IRAs - Knoxville TVA Employees Credit Union

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INDIVIDUAL RETIREMENT ACCOUNT (IRA)¹

An Individual Retirement Account (IRA) is like a 401(K) plan but for individuals. An IRA is a savings account that lets you invest and grow your money for retirement in a tax-advantaged way. IRAs are designed for tax-free or tax-deferred savings growth. Thanks to those tax-advantages, you'll save more money now and for FUTURE YOU.

There are more reasons why IRAs are a great tool to grow your retirement savings. IRA accounts, since they belong to YOU (the individual) and are exclusively yours. Any Member with a taxpayer identification number (i.e., social security number), regardless of age, can open and contribute to an IRA account. That means it's EASY to open and begin immediate contributions to an IRA account.

How it Works:

Simply add money to your IRA over time and watch your investment grow. Eventually, investments can be withdrawn to provide income for retirement. There are two main types of IRAs. Both are tax-deferred as long as the money remains in the IRA:

Traditional IRAs
Roth IRAs

Invest in yourself! Open an IRA account!

What type IRA is best for you?

Traditional IRA¹

Traditional IRAs are individual retirement accounts that allows you to make contributions with pre-tax dollars for immediate tax benefits.

Earn up to a $1,000.00 tax credit
Contributions are made with pre-tax dollars
No income limits to make contributions
Distributions are required at a certain age

Traditional IRAs

Roth IRA²

Roth IRAs are individual retirement accounts that allows to you to make contributions with after-tax dollars.

Earn up to a $1,000.00 tax credit
Contributions are made with after-tax dollars
There are income limits to make contributions
No requirement of distributions at any age

ROTH IRAS

Retirement planning made easy with Ascensus³.

To offer our Members even more great benefits, we have a partnership with Ascensus, the largest independent retirement services provider in the United States. This partnership allows Members to easily complete IRA documents online before being sent to the Credit Union for processing. Invest in yourself today!

GET STARTED IRA CALCULATOR

Talk with our IRA consultants concerning specific information about rates, IRS guidelines, and account procedures by calling (800) 467-5427.

¹APY = Annual Percentage Yield. Rates are subject to change without notice. Fees may reduce the earnings on some accounts. IRA Certificate Accounts with maturities of seventeen (17) months or less have a penalty for early withdrawal of an amount equal to ninety (90) days dividends. IRA Certificate Accounts with maturities of eighteen (18) months or more have a penalty for early withdrawal of an amount equal to 180 days dividends. Dividends can be added back to the account, transferred to another Knoxville TVA Employees Credit Union account, or mailed to you each month. Annual Percentage Yield applies when the dividend is reinvested in the account. Certificate Accounts (other than Educational Savings) can be designated as an Individual Retirement Account (IRA) or Health Savings Account (HSA). IRA Certificates may add 0.10 to the dividend rate above. Some restrictions may apply. Ask for details. Talk to a financial advisor regarding individual scenarios. There is a charge for non-club checks.
²APY = Annual Percentage Yield. Rates are subject to change without notice. Fees may reduce the earnings on some accounts. IRA Certificate Accounts with maturities of seventeen (17) months or less have a penalty for early withdrawal of an amount equal to ninety (90) days dividends. IRA Certificate Accounts with maturities of eighteen (18) months or more have a penalty for early withdrawal of an amount equal to 180 days dividends. Dividends can be added back to the account, transferred to another Knoxville TVA Employees Credit Union account, or mailed to you each month. Annual Percentage Yield applies when the dividend is reinvested in the account. Certificate Accounts (other than Educational Savings) can be designated as an Individual Retirement Account (IRA) or Health Savings Account (HSA). IRA Certificates may add 0.10 to the dividend rate above. Some restrictions may apply. Ask for details. Talk to a financial advisor regarding individual scenarios. There is a charge for non-club checks.
³Ascensus® and the Ascensus® logo are registered trademarks of Ascensus, LLC. Other trademarks referenced above are the property of their respective owners. Ascensus is a third-party partner to Knoxville TVA Employees Credit Union.

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