Retirement & Investments

IRAs & Rollovers

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!

Individual Retirement Accounts (IRAs) help you accumulate money to support yourself in your retirement years.

The Summit Retirement & Investment Services program is offered through CUNA Brokerage Services, Inc.*, a broker/dealer focused on serving credit union members. CUNA Brokerage Services, Inc. is an affiliate of CUNA Mutual Group.

Check the background of our investment professionals on FINRA’s BrokerCheck

Traditional IRA

Contributions to a traditional IRA are made tax-free. Distributions are taxed when withdrawn, but since this occurs during retirement, you will often be in a lower tax bracket than before. Anyone under age 70½, regardless of earnings or tax filing status, can contribute to a traditional IRA. Starting at age 70½, traditional IRAs are subject to a Required Minimum Distribution (RMD).

Roth IRA

Contributions to a Roth IRA are taxed and are subject to income limits, restricting how much you can contribute depending on your earnings and filing status. However, regardless of tax bracket or income level, your distributions are tax-free. Roth IRAs are not subject to RMDs, allowing funds to continue growing for as long as you wish.

Qualified Retirement Plan Rollovers

Qualified Retirement Plan Rollovers are tax-free account-to-account transfers that preserve the tax-sheltered status of the assets. Your balance in a tax-qualified employer-sponsored retirement plan – such as a 401(k), tax-sheltered annuity 403(b), or governmental 457(b) plan – must be rolled over to another tax-qualified account such as an IRA.
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
2021: Single: Up to $125,000 Married filing jointly: Up to $198,000 Married filing separately: $0.

2020: Single: Up to $124,000 Married filing jointly: Up to $196,000 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Contributions are always withdrawn tax-free.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
2021: $6,000 ($7,000 if you are 50 or older) or 100% of employment compensation, whichever is less.

2020: For 2020, the limits are the same as 2021.
2021: $6,000 ($7,000 if you are 50 or older) or 100% of employment compensation, whichever is less.

2020: For 2020, the limits are the same as 2021.
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
Thursday, April 15, 2021 for the 2020 tax year.

Wednesday, April 15, 2020 for the 2019 tax year.
Thursday, April 15, 2021 for the 2020 tax year.

Wednesday, April 15, 2020 for the 2019 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

Contact The Summit Retirement & Investment Services

We’re here to help – please fill out the form with the best way to reach you; or if you prefer, contact us by phone at (800) 836-7328 extension 7230.

*The Summit Retirement & Investment Services program is offered through CUNA Brokerage Services, Inc.*, a broker/dealer focused on serving credit union members. CUNA Brokerage Services, Inc. is an affiliate of CUNA Mutual Group.

The Summit Retirement & Investment Services Professionals are registered representatives of CUNA Brokerage Services, Inc. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc. is a registered broker/dealer in all fifty States of the United States of America.

For more information about CUNA Brokerage Services, Inc., please visit cunabrokerage.com.

FR-3071354.1-0520-0622