Description

Traditional IRA accounts are a special type of investment vehicle that allow your earnings to grow tax-deferred. As of 2024, you can invest up to $6,500 per year in a Traditional IRA account (or up to $7,500 if you are 50 or older).

You are eligible for penalty-free withdrawals from your Traditional IRA once you are age 59½ or older. Once you reach age 73, you must take a required minimum distribution (RMD) every year. At age 73, you are also no longer eligible to contribute to a Traditional IRA (consider a Roth IRA if you would like to make contributions past this age).

Features and Benefits:

• Awesome Dividend Rates: Consistently among the best in the country.
• No Minimum Deposit: Start investing with any amount.
• No Maintenance Fee: Enjoy fee-free account management.
• No Fee for Fund Transfers: Transfer funds in and out of Element FCU without any charges.
• Automatic RMD Distribution: At age 73, your IRS required minimum distributions are automatically distributed.
• NCUA Insurance: Deposits are insured up to $250,000 by the National Credit Union Administration (NCUA).
• Monthly Compounded Dividends: Earn dividends that are compounded every month.
• Tax Deductible Contributions: Contributions may be tax deductible, helping you reduce your taxes now.

Annual Contribution Limits:

• 2024 – Under Age 50: $6,500
• 2024 – Age 50 and Over: $7,500

*Catch-up contribution eligibility begins on January 1 of the calendar year of the contributor’s fiftieth birthday.

Visit the Internal Revenue Service website for more information.