You can contribute to a traditional IRA if you earn compensation, and if you will not reach age 70 1/2 by the end of the year. In 2016, an individual age 49 and below can contribute up to $5,500, and an individual age 50 or above can contribute up to $6,500. However, you can never contribute more than you’ve earned in income for the year. If you file a joint tax return, you can treat your spouse’s compensation as your own (except your combined contributions cannot exceed your combined compensation or contribution limit, whichever is less). All earnings in a Traditional IRA are not taxed until they are withdrawn. You may find this article helpful: The FAQs of IRAs.
Federally Insured by NCUA
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the U.S. Government. National Credit Union Administration, a U.S. Government Agency.
Equal Housing Lender
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
White Sands Federal Credit Union is committed to providing a website that is accessible to the widest possible audience in accordance with the WCAG 2.0 standards and guidelines. We are actively working to increase accessibility and usability of our website to everyone. If you are using a screen reader or other assistive technology and are encountering problems using this website, please contact us at 575-647-4500 or 1-800-658-9933. Please provide the location of the inaccessible information. All products and services available on this website are available at all White Sands Credit Union branch locations.