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Traditional IRA
Traditional IRAs are potentially tax-deferred retirement plans; you don’t pay taxes on your contributions until you withdraw the funds. Individuals who continue to work and have earned income may continue to save for retirement, regardless of their age under the new SECURE Act.
IRA Savings Account Benefits:
- Required Minimum Distribution (RMD) Due to changes made by the SECURE Act, if your 70th birthday is July 1, 2019 or later, you do not have to take withdrawals until you reach age 73.
- $500 Minimum balance required to open an account and must be opened at a branch.
- Accumulate more: Your IRA Savings account will grow faster over time since dividends are compounded daily.
- Supplement your current retirement plan: You can contribute to an IRA Savings account even if you have a 401(k).
- Keep track of your progress through online banking
- Penalty-Free Withdrawals For New Parents: The SECURE Act now allows new parents to take penalty-free distributions from their retirement plans within a year of the birth of a child or adoption to cover related expenses, up to $5,000. While income taxes will still apply to withdrawals from a traditional retirement account, this allows new parents the ability to pay those expected, or unexpected, first-year child expenses. Even better, the $5,000 can be put back in the plan to grow for retirement.
LEARN MORE – For additional information regarding how the SECURE ACT affects your contributions or distributions please consult your tax advisor.
Yearly Contribution Limits
| Tax Year | Under 50 | Age 50 and over |
|---|---|---|
| 2023 | $6,500 | $7,500 |
| 2024 | $7,000 | $8,000 |
Contribution Deadlines
- Current tax year: December 31, 2024
- Prior tax year: April 15, 2024
Roth IRA
With a Roth IRA, you pay taxes now and withdraw the funds tax-free when you retire. Contributions can be made after the age of 701/2 without any required minimum distributions as long as you have earned income.
IRA Savings Account Benefits:
- $500 Minimum balance required to open an account and must be opened at a branch.
- Accumulate more: Your IRA Savings account will grow faster over time since dividends are compounded daily.
- Supplement your current retirement plan: You can contribute to an IRA Savings account even if you have a 401(k).
- Keep track of your progress through online banking
- Penalty-Free Withdrawals For New Parents: The SECURE Act now allows new parents to take penalty-free distributions from their retirement plans within a year of the birth of a child or adoption to cover related expenses, up to $5,000. While income taxes will still apply to withdrawals from a traditional retirement account, this allows new parents the ability to pay those expected, or unexpected, first-year child expenses. Even better, the $5,000 can be put back in the plan to grow for retirement.
LEARN MORE – For additional information regarding how the SECURE ACT affects your contributions or distributions please consult your tax advisor.
Yearly Contribution Limits
| Tax Year | Under 50 | Age 50 and over |
|---|---|---|
| 2023 | $6,500 | $7,500 |
| 2024 | $7,000 | $8,000 |
Contribution Deadlines
- Current tax year: December 31, 2024
- Prior tax year: April 15, 2024
Coverdell Education Savings Account (ESA)
Save for Your Child’s Future
The Coverdell Education Savings Account (ESA) is a custodial account designed to help families save money to pay for a child’s education expenses from kindergarten through college.
Based on income requirements, contributions can be:
- Make up to the current maximum per year for the designated beneficiary (child)
- Made if beneficiary is under the age of 18 (or beyond for special needs)
- Transferred to IRS defined qualified family members if not used by beneficiary
- Earning generous dividends from Alliant
What Your ESA Savings Can Pay For
Contributions and earnings are tax and penalty-free, if used for qualified education expenses, which include:
- Tuition and fees
- Books and supplies
- Computer equipment to be used for education
- Transportation
- Room and board—only in some cases
How do I open an account
What You Need:
- If you are a NEW member you will first need to first open a Primary Savings account Online or in Branch, you’ll need unexpired government issued identification such as a State-issued Driver’s License or a U.S. Passport.
- If you are an EXISTING member with a Primary Savings account you will be required to stop by a Branch to open an IRA where you will be required to provide a government issued ID for verification. IRA accounts CANNOT be opened Online.
Initial Deposit– There is a $500 Minimum deposit required when opening a IRA Certificate Account.
| Product | Rate | APY* | Crediting Frequency |
|---|---|---|---|
| 3 month | 1.59% | 1.60% | Monthly |
| 6 month | 4.97% | 5.10% | Monthly |
| 12 month | 4.83% | 4.95% | Monthly |
| 15 Month | 3.63% | 3.70% | Monthly |
| 18 month | 3.78% | 3.85% | Monthly |
| 24 month | 3.87% | 3.95% | Monthly |
| 36 Month | 3.87% | 3.95% | Monthly |
| 48 Month | 3.87% | 3.95% | Monthly |
| 60 Month | 3.87% | 3.95% | Monthly |
*Annual Percentage Yield (APY) effective 04/01/2024 is subject to change without notice. $500 minimum balance to open an IRA. Penalties may be imposed for early withdrawal. APY assumes dividends remain in the IRA. A $100 minimum balance is required to open a membership. Offer valid for a limited time and can be withdrawn at any time.
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