{"id":300,"date":"2021-09-14T17:41:26","date_gmt":"2021-09-14T17:41:26","guid":{"rendered":"https:\/\/nrccu.org\/?page_id=300"},"modified":"2024-10-17T07:41:35","modified_gmt":"2024-10-17T12:41:35","slug":"traditional-ira","status":"publish","type":"page","link":"https:\/\/dev.wafishermn.com\/nrccu\/savings-and-checking\/investing\/traditional-ira\/","title":{"rendered":"Traditional IRA"},"content":{"rendered":"\n\n\t<p>An IRA is a tax-qualified savings account for individuals that allows the account holder to set aside money for retirement. Members pay ordinary income tax on the withdrawals, and they must start taking distributions after age 73.<\/p>\n<h2>Costs and Considerations<\/h2>\n<ul>\n<li>Individual contributions may vary for the tax year<\/li>\n<li>No minimum opening balance<\/li>\n<\/ul>\n\t<h2>Features and Benefits<\/h2>\n<ul>\n<li>Contributions may be tax deductible if eligible based on filing status, modified adjusted gross income, and active participation in qualified retirement plan.<\/li>\n<li>No IRS penalties after age 59 \u00bd.<\/li>\n<li>Fixed rate of 0.75%. Dividends are compounded and paid quarterly.<\/li>\n<li>Avoid taxes when money is added.<\/li>\n<li>Traditional IRA contributions are tax-deductible on both state and federal tax<br \/>\nreturns for the year a contribution is made.<\/li>\n<li>After reaching 73 it is required to start taking required minimum distributions (RMDs): taxable withdrawals of a certain percentage of the funds.<\/li>\n<li>Members have until April 15th of the current year, or their tax return date to make an IRA contribution for the prior year (does not apply to extensions).<\/li>\n<\/ul>\n\t\t\t<a href=\"\/contact-us\/\" target=\"_self\" rel=\"noopener\">\n\t\t\t\t\t\t\tAsk a Question\n\t\t\t\t\t<\/a>\n\t\t\t<a href=\"\/resources\/about-us\/join-northridge\/\" target=\"_self\" rel=\"noopener\">\n\t\t\t\t\t\t\tBecome a Member\n\t\t\t\t\t<\/a>\n<h2>\n\t\tYou Might Also Like\n\t<\/h2>\n\t\t\t<a href=\"\/savings-and-checking\/investing\/roth-ira\/\" target=\"_self\" rel=\"noopener\">\n\t\t\t\t\t\t\tRoth IRA\n\t\t\t\t\t<\/a>\n\t\t\t<a href=\"\/savings-and-checking\/investing\/certificate-of-deposit-cd\/\" target=\"_self\" rel=\"noopener\">\n\t\t\t\t\t\t\tCertificate of Deposit\n\t\t\t\t\t<\/a>\n\t\t\t<a href=\"\/resources\/about-us\/contact-us\/\" target=\"_self\" rel=\"noopener\">\n\t\t\t\t\t\t\tOur Locations\n\t\t\t\t\t<\/a>\n\n","protected":false},"excerpt":{"rendered":"<p>An IRA is a tax-qualified savings account for individuals that allows the account holder to set aside money for retirement. Members pay ordinary income tax on the withdrawals, and they must start taking distributions after age 73. Costs and Considerations Individual contributions may vary for the tax year No minimum opening balance Features and Benefits [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":490,"parent":124,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-300","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Traditional IRA - Savings Account | NorthRidge Community Credit Union<\/title>\n<meta name=\"description\" content=\"Learn about the benefits of a Traditional IRA savings account with NorthRidge Community Credit Union. 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