TelComm Credit Union offers Traditional and Roth IRA accounts to help members in the Springfield, Missouri area save for retirement with potential tax advantages. A Traditional IRA may allow for tax-deductible contributions now, while a Roth IRA offers the potential for tax-free withdrawals in retirement. Each option is suited to different financial situations and long-term goals. Our team can help you understand which option may be the right fit for your retirement savings strategy.
IRAs
The special tax benefits offered by various IRAs make them an attractive investment for retirement and educational funds.
- Traditional
- Roth
- Automatic payroll deductions into your IRA available for your convenience
- Rollover into IRA CDs when account balance is $1,000 or higher (IRA CDs earn at the current CD rate)
Traditional and Roth IRS Aggregate Annual Contribution Limits
| Tax Year | Annual Contribution Limit | Additional “Catch-Up” Contribution for Owners Age 50 & Older |
|---|---|---|
| 2025 | $7,000 | $1,000 ($8,000 total) |
| 2024 | $7,000 | $1,000 ($8,000 total) |
IRA FAQ
How much can I contribute to a Roth or Traditional IRA?
Assuming eligibility, you can contribute up to $7,000 per year or 100% of your earned income, whichever is less. Married couples can contribute more, but no more than $7,000 per spouse. You can contribute the maximum to a traditional IRA, Roth IRA or split between the two types.
How does the “catch-up” contribution plan work if I am age 50 or older?
A special exception applies if you are age 50 or older that allows you to contribute an additional $1,000 to an IRA.
More information about Traditional and Roth IRAs is available at the IRS website below:
https://www.irs.gov/retirement-plans/traditional-and-roth-iras
This information is not intended as tax advice. Please consult a tax professional regarding your specific circumstances. For more information about TelComm IRA products, call 417.886.5355.
