IRA Accounts

The path to a more secure financial future begins with savings strategies using Darden Credit Union IRA accounts. Let our experts help you begin building a secure retirement plan that will be there for you down the road.

IRA Accounts Offered Include:

• Traditional and Roth IRA Savings Accounts
• Traditional and Roth IRA Money Market Accounts
• Traditional and Roth IRA Share Certificates

To invest in an IRA Account, call us at 877.906.9328 or visit one of our convenient branch locations.

FAQs

What is the difference between a Traditional and a Roth Individual Retirement Account (IRA)?

With a Traditional IRA, you get a tax deduction upfront. Typically, this will lower your taxes for the year you contribute (some high earners may not get an upfront tax break). The taxes you pay on this account are delayed until you start to withdraw the funds. You must begin to take minimum distributions when you are 72*. You may continue to contribute to a Tradition IRA to any age, as long as they are from earned income. Typically, you will pay a 10% penalty for funds taken before you are 59 ½ (some exclusions apply).

*This change in law was effective 12/31/2019. If you turned 70 ½ in 2019 or before 2019, you are obligated to take the required minimum distribution for 2019, 2020, and beyond.

With a Roth IRA, the funds you deposit are after taxes are paid. Earnings are tax-free if your Roth IRA has been open 5 years and you are 59 ½ years old. Roth IRA funds that are not earnings but contributions can be withdrawn anytime for any reason penalty free. There is no age limit to contribute or when you must take funds out of this IRA. However, there are income limits for high wage earners that apply.

Can I have both a Traditional and a Roth IRA?

Yes, you can maintain both types of IRAs at the same time. You can even make contributions to both types of IRAs in the same year. But your contributions to both Roth and traditional IRAs cannot exceed the maximum contribution limit for all IRAs.

How much can I contribute to my Traditional and/or Roth IRA?

There are limits on the amount of income one can make during a given year—and the limits change from year to year. Please visit the IRS website for details.

Who can contribute to a Traditional and/or Roth IRA?

Those who work (have earned income) for a living can contribute to an IRA account. The income must be derived from actual work efforts and compensation in the form of wages, tips, salaries, bonuses and professional fees.

Will my Traditional/Roth IRA affect the amount that I can contribute to my employer-sponsored retirement plan?

No. The amount you contribute to your 401(k) or other employer-sponsored plans will not be affected by your Roth IRA.

Will I earn interest on my money if I put it into a Traditional / Roth IRA?

Yes, you will earn interest on the funds that are on deposit at the credit union IRA. View current IRA rates.