Individual retirement accounts

There’s no better time to start saving for your future. Take charge of your retirement with an easy-to-manage, tax-advantaged Individual Retirement Account.

Saving for tomorrow 
starts today

  • Match your needs with either a Traditional or Roth IRA
  • Utilize Online Banking and our mobile app to watch your money grow1
  • Take advantage of no monthly fees and potential tax breaks2

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An Individual Retirement Account (IRA) allows you to save for retirement with tax-free growth or on a tax-deferred basis. Whether you’ve just joined the workforce or you’ve been a professional for years, future you will be grateful for the investment you made in yourself starting today. 

We offer two of the most popular types of IRAs: Traditional and Roth. Use the chart to help you determine which is right for you.

Traditional IRA
    Roth IRA
      Perfect for you if:

      Contribute before paying taxes for tax-deferred growth. Pay income tax when you withdraw.

      Contribute after paying taxes for tax-free growth. No income tax when you withdraw.

      Eligibility

      If you are earning wages, you can establish a Traditional IRA even if you are covered by another retirement plan.

      Modified adjusted income must meet the qualifications that are adjusted annually.

      Contributions

      If you are not covered by a pension plan, your IRA contribution is fully deductible. 
       
      There are annual limits to your maximum contributions. In many cases, a catch-up contribution is available for those ages 50+.
       
      Contributions are not allowed after age 72 provided you have earned income.

      Contributions are not deductible.

      There are annual limits to your maximum contributions. In many cases, a catch-up contribution is available for those ages 50+.

      Contributions are allowed after age 72 provided you have earned income.

      Withdrawals

      Withdrawals are required to begin at age 72.
       
      IRS penalty-free withdrawals can be made for a qualified first-time home purchase subject to a $10,000 lifetime limit.

      Tax-free withdrawals can be made after having the account for five years, but there may be a 10% penalty on withdrawal of earnings if made before age 59½.

      IRS penalty-free withdrawals can be made for a qualified first-time home purchase subject to a $10,000 lifetime limit.

      Account Features
      Traditional IRA
        Perfect for you if:

        Contribute before paying taxes for tax-deferred growth. Pay income tax when you withdraw.

        Eligibility

        If you are earning wages, you can establish a Traditional IRA even if you are covered by another retirement plan.

        Contributions

        If you are not covered by a pension plan, your IRA contribution is fully deductible. 
         
        There are annual limits to your maximum contributions. In many cases, a catch-up contribution is available for those ages 50+.
         
        Contributions are not allowed after age 72 provided you have earned income.

        Withdrawals

        Withdrawals are required to begin at age 72.
         
        IRS penalty-free withdrawals can be made for a qualified first-time home purchase subject to a $10,000 lifetime limit.

        Account Features
        Roth IRA
          Perfect for you if:

          Contribute after paying taxes for tax-free growth. No income tax when you withdraw.

          Eligibility

          Modified adjusted income must meet the qualifications that are adjusted annually.

          Contributions

          Contributions are not deductible.

          There are annual limits to your maximum contributions. In many cases, a catch-up contribution is available for those ages 50+.

          Contributions are allowed after age 72 provided you have earned income.

          Withdrawals

          Tax-free withdrawals can be made after having the account for five years, but there may be a 10% penalty on withdrawal of earnings if made before age 59½.

          IRS penalty-free withdrawals can be made for a qualified first-time home purchase subject to a $10,000 lifetime limit.

          For additional resources and information, visit our: IRA Service Center.

          Sit back and know you're in good hands

          Aside from working with the top IRA specialists in the area, all GECU IRA funds are federally insured separately, from other deposits, up to $250,000 by the National Credit Union Administration (NCUA). For more details about how your GECU accounts are protected, please click here for an informative brochure. Calculate your accurate insurance by using the NCUA e-calculator.

          Making IRA contributions

          You can make regular contributions by:

          • Setting up payroll deduction.
          • Making an in-person deposit at a GECU location.

          Taking steps for the future you

          To set up your IRA and start saving, please schedule an appointment to visit a GECU location.

          IRA Certificates

          Earn a higher return by opening an IRA Certificate with as little as $500. An IRA Certificate gives you the guaranteed interest of a certificate and the tax advantages of a Traditional or Roth IRA. You can choose from a variety of terms and your certificate will automatically renew at maturity at the prevailing rate unless you choose otherwise.

          IRA Money Market

          Our IRA Money Market Account is a competitive retirement savings option to stretch your retirement savings further. Beginning at $100, this account offers a secure, guaranteed return with the tax benefits of an IRA.

          General Electric Credit Union is a full-service financial institution headquartered in Cincinnati with branches in Ohio and Kentucky.

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