IRA | Elevate Credit Union

Why Elevate?

What's Your Next Thing

“Retirement” could mean a house by the beach, traveling the world, or simply finally taking that dream job that pays a little bit less. Whatever you want your next thing to be, prepare for it with Traditional IRA, Roth IRA, and Coverdell Education Savings Account options. Let’s make your next thing happen.

Individual Retirement Accounts

FAQs

If you don't see your question here, text us at (435) 734.3437. We are happy to help!

Will I have to pay taxes? How much will I be taxed?

With a Roth IRA, you won't pay taxes when you withdraw the money. However, you will pay taxes on withdrawals for a Traditional IRA. How much you will be taxed depends on how much you contribute.

What's the difference between Traditional and Roth IRAs? In short, a traditional IRA offers tax-deductible contributions while a Roth IRA allows the account to grow tax-free. Traditional IRAs:

Contributions may be tax-deductible
Earnings can grow tax-deferred until withdrawn
Penalty free withdrawals for qualifying education expenses, home purchases, and medical expenses
All earnings and deductible contributions are taxable upon withdrawal

Roth IRA

Contributions are not tax-deductible
Withdrawals and earnings may be tax free
Penalty free withdrawals after age 59 ½, disability, death or for a first time home purchase

Prepare For The Next Stage

What's Your Next Thing

FAQs

Raising Your
Possibilities

Prepare For The Next Stage

What's Your Next Thing

FAQs

Raising YourPossibilities

Raising Your
Possibilities