Retirement Accounts

Individual Retirement Accounts (IRA)

It's never too soon to think about retirement, and a Minnesota Valley Federal Credit Union IRA (Individual Retirement Account) is one of the easiest ways to save for your retirement years. We offer both Traditional and Roth IRAs and we pay competitive dividends on each. We also offer Coverdell IRAs, which can be used to save for college expenses. Our IRAs offer various tax advantages, as allowed by law. So, check with your tax advisor to determine which one is right for you. View CURRENT RATES.

                 Roth IRA           vs.       Traditional IRA

Contribution Limits for 2023

$6,500; $7,500 if age 50 or older by the end of the year

$6,500; $7,500 if age 50 or older by the end of the year

Income Limits

Single tax filers with modified AGIs of less than $129,000; married couples filing jointly with modified AGIs of less than $218,000

Anyone who is not covered by an employer-provided retirement plan can deduct the full IRA contribution, regardless of income

Tax Treatment

No tax break for contributions; tax-free earnings and withdrawals

Tax deduction in contribution year; ordinary income taxes apply on withdrawals

Withdrawal Rules

Contributions can be made at any time, tax-free and penalty free. After five years and age 59 1/2, all withdrawals (including contributions and earnings) are tax free. Withdrawals are not required during account holder's lifetime. 

Contribution and earnings can be withdrawn penalty free, beginning at age 59 1/2.

Distributions must begin at age 73.

Extra Benefits

After five years, up to $10,000 can be withdrawn penalty-free to cover first time home buyer expenses

Up to $10,000 can be withdrawn penalty-free to cover first-time home buyer expenses, but taxes are due on distribution. Contributions will lower taxpayer's AGI, potentially qualifying them for other tax incentives

Retirement Planning Tools

Between longer life expectancies and fewer employers offering traditional pension plans, it’s a good idea to take an active role in planning for retirement. Additional tools available at MYCREDITUNION.GOV.

Additional Insurance for IRAs

IRA deposits in your credit union are insured to an additional $250,000 per member by the National Credit Union Administration, an agency of the U.S. federal government. INSURANCE CALCULATOR

Are you on the right retirement road?

Just how confident are you that you'll have enough money set aside for retirement? Do you feel good about how you're investing the dollars you've already saved? Test drive your retirement plan and find out where you're at with our RETIREMENT ROAD TEST today! 

To learn more about IRA accounts: CLICK HERE


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