Get more from your money, now and later.
Are there any eligibility requirements to open an IRA?
There are a few requirements when it comes to opening, contributing, and withdrawing from an IRA. To open an IRA, you must first have earned income, and you may not contribute more than you earn within that year to your IRA.
There are also contribution limits for each calendar year for both Traditional and Roth IRAs. The maximum 2024 yearly contribution for IRAs is $7,000 for those under age 50 and $8,000 for those age 50 and older.
You may begin to withdraw funds from your IRA once you reach age 59.5 or older (you can withdraw before 59.5 but you may be subject to an IRS penalty). Once you're 72, you are required to begin withdrawing these funds.
What IRA options does Truliant offer, and how do they differ?
Truliant IRAs
There are multiple IRA options available with a broad range of tax advantages. Primarily, most IRAs are one of two types: Roth and Traditional. The biggest difference between these two types of accounts boils down to how and when you get a tax break. A traditional IRA features tax-deductible contributions, but your withdrawals are taxed. A Roth IRA’s contributions are made after tax, so your withdrawals in retirement are not taxed.
Additionally, Truliant offers a Simplified Employee Pension (SEP) Plan, a tax-deferred retirement plan for self-employed individuals and small business owners.
The Coverdell Savings is an IRA account designed to help you fund your child’s education while providing you with a tax-deferred chance to grow your money.
We encourage you to speak with your tax professional for the latest information regarding the tax benefit of contributions and distributions.
Other IRAs
Truliant also offers alternative options to help you save. With an IRA Savings Account, we’ve waived the minimum balance requirement to allow all of our members greater access. You can open an IRA Select Money Market starting at $1,000. You can open an IRA Certificate with as little as $250. Additionally, you can meet with Truliant Financial Advisors1 available through LPL Financial to review other investment vehicles, like stocks, bonds, mutual funds, annuities and more.
Can Truliant help with IRA rollovers?
When you have multiple IRAs, you may want to roll some of these over into a single account which can then, in turn, be diversified. By rolling over your accounts with Truliant, you may be able to:
- Save money on annual fees
- Find opportunities to allocate, diversify, and rebalance your portfolio
- Simplify required minimum distributions
- Receive one easy consolidated statement
Schedule an appointment today to learn more about IRA rollovers with Truliant.
IRA Calculators
Advantages of IRAs
Deposit Tools and Resources
through LPL or Its affiliates are:
Not Insured by NCUA or Any Other Government Agency | Not Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value
Truliant Financial Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for brokerage or advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.
The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state