Individual Retirement Accounts

Clark County Credit Union is ready to help you save for retirement with an Individual Retirement Account (IRA) that fits your needs. Opening an IRA account may have certain tax benefits depending on the type you select.

The minimum opening balance and average daily balance needed to maintain an IRA account is $100.00.

Have any questions? Call 702-228-2228.

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Which IRA is Best for You?

Account Features

Traditional IRA

Roth IRA

Contributions

May allow Pre– or after-tax dollars

Allows you to contribute after-tax dollars

Tax Contributions Grow

Tax - deferred

Tax - free

Contribution Eligibility

Anyone with earned income

Those who earned below a certain level

Max Contributions for 2023

$6,500 ($7,500 if over age 50)

$6,500 ($7,500 if over age 50)

Deadline for Contributions

The tax return filing deadline (not including extensions). For example, you can make 2021 IRA contributions until April 15, 2022.

Required Minimum Distribution (RMD)

After age 73

None

Withdrawal Penalties*

Penalty-free income if over age 59 1/2

Penalty and tax-free after 5 years and age 59 1/2

How does your IRA earn interest?

  • Traditional and Roth IRA- Variable Rate
    The interest rate and Annual Percentage Yield (APY) on the IRA can change at any time without notice as determined by the Board of Directors of Clark County Credit Union.
  • IRA Certificates - Fixed Rate
    With IRA certificates, you get the "best of both worlds" in a sense: the tax benefits of an IRA and the security of a CD. Supplement your retirement savings efforts with our IRA Certificates, which offer reliable and competitive fixed rates.

Account Limitations:

Traditional IRAs
There are limitations to the amount a member can contribute annually to their Traditional IRA based on IRS Guidelines. The deadline for making any previous year contributions is April 15th. Owners must be age 59 ½ or meet the qualified distribution guidelines to make a withdrawal without penalty.
Roth IRAs
There are limitations to the amount a member can contribute annually to their Roth IRA based on IRS Guidelines. The deadline for making any previous year contributions is April 15th. Owners must be age 59 ½ or meet the qualified distribution guidelines and the account must be open five (5) years to make a withdrawal without penalty.

Additional resources to help you to decide which is best for you:


Traditional and Roth IRAs

Traditional IRAs

Roth IRAs

IRA and Retirement Plan Distribution

Transfers, Rollovers, and Conversions

WITHHOLDING NOTICE:
Payments from your IRA are subject to federal income tax withholding unless you elect no withholding. You may change your withholding election at any time prior to your receipt of a payment. To change your withholding election, complete the proper form, available from the credit union. Withholding from IRA payments, when combined with other withholding, may relieve you from payment of estimated income taxes. However, your withholding election does not affect the amount of income tax you pay. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are insufficient.

IMPORTANT REMINDER (FORM 2317):
Payments from your IRA are subject to federal income tax withholding, unless you elect no withholding. You may change your withholding election at any time prior to your receipt of a payment. To change your withholding election, complete the appropriate form provided by your credit union.
Withholding from IRA payments, when combined with other withholding, MAY relieve you from payment of estimated income taxes. However, your withholding election does not affect the amount of income tax you pay. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are insufficient.
If the IRA account balance drops below the required $100.00 the Credit Union will close the account by mailing a check for the remaining balance to the address of record.