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IRAs for Every Stage of Life

IRAs are one of the most valuable savings tools available today. More people than ever before are able to contribute to IRAs and benefit from the great tax advantages. So regardless of what stage of life you are in, an IRA at Wasatch Peaks Credit Union is a solid investment.

  • Starting your career - As you start your career, start building your retirement plan. A Roth IRA can provide you with tax-free withdrawals when you retire.
  • Planning as a couple - We can help both you and your spouse start IRAs. If you both qualify, you can both contribute to an IRA.
  • Flexibility for a growing family - Your IRA investment can be used for a first-time home purchase or qualified educational expenses.
  • Securing your retirement - If you are nearing retirement or even if you are already retired, know that your IRA is safe and secure at your credit union. Contribute up to the annual maximum and take advantage of catch-up contributions as an added bonus, if you are age 50 or older. (Add an additional $1,000 for tax year 2020 and each subsequent year).

Tax Year


Max Contribution


Catch-Up Contribution


Talk to an IRA Specialist

Some IRA Basics:

  • Traditional IRAs are tax-deductible. Investments grow on a tax-deferred basis. Earnings are taxed only upon withdrawal and required minimum distributions start by age 70½.
  • Roth IRAs may offer greater tax savings and withdrawal flexibility than a Traditional IRA. While contributions are not tax deductible, contributions and earnings can be withdrawn tax-free on qualified distributions. Roth IRAs have no required minimum distribution and you can contribute beyond age 70½. Eligibility depends on income.
  • ESA IRAs (Coverdell Educational Savings Accounts) help pay for a child's education. When used to pay for qualified education expenses, the earnings on your contributions are tax-free.

Individual Retirement Accounts (IRAs) offer the advantages of tax-deferred savings, guaranteed return and deposits insured by NCUA up to $250,000. This in addition to the $250,000 insurance you receive on your regular Credit Union deposit accounts. All Credit Union Certificates are available as IRAs.

For more information about IRAs, please give us a call at 801-627-8700.