Traditional IRA | Security Service

Security Service Traditional Individual Retirement Account (IRA)

​A Traditional IRA might be a good choice for someone who expects to be in a lower income tax bracket in retirement, since taxes will be deducted at the time of distribution, rather than at the time of contribution.


​Building your retirement savings with a Traditional IRA means you may not pay any taxes until you take distributions. Your contributions are also tax-deductible up to certain income limitations.

You may make contributions up to the age of 70½ and each tax year you can continue to make contributions through April 15th. You may begin to take penalty-free distributions at the age of 59½.

General Contribution Limit
For 2013 and 2014, the most an individual can contribute to a Traditional IRA is generally the smaller of:

  • $5,500 ($6,500 if the individual is age 50 or older), or
  • The individual's taxable compensation for the year

You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.

Already have an IRA?
If you need to make a change or transfer an IRA, click on the appropriate form below.

1Every member must open a share account (either a Security Service Basic Savings Account or a Youth Savings Account) with a $5 opening balance in order to join Security Service Federal Credit Union.