IRAs


It’s never too early to start saving for your retirement and it’s easy to invest in your future with an SPCO Credit Union Individual Retirement Account. Plan for your future today with either a Traditional or Roth IRA!

Traditional IRA

  • What is it? A Traditional IRA is an Individual Retirement Account to which you can contribute pre-tax or after-tax dollars, giving you tax benefits if your contributions are tax-deductible.
  • Benefits? Your funds grow tax-deferred and contributions are tax deductible up to 100%.
  • Who can contribute? Anyone under age 70½ who has income from compensation (or who is filing jointly with a spouse who earns compensation). You must start taking distributions after age 70½.
  • Income limitations? Unlike a Roth IRA, there are no income limitations to opening a Traditional IRA.
  • Contribution limitations? The maximum annual contribution is $5,500 per person. If you are 50 or older, you can contribute up to $6,500 per person with the “catch-up” provision.

Roth IRA

  • What is it? A Roth IRA is a special retirement account where you pay taxes on the money going into the Roth but all future withdrawals are tax-free.
  • Benefits? Roth distributions are tax-free when you follow the rules. Roth IRAs make the most sense if you won’t miss the upfront tax deduction but would benefit from tax-free, compounding growth. A great option for anyone who wants to minimize their tax burden in retirement.
  • Who can contribute? Generally, anyone who has taxable income from compensation and your modified adjusted gross income is less than a certain amount, can make a contribution to a Roth IRA.
    • $194,000 for married filing jointly or qualified widow(er)
    • $132,000 for single, head of household, or married filing separately.
    • $10,000 for married filing separately and you lived with your spouse at any time during the year.
  • Contribution limitations? The same contribution limits apply to both Roth and Traditional IRAs; however, your Roth IRA contribution might be limited based on your tax filing status and income.

Don’t wait to start saving for your retirement! We can help you get started now while making contributions that fit your budget and achieve your retirement goals.

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