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Individual Retirement Accounts - Skyline Financial Federal Credit Union

An IRA (Individual Retirement Account), will help you choose the plan that is right for you. Skyline Financial Federal Credit Union can help you make the most of your investment opportunities.  Depending on your choice, you may be able to take a tax deduction for a Traditional IRA contribution, or withdraw the earnings on a Roth IRA tax-free.

Traditional and Roth IRAs both allow you to grow your money while receiving tax benefits. However, there are some distinct differences.  The chart below provides a useful, comparative reference.  As with all tax decisions, it is recommended that you consult a tax professional to determine which product is right for your goals.

Roth vs Traditional

Tax Advantages Roth IRA Traditional IRA
Contributions Not tax deductible. Tax deductible, subject to certain limitations.
Earnings Tax free, subject to certain limitations. Taxes are deferred until you begin withdrawing funds.
Withdrawals Tax free withdrawals of original contributions; potentially tax free withdrawal of earnings if part of a qualified withdrawal. Taxable.

Other Advantages of Skyline Financial IRAs

  • Excellent long - term savings vehicle
  • Flexible options – IRA savings, IRA share certificates
  • Insured up to $250,000 by NCUA

Skyline Financial Federal Credit Union nor its employees are financial advisors. Individuals seeking specific retirement advise should search for a licensed financial advisor to work with. Additionally, Skyline Financial Federal Credit Union follows all rules set in place by the IRS. Visit for additional research.