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Individual Retirement Accounts

IRA accounts with WESTconsin

One of the greatest challenges facing American workers, including those in the Chippewa Valley and St. Croix, is assuring their financial security in retirement. It’s important to rely on your own resources, including IRAs and other retirement plans, to support your retirement lifestyle.

All of our IRAs have the following features:

  • High Annual Percentage Yield (APY)
  • Federally insured by the National Credit Union Administration (NCUA) at an additional $250,000 above the $250,000 of insurance on other deposits at the credit union
  • No administration fees
  • Minimum deposit, after opening, of $20 and minimum withdrawal of $500, except for pre-arranged retirement disbursement schedules or to close the account
  • Choice between 18 or 60 month fixed rate or 18 month variable rate

Traditional versus Roth

Effective for tax year 2023, total contributions to a combination of Traditional and Roth IRAs cannot exceed:

  • Under age 50: Lesser of 100% of compensation or $6,500 (non-working spouse may also contribute up to $6,500 when applicable)
  • Age 50 or better: Lesser of 100% of compensation or $7,500 (non-working spouse may also contribute up to $7,500 when applicable)

For 2022 and prior tax years, total contributions to a combination of Traditional and Roth IRAs cannot exceed:

  • Under age 50: Lesser of 100% of compensation or $6,000 (non-working spouse may also contribute up to $6,500 when applicable)
  • Age 50 or better: Lesser of 100% of compensation or $7,000 (non-working spouse may also contribute up to $7,500 when applicable)

Not sure how traditional and Roth IRAs are different? WESTconsin Credit Union is here to help!

Variable Rate IRA
Fixed Rate IRA
Traditional IRA
Roth IRA

If you have any questions regarding your current IRA or are interested in opening a new one, please contact a Member Services Representative at (800) 924-0022 or visit a local WESTconsin office.

*Note: WESTconsin Credit Union is providing information only and is not intending to provide specific advice or recommendations for individuals. We suggest you contact your tax advisor regarding your personal IRA plan.