Individual retirement accounts (IRAs) are one of the most viable answers to the question of how to assure a secure retirement. Diamond offers Traditional and Roth IRAs.

Traditional IRA – Traditional IRAs allow tax-deductible contributions and the amount in your IRA can grow tax-free.  Your contributions and gains are taxed when distributed. Anyone under age 70 who has earned income, or is filing jointly with a spouse who has earned income, may contribute.

Roth IRA – Roth IRA contributions are not tax-deductible, however, all withdrawals, including earnings, are generally tax-free if the account has been open for at least five years and the account holder is 59½ or older.  You can also use your contribution (but not your earnings) anytime, tax-free and with no penalty.

Contribution Limits – For either a Traditional IRA or Roth IRA, your contribution limit is $6,000 per year or $7,000 if you’re age 50 or older by the end of the year.

What You Should Know About IRAs

  • Share Certificates and Money Market IRAs available.
  • Earn a market-leading interest rate.
  • Tax deferred; no risk to your principal.
  • Your funds are federally insured up to $250,000.
  • Choose the IRA investment option(s) that suit your needs.
  • Use the IRA Accumulation Account to accumulate deposits. Invest in an IRA Certificate or Money Market account at a better rate when you’ve reached your desired amount.


Deposit Disclosure

Retirement Planning

Do you have a larger plan for your retirement? If not, it isn’t too late. Contact Diamond Credit Union to set up a no-obligation consultation with Diamond Financial Planning to get started today.