Traditional vs Roth IRAs

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know the difference

Traditional IRA	Roth IRA
Pay Taxes Later	Pay Taxes Now
Contributions May Be Tax Deductible	Contributions May be Withdrawn Tax Free and Penalty Free Once You Reach 59 1/2 and the Account has Been Open for at Least 5 Years
No Age Limit with Earned Income	No Age Restrictions for Contributions
No Income Restrictions on Eligibility to Contribute, but Possibly on Deductibility	Income Restrictions on Eligibility to Contribute May Apply
Must Begin Taking Your Required Minimum Distributions (RMD's) at 72 1/2	Not Required
Maximum Contribution Limitation Can Change Annually	Maximum Contribution Limitations Can Change Annually
Must Have Earned Income
Withdrawals are Penalty Free at Age 59 1/2

direct deposit & payroll deduction

Almost every employee group, company and retirement provider participate in direct deposit. Allocate a portion of your check with payroll deduction or direct all of your paycheck to the Credit Union. Members can receive discounted loan rates on certain loan types by having full direct deposit. Payroll deduction is a convenient way to build up your savings or Holiday Club account. Instructions and forms for some of our different employee groups are available here.

Direct Deposit & Payroll Deduction Forms