Individual Retirement Accounts (IRAs)

Save Smart for the Future

Take advantage of an excellent tax-deferred way to help you reach your retirement goals or supplement other retirement plans. The Summit can help you turn retirement dreams into reality!

Roth IRA
Traditional IRA
Benefits1:
Tax-free growth2 - Tax-free qualified withdrawals
Tax-deferred growth2 - Contributions may be tax-deductible based on on Annual Gross Income and participation in an employer-sponsored retirement plan
Eligibility: Age
Any age with employment compensation
Under age 70½ with employment compensation
Eligibility: Income
2019
Single: Up to $122,000
Married filing jointly: Up to $193,000
Married filing separately: $0.

2018
Single: Up to $120,000
Married filing jointly: Up to $189,000
Married filing separately: $0.

No income limits to make contributions
Taxation at Withdrawal
Contributions are always withdrawn tax-free. Earnings are federally tax-free after the five-year aging requirement has been satisfied and certain conditions are met
Withdrawals of pre-tax contributions and any earnings are taxable when distributed
Penalties at Withdrawal
A non-qualified distribution is subject to taxation of earnings and a 10% additional tax unless an exception applies.
Withdrawals before 59½ may be subject to a 10% early withdrawal penalty unless an exception applies.
Required Minimum Distributions (RMDs)
Not subject to required minimum distributions during the lifetime of the original owner.
RMDs must begin at 70½.
Maximum Contribution
2019: $6,000 ($7,000 if you are 50 or older) or 100% of employment compensation, whichever is less.

2018: $5,500 ($6,500 if you are 50 or older) or 100% of employment compensation, whichever is less.
2019: $6,000 ($7,000 if you are 50 or older) or 100% of employment compensation, whichever is less.

2018: $5,500 ($6,500 if you are 50 or older) or 100% of employment compensation, whichever is less.
Catch-up Contribution
Individuals age 50 or older (in the calendar year of their contribution) can contribute an additional $1,000 each year.
Individuals age 50 or older (in the calendar year of their contribution) can contribute an additional $1,000 each year.
Contribution Deadline
Wednesday, April 15, 2020 for the 2019 tax year.

Monday, April 15, 2019 for the 2018 tax year.
Wednesday, April 15, 2020 for the 2019 tax year.

Monday, April 15, 2019 for the 2018 tax year.
Minimum to Open
There is no minimum to open a Summit Traditional IRA or Roth IRA.
There is no minimum to open a Summit Traditional IRA or Roth IRA.

IRA Share Certificates

You can also open a Traditional or Roth IRA as a Share Certificate!

  • Lock in a fixed dividend rate equal to that of a Summit Share Certificate rate with as little as $500

  • Choose the term that is best for you3

  • Easily add rollovers from your 401K or pension to a new IRA Share Certificate

  • Begin receiving your disbursements as early as age 59½ or delay them until age 70½


For a full listing of rates, see our Rate and Fee Schedule. For more information, please contact The Summit Retirement & Investment Services.

1 Federal tax law could change at any time. You are responsible for working with a tax advisor for your individual circumstances.

2 The Summit FCU suggests you consult with your personal tax advisor before making any decisions. An uninformed decision now could mean penalties and reduced earnings in the future.

3 Early IRA withdrawal may be subject to substantial penalties.