IRA Accounts

INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)

Invest your money and let it grow responsibly with an IRA Savings or IRA Certificate from Toledo Metro Federal Credit Union. View our current rates and terms.

One of the easiest ways to save for retirement is by opening an Individual Retirement Account (IRA). An IRA allows you to grow your money while providing you certain tax advantages, including tax-deductible contributions with a Traditional IRA or tax-free withdrawals with a Roth IRA. Once your funds have been placed into an IRA account, you can use them for different investments such as savings accounts or certificates of deposits. You can also use an IRA to set aside funds for your child's education. Here's a list of the different types of IRAs we offer that can get your financial plan in motion:

  • Traditional IRA
    The biggest benefit of a Traditional IRA is the ability to deduct your contributions from
    your income taxes (depending on your income level). Therefore, you'll be able to enjoy
    the tax benefits now and your money will grow tax-free. Once you reach the age where
    you can begin making withdrawals; any distributions you take will be taxed. Penalties
    may apply for early withdrawals.

  • Roth IRA
    With a Roth IRA, your distributions are completely tax-free. Since you are contributing
    "after-tax" dollars to fund your Roth IRA, you will not have to pay taxes when you begin
    making withdrawals. This type of IRA is not available for those exceeding a certain income level. Penalties may apply for early withdrawals.

  • Coverdell Educational IRA Savings Account (Coverdell IRA)
    The Coverdell Educational IRA allows your money to grow tax-free to cover the cost of
    qualified higher education expenses. Contributions are limited to a specific amount based on your level of income, and withdrawals will not be taxed as long as the distributions are less than the beneficiary's education expenses.

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