About the Traditional IRA

The Traditional Individual Retirement Account (IRA) offered by Heritage Credit Union helps you save for retirement while enjoying potential tax advantages. Designed for individuals who want to take control of their financial future, our Traditional IRA provides a stable foundation for long-term growth, with contributions that may be tax-deductible and earnings that grow tax-deferred until withdrawal.

Whether you’re just starting your career, planning for midlife savings, or preparing for your golden years, this account ensures that every dollar you save works harder for your future. Members across the United States and Canada can take advantage of flexible contribution options, competitive returns, and expert financial guidance to reach retirement goals faster.

Tax-Deferred Growth

Watch your savings grow without immediate tax deductions — pay taxes only when you make withdrawals in retirement.

Flexible Contributions

Contribute up to the annual IRS limit each year and tailor deposits according to your financial plan.

Secure Future Planning

Enjoy a steady savings plan backed by a trusted credit union with decades of member-first financial experience.

Safe & Insured

Your investments are protected under applicable credit union insurance standards for peace of mind.

Key Benefits of a Traditional IRA

Tax-deferred growth on contributions and earnings.
Potential tax deductions based on income and participation in employer retirement plans.
Ideal for individuals seeking lower taxable income during working years.
Flexible deposit frequency — contribute monthly, quarterly, or annually.
Access to financial advisors specializing in retirement planning.
24/7 online and mobile account management across the USA and Canada.
Trusted by thousands of Heritage Credit Union members.

Who Can Open a Traditional IRA?

Anyone with earned income can open a Traditional IRA with Heritage Credit Union. Whether you’re a full-time employee, a freelancer, or a small business owner, you can start contributing to your retirement future immediately. U.S. residents can contribute up to annual IRS limits, and Canadian members can explore corresponding registered plans through our cross-border partnership network.

Frequently Asked Questions

Let’s Answer Some Of Your Questions Or Frequently Asked Questions

What is the main advantage of a Traditional IRA?

The biggest advantage is tax-deferred growth — you don’t pay taxes on earnings until you withdraw them during retirement.

How much can I contribute?

Contribution limits are set by the IRS each year. For 2025, individuals under 50 can contribute up to $7,000, and those 50+ can add an additional $1,000 as a catch-up contribution.

When can I withdraw funds?

You can begin penalty-free withdrawals after age 59½. Withdrawals before that may be subject to taxes and penalties unless exceptions apply.

Can I transfer an existing IRA?

Yes! Heritage Credit Union makes IRA rollovers and transfers easy, ensuring no tax complications during the process.