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Individual Retirement Accounts (IRAs)

An Individual Retirement Account, or an IRA, is a common type of retirement savings account with tax advantages. Many factors can affect your eligibility and annual contribution amounts, such as your marital status, your current earned income level, and whether you participate in a retirement plan at work. IRAs are a great tool to build your retirement savings at any time. Take advantage of the tax benefits available with an IRA and explore the many options available to you.

Interested In Opening An IRA?


<strong>Zachary Holly CFP&#174;, CRPC&#174;&#160;</strong><br/>

Zachary Holly CFP®, CRPC® 

Centralized Wealth Advisor

 (602) 467- 4017

 ZHolly@oneazcu.com

Zach has worked as a financial advisor for more than 10 years, focusing on retirement planning for credit union members at all life stages. He completed extensive training to earn the Chartered Retirement Planning Counselor (CRPC®) and Certified Financial Planning (CFP®) designations conferred by the College for Financial Planning.

"Without a road map, one can feel lost. I am here to make it easier and help you down the path towards your retirement goals."

Learn More: IRA Quick Facts

Account Descriptions

Traditional IRA

Your earnings grow tax-deferred and, if eligible, your contributions may be tax deductible as well. You can also roll over your 401(k) or employer-sponsored qualified retirement plan to consolidate all your retirement assets.

Roth IRA

You make after-tax contributions but the money you withdraw after retirement may be free from federal taxes.

Eligibility To Contribute

Traditional IRA

You can contribute up to the year you turn 72 as long as you have earned income.

Roth IRA

You can contribute at any age as long as you have earned income and meet the income limitations.

Maximum Annual Contribution

Traditional IRA

$6,500 ($7,500 age 50 and older) for 2023.

Roth IRA

$6,500 ($7,500 age 50 and older) for 2023.

Tax-Deductible Contributions

Traditional IRA

You can deduct your contributions if you meet the eligibility requirements.

Roth IRA

Contributions are made in after-tax dollars and are not tax-deductible.

Taxation Of Earnings and Withdrawals

Traditional IRA

Tax deductible contributions and earnings are taxed as ordinary income when withdrawn.


After-tax contributions are withdrawn tax-free.

Roth IRA

Contributions (all are made after-tax) are always income tax-free. Earnings may be income tax-free if the account is held for 5 years and are withdrawn for a qualified reason. Withdrawal of earnings for nonqualified reasons may be taxed as ordinary income and subject to an early withdrawal penalty.

Withdrawal Penalties

Traditional IRA

10% IRS early withdrawal penalty if withdrawn before age 59 1/2 unless exception applies.

Roth IRA

No penalties for withdrawals of contributions. 10% IRS early withdrawal penalty if earnings withdrawn before age 59 1/2 unless exception applies.

Required Withdrawals

Traditional IRA

Must begin at age 72.

Roth IRA

Upon death of owner.

Interested In Opening An IRA? We Welcome The Opportunity To Speak With You.

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