Individual Retirement Accounts (IRAs)

Affinity Plus Investment Center
It’s always the right time to start planning for retirement – whether you’ve just joined the working world or have hit your stride (or have been striding for years) in your career. If you’re not a planner, that’s OK. Our Investment Representatives can help you choose the right products.

Traditional IRA

Funds grow tax-deferred, but are taxed at your current ordinary income when withdrawn after age 59½. Contribution eligibility not tied to individual or household income.

  • Contributions may be tax deductible
  • Accounts are tax-deferred and penalty-free if withdrawn after age 59½
  • Limits on annual contributions
  • Must have taxable income to be eligible to contribute
  • Cannot continue funding after age of 70½ 
  • Required Minimum Distributions begin at age 70½
  • Withdrawals after age 59½ taxed as ordinary income
  • Ability to convert portions to a ROTH IRA on an annual basis

Roth IRA

Funds grow tax-deferred and withdrawals after the age 59½ are tax-free. Contribution eligibility is based on individual and household income limits.

  • Contribution eligibility based on individual and household income level
  • Funds are tax deferred while invested, and tax free if withdrawn after age 59½ 
  • Ability to continue funding after age 70½
  • No required minimum distributions (RMDs)
  • The account balance can pass tax free to beneficiaries at death
  • Limits on annual contributions
  • Must have taxable income to be eligible to contribute

Self-Employed Person (SEP) IRA

A type of Traditional Investment Retirement Account (IRA) used by business owners to provide retirement benefits for themselves and their employees.

  • Contributions may be tax deductible
  • Accounts are tax-deferred and penalty-free if withdrawn after age 59½ 
  • Some limits on annual contribution amounts
  • Provides business owners with an easy way to contribute to their own and their employees' retirement savings
  • Employers must contribute equal percentage to all eligible employees
  • If eligible, employers must continue to contribute past employees' age of 70½

Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. The representative may also be a financial institution employee that accepts deposits on behalf of the financial institution. Not NCUA/NSUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America. FR#1395160.1-0116-0218.

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