|Contributions MAY be tax deductible up to 100% depending on Annual Gross Income and employer-sponsored retirement plan
||Contributions are not tax deductible, taxes paid up front
|Earnings grow tax-deferred until withdrawn
||Earnings grow tax-deferred
|Withdrawals are taxed as income
||Withdrawals only taxed if withdrawn before age 59 ½, not required
|Cannot fund after age 70 ½
||Can fund after age 70 ½
|Required minimum distributions begin at age 70 ½
||No required minimum distributions
We encourage you to speak with a SPIRE representative to help advise which IRA may be best for your current financial situation.
Truth in Savings
See current Service Fee Schedule for additional information.
*Regulation D requires that during any calendar month you may not make more than six withdrawals or transfers from your savings account to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction. Transactions governed by Regulation D include, but are not limited to: automatic transfers from savings to checking for overdraft protection, automatic transfers from saving to any other account, telephone transfers from savings to any other account (including transfers made using Telephone Banking and the fax machine,) preauthorized payments from savings, transfers from savings to any other account using Personal Access Home Banking.
Regulation D allows unlimited transfers to withdrawals from a saving account when made by mail, messenger, ATM, or in person, or when such withdrawals are made by telephone provided a check is mailed to the member. Transfers to repay loans at the credit union and to pay safe deposit box rent are also unlimited.