IRA Savings Accounts
An IRA (Individual Retirement Account) is a special type of retirement account that provides tax advantages to help you save for the future. There are two primary types of IRAs: Traditional IRA and Roth IRA. Each offers distinct benefits depending on your current income, tax situation, and long-term retirement goals.
Meet your retirement savings goals with an IRA.
Planning for your retirement is one of the most critical financial decisions you’ll make, and an IRA account is a powerful tool to help you reach your goals. Individual Retirement Accounts (IRAs), whether Traditional or Roth, offer unique tax advantages that can benefit you throughout your retirement journey. At WEOKIE, we provide multiple IRA options to suit your needs, including IRA savings accounts and IRA certificates. Whether you’re interested in a Traditional IRA or a Roth IRA account, we can help you open an IRA that aligns with your financial and retirement goals. Our team is here to support you every step of the way, ensuring you make the most of your retirement savings.
Traditional IRA
- Contributions may be tax-deductible depending on your income level and participation in other retirement plans like a 401(k)
- Your contributions grow tax-deferred until you make withdrawals during retirement
- Provides significant tax savings upfront, making it popular for those seeking immediate tax relief
Roth IRA
- Make contributions with after-tax dollars (no immediate tax deduction)
- Your earnings grow tax-free throughout the life of the account
- Qualified withdrawals during retirement are completely tax-free
- Excellent option for individuals who expect to be in a higher tax bracket in the future
IRA Account Tax Advantages
Enjoy either tax-deferred growth with a Traditional IRA or tax-free growth with a Roth IRA, maximizing your retirement planning benefits while maintaining flexibility.
Flexible Contributions
Make contributions that fit your budget and timeline. Traditional IRA contributions may be tax-deductible depending on your income and participation in other retirement plans.
Investment Options
Choose from various investment options to build a diversified retirement portfolio that aligns with your risk tolerance and retirement goals.
Retirement Planning
Build your retirement savings with the tax advantages of an IRA while maintaining the flexibility to adjust contributions and investment choices over time.
Traditional IRA or Roth IRA
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Traditional IRA
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Roth IRA
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Best Suited For
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Individuals seeking immediate tax benefits and expect to be in a lower tax bracket in retirement.
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Individuals expecting to be in a higher tax bracket in retirement or those who prefer tax-free income later.
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Tax Treatment on Contributions
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Contributions may be tax-deductible, offering upfront tax savings.
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Contributions are made with after-tax dollars (no immediate deduction).
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Tax on Earnings
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Earnings grow tax-deferred. Taxes are paid upon withdrawal.
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Earnings grow tax-free if certain conditions are met.
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Tax on Withdrawals
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Taxed as ordinary income during retirement. Penalty-free withdrawals begin at age 59 ½.
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Tax-free withdrawals during retirement if the account is 5+ years old and the account holder is 59 ½ or older, disabled, or a first-time homebuyer (up to $10,000).
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Withdrawal Age Limit
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Required minimum distributions (RMDs) must begin at age 73.
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No required minimum distributions.
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Contribution Limits
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Combined with Roth IRA, up to $7,500 per year (under 50), or $8,000 for those 50 and over.
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Combined with Traditional IRA, up to $7,500 per year (under 50), or $8,000 for those 50 and over.
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Eligibility
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No income limits for contributions.
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Income limits apply; eligibility phases out at higher income levels.
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Flexible options for all your banking needs.
Flexible options for all your banking needs.
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IRA FAQs
An IRA (Individual Retirement Account) is a special type of retirement account that provides tax advantages to help you save for the future. WEOKIE offers both Traditional and Roth IRAs to meet different financial goals.
We offer Traditional IRAs and Roth IRAs, available as both savings accounts and certificates. Our team can help you choose the option that best aligns with your retirement goals.
For 2026, you can contribute up to $7,500 per year if you're under 50, or $8,000 if you're 50 or older. This limit is combined between Traditional and Roth IRA contributions.
Traditional IRAs are best suited for individuals seeking immediate tax benefits who expect to be in a lower tax bracket during retirement.
Contributions may be tax-deductible depending on your income level and participation in other retirement plans like a 401(k).
Required minimum distributions (RMDs) must begin at age 73.
Penalty-free withdrawals begin at age 59½. However, you'll still pay ordinary income tax on withdrawals.
Roth IRAs are excellent for individuals who expect to be in a higher tax bracket in retirement or those who prefer tax-free income later.
No, Roth IRA contributions are made with after-tax dollars, so there's no immediate tax deduction.
Yes, income limits apply and eligibility phases out at higher income levels. Please consult your tax advisor or IRS Publication 590 for specific details.
Tax-free withdrawals are available during retirement if the account is 5+ years old and you're 59½ or older, disabled, or a first-time homebuyer (up to $10,000).
No, Roth IRAs have no required minimum distributions.
WEOKIE offers various investment options to help you build a diversified retirement portfolio that aligns with your risk tolerance and retirement goals.
Yes, you can make contributions that fit your budget and timeline, and adjust contributions over time.
Yes, we offer IRA certificates in addition to IRA savings accounts. These provide guaranteed rates for your retirement savings.
You can book an appointment with our team or visit a branch. We'll help you determine which type of IRA best fits your financial situation and retirement goals.
Yes, membership eligibility is required for all accounts.
We recommend consulting your tax advisor for specific information about tax implications. You can also review IRS Publication 590 at www.irs.gov for detailed information about income limitations and tax rules.
Disclosures
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