial goals and situation. Here are some key factors to consider when choosing the option that's best for you:
- Contributions may be tax deductible
- Earnings are tax-deferred
- No age limit on contributions for individuals who have earned income and are eligible
- Withdrawals are allowed beginning at age 59 ½
- Required Minimum Distribution (RMD) once you turn 72
- If passed on to heirs, their withdrawals are taxable
- Contributions are made with after-tax dollars
- Earnings are tax-free after you’ve turned 59 ½ and satisfied a 5-year holding period
- No RMDs
- No income tax for inherited Roth IRAs
- Contributions to a Roth IRA are not subject to any holding period, allowing you to withdraw without paying taxes or penalties
Learn more about IRAs, including how to choose the best one for your financial goals.