An Individual Retirement Account (IRA) is a great tool to help you plan for your retirement. Depending on the type of IRA you select and other factors, contributions may be tax deductible and can grow tax deferred or tax free.
Tax law changes have made IRAs even better. Annual contribution limits have increased to :
Traditional and Roth IRAs (Over Age 50)
| Contribution Limits | Tax Year |
|---|---|
| $7,500 | 2023 |
| $8,000 | 2024 |
Individuals who have reached age 50 by the end of the year will be able to make an additional catch-up contribution of $1,000 per year to their Traditional or Roth IRA. TXBCU offers Traditional and Roth IRAs and can assist with rollovers and transfer of funds from another qualified pension plan or IRA account.
Choose between either an IRA Savings Account or IRA Certificate. An IRA Savings Account requires a minimum deposit of $500 with dividends paid quarterly on the average daily balance.
IRA Certificates require a minimum deposit of $1,000 and are offered for terms of 12, 18, 24, and 36 months.
Contact our Member Services Department at 855-4494 about making an IRA contribution, rollover, direct transfer or distribution.