RETIREMENT SERVICES

Individual Retirement Accounts (IRAs)

Be ready for the retirement that you always envisioned with an IRA and GECU’s help. Put your hard-earned money to work in a tax-advantaged traditional IRA, Roth IRA, Coverdell Educational Savings Account,1 or Simplified Employee Pension (SEP) IRA2 and reach your retirement goals.

IRA

Save and invest your money for retirement with tax benefits to fit your needs

All IRAs offer …

IRA

Federal insurance

Your funds at GECU are federally insured by NCUA up to $250,000.

IRA

Tax-advantaged savings

The money in your IRA earns dividends and offers tax benefits depending on the type of retirement account that you choose.

IRA

Certificate account options

Place the funds of your IRA into a certificate account and earn more with higher dividends.

IRA

Knowledgeable guidance

Our retirement services team is there to guide you toward financial success! Let us help you create a plan for retirement so you can focus on what matters most.

COMPARE IRAs

Find the best individual retirement account to fit your needs.

Traditional IRA

Individual retirement account that is federally insured by NCUA where you contribute pre-tax dollars.
Individual retirement account that is federally insured by NCUA where you contribute pre-tax dollars.

Best for: Members looking to make pre-tax contributions for retirement.


  • Funds grow tax-deferred until you start withdrawing3 at retirement
  • Contributions4 may be tax deductible 
  • Invest your money into a savings or certificate account IRA
  • Federally insured by NCUA

 

Roth IRA

Individual retirement account where your funds and investments grow tax-free.
Individual retirement account where your funds and investments grow tax-free.

Best for: Members looking to make after-tax contributions for retirement.


  • Pay taxes on your contributions now for tax-free withdrawals at retirement
  • Invest your money into a savings or certificate account IRA
  • Federally insured by NCUA
     

Coverdell ESA

A trust or custodial account used specifically to pay for qualified education expenses.
A trust or custodial account used specifically to pay for qualified education expenses.

Best for: Members looking for an education savings account for a beneficiary under 18 years old or with special needs.


  • Make after-tax contributions of up to $2,000 per year
  • Funds must be distributed by the time the beneficiary turns 30 years old, unless the beneficiary is a special needs beneficiary 
  • Earnings are tax-free if they are used on qualified education expenses
  • Federally insured by NCUA
     

Simplified Employee Pension (SEP) IRA

A SEP IRA is a simplified method for employers to contribute to their employees’ retirement in a traditional IRA.
A SEP IRA is a simplified method for employers to contribute to their employees’ retirement in a traditional IRA.

Best for: Business members, self-employed individuals and small businesses.

 

  • SEP IRAs follow the same investment, rollover and contribution rules as a
    traditional IRA
  • Offers many of the same advantages of traditional retirement plans
  • Employees are eligible to make contributions into a separate traditional IRA
  • An employer can determine the eligibility requirements

 

We’re Here to Answer Your IRA Questions
  • What is the difference between a traditional IRA and a Roth IRA?
    A traditional IRA accepts pre-tax dollars for contributions. A Roth IRA accepts contributions that you pay taxes on now to help reduce taxes during retirement. Traditional and Roth IRA accounts are insured by NCUA and can be opened by our special services department by calling 915.774.6879.
  • How can I open an IRA?
    To open an IRA with us, call our special services department to discuss your options at 915.774.6879.
  • How can I update my beneficiary? 
    To update your account beneficiary, speak to a representative by using our chat; by calling 915.774.6879, toll-free at 1.800.772.4328, ext. 6879; or by visiting any GECU location.
  • How can I find out how much I need to retire? 
    Quickly calculate how much you should be saving each month to reach your retirement savings goal with our retirement calculator
  • Can I roll overa 401(k) into an IRA? 
    Yes, you are able to roll over a 401(k) into an IRA and you also have other account options. Speak with a financial adviser to see what options are available and what works for you. 
  • When can I withdraw from a traditional IRA or Roth IRA?
    Withdrawals from a traditional IRA or Roth IRA that are made before you’re 59½ years old may result in a tax penalty and dividend penalty. Consult your tax adviser for details.
Membership eligibility is required.
1Certain tax implication and contribution limitations apply to Education Savings Accounts (ESA). Consult your tax adviser for details.
2To open an IRA, you will need to make an appointment with GECU Special Services.
3Withdrawals before you are 59½ may result in a tax penalty and dividend penalty, except in the case of education IRAs. Consult your tax adviser for details.
4Contribution limits vary and depend on your individual income level.
5Prior to requesting a rollover from your employer-sponsored retirement account to an individual retirement account (IRA), you should consider whether the rollover is suitable for you. There may be important differences in features, costs, services, withdrawal options and other important aspects between your employer-sponsored retirement account and an IRA.
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