RETIREMENT SERVICES

GECU Traditional IRAs¹

Save for retirement as you work with an account where your funds grow tax-deferred.

Traditional IRAs

Benefits of a Traditional IRA Account

  • Pre-tax contributions: Pay taxes when you start making withdrawals2 at retirement age or 59½.
  • Tax-deferred earnings: Your money grows tax-deferred and your funds are taxed at retirement at your current income tax rate.
  • Possible tax deductions: Contributions3 made to a traditional IRA can be tax deductible based on your income or tax filing status.
  • No income limits: Invest in a traditional IRA regardless of how much money you make.
  • Investment options: You can invest the funds of your traditional IRA into an accessible share savings IRA account or an IRA certificate account with a higher dividend rate.
  • Federally insured: Your money at GECU is federally insured by NCUA up to $250,000.

 

Traditional IRAs¹

What is a traditional IRA?

A traditional IRA is a retirement account where you can make pre-tax contributions and save up for the future. With this type of account, you pay taxes once you start making withdrawals2 at retirement at your current income tax rate.
Traditional IRAs

COMPARE TRADITIONAL IRAs¹

Find the best retirement account for you!

Share IRA

A traditional individual retirement account with accessibility that is federally insured by NCUA.
A traditional individual retirement account with accessibility that is federally insured by NCUA.
Best for: Members looking to save for retirement with accessibility to funds
  • Funds are invested in a share savings IRA
  • Funds grow tax-deferred until you start withdrawing2 at retirement
  • Contributions3 may be tax deductible
  • People up to 50 years old can contribute up to $7,000 in a tax year


Call 915.774.6879 to open an account

Short-term & long-term IRA Certificate Account

Traditional individual retirement accounts for short- and long-term savings that are federally insured by NCUA.
Traditional individual retirement accounts for short- and long-term savings that are federally insured by NCUA.

Best for: Members looking to save for retirement with term flexibility


  • Funds are deposited in a certificate account
  • Three- to six-month terms and a $2,500 minimum opening deposit
  • 18- to 60-month terms and a $1,000 minimum opening deposit
  • Funds grow tax-deferred until you start withdrawing at retirement
  • People up to 50 years old can contribute up to $7,000 in a tax year


Call 915.774.6879 to open an account

12-month IRA Certificate Account

A traditional individual retirement account with competitive dividends.
A traditional individual retirement account with competitive dividends.

Best for: Members looking to save for retirement with an affordable opening deposit

 

  • Funds are deposited in a 12-month certificate account
  • $50 minimum opening deposit
  • Funds grow tax-deferred until you start withdrawing at retirement
Call 915.774.6879 to open an account

Bump-up IRA Certificate Account

A traditional individual retirement account for long-term savings that is federally insured by NCUA.
A traditional individual retirement account for long-term savings that is federally insured by NCUA.

Best for: Members looking to save for retirement with a longer term


  • Funds are deposited in a certificate account
  • 18-month term with a $5,000 minimum opening deposit or 60-month term with a $2,500 minimum opening deposit
  • Funds grow tax-deferred until you start withdrawing at retirement
  • Bump up4 the dividend rate once during the term of the IRA certificate account
Call 915.774.6879 to open an account
View our other retirement & investment accounts

GECU Roth IRAs¹

  • Pay taxes now and save on taxes at retirement
  • Your funds grow tax-free
  • Deposit your money into a federally insured share or IRA certificate account
View Roth IRAs

Certificate accounts

- Competitive certificate account dividends
- Term flexibility
- Low-deposit certificate accounts available
View certificate accounts

GECU Money Market Accounts⁵

  • Get higher dividends than a regular savings or checking account
  • Enjoy higher dividend earnings with higher account balances
  • Deposit money anytime and enjoy unlimited over-the-counter withdrawal6 access
View money market accounts
We’re Here to Answer Your Traditional IRA Account Questions
  • What is the difference between a traditional IRA and a Roth IRA?1
    A Traditional IRA accepts pre-tax dollars for contributions. A Roth IRA accepts contributions that you pay taxes on now to help limit taxes during retirement. Traditional and Roth IRA accounts that are insured by NCUA can be opened by GECU Special Services by calling 915.774.6879.
  • Do I get a tax deduction for having a retirement plan?
    You may be eligible to receive a tax deduction for saving for retirement. Consult your tax adviser for details.
  • What is the process to roll over a 401(k)?
    A 401(k) can be rolled over when switching careers or at retirement. To discuss your options, you can contact GECU Special Services at 915.774.6879.
  • How long do I have to keep an IRA open?
    The earlier you open an individual retirement account and the longer you’re making contributions, the more your funds will potentially grow.
  • When should I begin my retirement plan?
    It’s recommended to start saving for retirement early so that your savings have time to grow. Anyone 18 years of age and older with earned income that is not an active participant in a retirement plan can open a traditional IRA account. Active participants may qualify to open an IRA if they have adjusted gross income levels required for single or joint filers, partially or fully deductible. Contact the GECU Special Services department at 915.774.6879 for more information.

Disclosures

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Membership eligibility is required.
1To open an IRA, you will need to make an appointment with GECU Special Services.
2Withdrawals before you are 59½ may result in a tax penalty and interest penalty, except in the case of education IRAs. Consult your tax adviser for details.
3Contribution limits vary and depend on your individual income level.
4Option is only available for GECU Bump-Up Certificate Accounts and GECU Smart-Step Certificate Accounts. Please see the GECU rate schedule for more details.
5Must have a GECU share account to open a money market account. Open a GECU share account with a one-time deposit of $10.
6Unlimited over-the-counter access. Limits apply to other types of withdrawals.
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