IRA Accounts

Which one is right for you?

ACU Traditional IRA (Individual Retirement Account) allows you to defer taxes on a portion of your income while enjoying superior rates to save for retirement.

What type of IRA should I choose?

Each person’s unique situation will dictate what type of IRA is best suited for their needs. We always encourage people to consult their tax adviser for the most complete and accurate picture, but we can provide some facts that can help you make the decision and our IRA specialists are always available to discuss your options.

Traditional IRA
  • No Income Limit
  • May be tax-deductible based on your income.
  • May contribute up to $6,000 in 2019.  Additional $1,000 catch-up contribution if over 50.
  • Withdrawls are taxed as ordinary income.
  • Minimum age to withdraw is 59 1/2.
  • Required distrubtions begin at age 70 1/2.
Roth IRA
  • Consult your tax adviser for maximum income limitations.
  • NOT tax-deductible.
  • May contribume up to $6,000 in 2019.  Additional $1,000 catch-up contribution if over 50.
  • Withdrawls are NOT taxed.
  • Minimum age to withdraw is 59 1/2.
  • No set age for required distributions to begin.

When can I start making withdrawals?

Withdrawals can be made at any age, but it’s important to know some key times in your life that will affect how you withdraw funds from your IRA.

Pre-59 1/2
Withdrawals may be subject to 10% early withdrawal penalty*.
* Some exceptions exist.
Age 59 1/2
Traditional IRA withdrawals are taxed as income. Withdrawals from a Roth IRA are not taxed.
Age 70 1/2
Required minimum annual withdrawals must begin from Traditional IRAs. Roth IRAs do not require a minimum annual withdrawl at any age.
Ashland Credit Union recommends consulting with a tax advisor about the tax implications of these accounts.

1300 Central Ave
Ashland, KY 41101