CD s & IRA s We offer two types of Individual Retirement Accounts (IRAs): Traditional and Roth. Both have unique tax initiatives, flexibility, and eligibility requirements. Our members have the option of depositing funds into a Traditional or Roth Savings Account, Certificate of Deposit, or a Money Management Account. Traditional and Roth IRAs are insured separately from regular funds up to $500,000. So, what’s the difference? Traditional IRAs This allows Atomic members to save for their retirement with tax deferred earnings and possible tax deductions. If eligible, members can contribute up to 100% of annual compensation, based on yearly cost of living adjustments, plus an additional $1,000 if the member is over the age of 50. Members can contribute to their Traditional IRAs until the Federal Income Tax Return deadline. These come in the form of IRA Savings Accounts, IRA Certificates of Deposit, or IRA Money Management Accounts. Members also have the option to rollover their 401K or other Qualified Retirement Plans (QRP) into an IRA.
IRA S avings A ccount
C ertificates of D eposit (CD)
M oney M anagement A ccount
• Contribute anytime • No restricted terms • Long-term savings
• Terms ranging from 3-60 months • Higher dividend rates than IRA Savings • Minimum deposit of $1,000 • No contributions after CD is established (less accessible) • Eligible for payroll deductions and direct deposit contributions
• Contribute anytime • No restricted terms • Higher rates than traditional Savings • Tiered levels of savings; the more you contribute, the more you earn • Minimum deposit of $2,500 • Easy access to funds • Eligible for payroll deductions and direct deposit contributions
Roth IRAs A Roth Individual Retirement Account allows members to save for their retirement while taking tax-free distributions, receiving a possible tax credit of $1,000, and no required distributions after a certain age. In order to be eligible for a Roth IRA, Atomic members must earn compensation from employment and earned income must be within IRS guidelines. Modified adjusted gross income will determine contribution limits for your Roth IRA. If you meet these qualifications, you can contribute 100% of your annual compensation up to the yearly contribution limit, plus an additional $1,000 if you are 50 years of age or older. Roth IRAs are not deductible. Members have the option to convert a Traditional IRA into a Roth IRA - this transaction is typically taxable.
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