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Invest in Your Future
with an IRA ¹

IRAs

A Practical Way to Save for Retirement

Retirement plans look different for everyone. No matter where you are in life, an Individual Retirement Account ² gives you a simple way to prepare for your future.

Unlike a 401(k), which ties to an employer, an IRA stays with you. You decide how and when to save. Over time, each dollar you set aside helps create more flexibility and financial freedom for future you.

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What is an IRA

An Individual Retirement Account, or IRA, is a retirement account designed to help you save for the future with tax advantages set by the IRS. Unlike a workplace retirement plan, an IRA stays with you no matter where life or your career takes you.

IRAs help you:

Save for retirement on your terms
Take advantage of tax benefits
Build long‑term savings

An IRA works whether you already have a workplace plan or want to save on your own.

OPEN AN IRA

Grow your savings with an IRA.

Why IRAs Matter for Retirement Planning

Retirement often lasts longer than people expect. Individual Retirement Accounts give you a way to prepare over time, even if retirement feels far off today. Whether retirement is decades away or right around the corner, an IRA plays an important role in a balanced retirement plan.

IRAs matter because they:

SUPPORT LONG-TERM SAVINGS

An IRA is designed for the long haul. It helps you set money aside and stay focused on future goals, even as life changes.

OFFER TAX ADVANTAGES

IRAs receive special tax treatment under IRS rules. Depending on the type you choose, taxes may apply now or later.

PROVIDE
OWNERSHIP

Your IRA is yours. It provides flexibility even if you change jobs or careers. That means your retirement savings stay active even as life changes.

MAKE SAVING
EASIER

Contributions fit your pace and your budget. Even small, consistent deposits add up and build your investment over time.

Which Type of IRA is Right for You

When you choose between a Traditional IRA and a Roth IRA, it usually comes down to one simple question: Do you want the tax benefit now, or later? Both options help you save for retirement. The difference is when taxes apply.

Traditional IRA ²

Best for:

Individuals who expect the same or lower tax rate in retirement
Those who want a tax break on today’s taxes

How it works:

Money you put in may lower your taxable income today
Earnings grow tax‑deferred
Taxes apply when money is withdrawn in retirement

Traditional IRAs require withdrawals later in retirement, based on IRS rules.

Roth IRA ²

Best for:

Individuals who expect a higher tax rate later in life
Those who prefer tax‑free withdrawals in retirement

How it works:

You pay taxes on the money before it goes into an IRA
Your savings grow without future taxes
Qualified withdrawals are tax‑free in retirement

Unlike traditional IRAs, you are not required to take withdrawals at a certain age with Roth IRAs.

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How Do I Open an IRA

We partner with Ascensus ³ , the largest independent retirement services provider in the United States, to offer more retirement resources. Open an IRA, complete IRA documents, and more through the Ascensus online portal.

Manage My IRA Open an IRA Online

IRA as a Certificate Account

Any KTVAECU certificate may be opened as an IRA. This option works well if you prefer fixed rates and a clear timeline while keeping the tax advantages of an IRA.

INVEST IN AN IRA TODAY

Roll Over a Retirement Account

If you change jobs or retire, you do not have to leave your retirement savings where it is.

An IRA rollover allows you to move funds from a former employer-sponsored plan or other retirement plan into an IRA. This helps keep your savings in one place and gives you more control over how your money is managed.

An IRA rollover helps you:

Keep your money invested to avoid withdrawal penalties
Maintain a tax-advantaged retirement savings account
Choose how you invest your savings based on your goals
Keep your retirement savings aligned with your long-term plans after a job change

Before you roll over your retirement funds, check the IRS requirements to understand rollover rules and timelines.

Roll over My Retirement

Rollover your retirement with an IRA.

Retirement Savings Calculator ⁴

Planning feels easier with the right tools. Estimate how much you may need to save for retirement and see how consistent contributions add up over time.

Use Retirement CALCULATOR

IRA Brochures

Explore our digital brochures to learn even more about IRAs and ways to approach retirement savings with confidence.

Traditional and Roth IRAs

Traditional IRA

Roth IRA

Coverdell Education Savings (ESA)

Transfers, Rollovers, and Conversions

Health Savings Account (HSA)

Simplified Employee Pension Plan (SEP)

Inherited IRAs

IRA Frequently Asked Questions

When should I open an IRA?

Many people open an IRA as soon as they begin earning income. Others open one when they change jobs or want more control over their retirement savings.
Who is eligible to open an IRA?

Anyone with earned income may open an IRA, subject to IRS rules. Income limits apply to Roth IRAs.
What is the difference between a Traditional IRA and a Roth IRA?

The main difference is when taxes apply. Traditional IRAs focus on potential tax benefits now, while Roth IRAs focus on tax‑free income later.
Where may I find current IRA rules?

The IRS provides up‑to‑date guidance on contribution limits, income eligibility, and withdrawal rules.
Is an IRA the same as a 401(k)?

No. A 401k is offered through an employer, while an IRA is a personal retirement account you manage independently.
May I roll over a 401(k) or other retirement account into an IRA?

Yes. Rolling over retirement funds into an IRA may help consolidate accounts and give you more control over how you manage your savings.
How much may I contribute to an IRA each year?

The IRS sets annual contribution limits and additional catch‑up contributions for individuals age 50 and older. Limits may change year to year.
Do IRAs have required minimum distributions?

Traditional IRAs require withdrawals starting later in retirement. Roth IRAs do not require withdrawals during the original owner’s lifetime.
What happens if I withdraw money early?

Early withdrawals may result in taxes and penalties, depending on your age and IRA type. Certain exceptions may apply.
May I have both a Traditional IRA and a Roth IRA?

Yes. Many people use both as part of a diversified retirement strategy, as long as total contributions stay within IRS limits.

Disclosures

¹ Some restrictions may apply. All rates and offerings subject to change. This content is intended to provide general information and shouldn't be considered legal, tax, or financial advice. Consult a tax or financial advisor for specific information on how certain laws apply to your situation. Ask for details. A Certificate Account can be designated as an IRA Certificate or a Health Savings Account Certificate.

² Some restrictions may apply. All rates and offerings subject to change. This content is intended to provide general information and shouldn't be considered legal, tax, or financial advice. Consult a tax or financial advisor for specific information on how certain laws apply to your situation. Ask for details. A Certificate Account can be designated as an IRA Certificate or a Health Savings Account Certificate.

³ Ascensus® and the Ascensus® logo are registered trademarks of Ascensus, LLC. Other trademarks referenced above are the property of their respective owners. Ascensus is a third-party partner to Knoxville TVA Employees Credit Union.

⁴ Use of online calculators does not guarantee credit or accuracy applicable to your specific circumstances.
All examples are hypothetical and for illustrative purposes and not intended to provide investment or financial advice.