Individual Retirement Account (IRA)

Landmark members find satisfaction as they observe their established Individual Retirement Account steadily progressing towards their retirement objectives.

Start saving for retirement with an IRA.

If you’re planning for a long, active retirement, you’ll want an account that will help you stay on track. Utilizing an IRA account is one of the best ways to accomplish that goal. In a few easy steps, we can start a new Individual Retirement Account (IRA) or transfer your existing IRA from any other financial institution. Look through the different options that Landmark offers below.

Individual Retirement Account Plans

Landmark offers three distinct plans for Individual Retirement Accounts. Each account has unique qualities depending on contributions, growth, and tax deductions. See the main differences between each account below or schedule an appointment today and learn how to set up one of these retirement plans

Traditional IRA

Roth IRA

Sep IRA

This account type allows you to contribute pre-tax dollars where investments grow tax-deferred until withdrawals during your retirement. Contributions may be deductible from your current taxable income and withdrawals may be taxed at your current income tax rate upon retirement. 

This retirement account type allows you to put money you have already paid taxes on into a Roth IRA. You pay taxes on the money going in and all future withdrawals are tax free. Earnings may be subject to taxation and IRS penalties if certain conditions, such as the 5-year test and qualifying reasons (death, disability, or reaching age 59 1/2), are not met for a qualified distribution.

SEP plans offer an excellent opportunity for securing retirement income. Employers can allocate funds into retirement accounts for both themselves and their employees. What sets SEP plans apart is their cost-effectiveness, as they eliminate the initial setup and ongoing operational expenses typically associated with traditional retirement plans.

  • Best plan to start with to roll over your pension or 401(k) 
  • Good option for people that know their tax rate will be lower after retirement 
  • Contributions may be tax deductible 
  • Income Taxes are owed on withdrawals 
  • Annual contribution limit of $6,5001

  • Great for individuals who are looking for tax-free growth 
  • Contributions are not tax deductible
  • Qualified withdrawals are penalty and tax-free
  • Flexible access to contributions made. 
  • Do not have a required minimum distribution (RMD) at age 73
  • Annual contribution limit of $6,5001

  • Great for small business owners and those who are self-employed
  • SEP is an employer-sponsored traditional IRA retirement plan
  • Contributions to a SEP come from the employer, allowing for a contribution of up to 25% of each employee's pay. but both the employer and eligible employees can make contributions to SEP IRAs.

Individual Retirement Account Options

Want to set up a retirement account for yourself? We can work with you and make the process informative and uncomplicated. Remember to review your finances and choose the accounts that best fit your overall strategy. Each of these plans is made up of one or several Individual Retirement Accounts that can benefit you. Schedule an appointment at your nearest branch and start earning interest on the money you set aside to grow your retirement savings. Learn more about Individual Retirement Account options by viewing each account type below:

An IRA certificate account lets you deposit a sum of money that will grow during a desired term. The interest rate you receive will depend on the term you choose. You cannot make deposits or withdrawals from an IRA certificate, and penalties may apply if you do. You can open an account with an initial deposit of $500 or more and utilize terms from 3 months to 5 years.  Use the link below to view our certificate rates.  

View Certificate Rates

Choose a general savings account as a flexible option to save. Offering standard savings account dividend rates This is a great choice to get your savings moving in the right direction.


View IRA Savings Rates

Earn competitive and high money market rates and upgrade your retirement funds. We offer multiple types of money market accounts depending on the amount you wish to contribute or your desired rates. See each account type minimum balance or view our money market rates below. 

  • VIP Money Market2 minimum balance to open is $2,400 

  • Minimum balance to open Money Market Index Plus2 is $10,000  

  • Minimum balance to open Signature Money Market3 is $2,500 

  • If, at any time during the month, your account balance falls below the minimum amount, you may earn less or no interest (depending on the account type).

View Money Market Rates

After an initial branch visit, members can find peace of mind, trusting Landmark to efficiently manage all necessary paperwork.

Currently retired or changing jobs?

Consider moving your 401(k) and/or pension to Landmark! Visit any branch for transfers or rollovers, and bring your most recent statement or distribution election packet.

Schedule An Appointment

IRA Frequently Asked Questions

  • For the most current IRA contribution limits, please see IRS Publication 590.
  • We can easily arrange weekly contributions to your IRA from your payroll. To get started, simply visit any of our branch locations. You'll need to complete a contribution form during your initial deposit. After that, your contributions will be automatically transferred each week.

    We're here to assist you with the setup and answer any questions you may have.
  • Yes, you can roll over your 401(k) into an IRA. If you're considering a direct rollover from an employer plan, the employer will typically provide the necessary paperwork. At Landmark, we can assist you with the Direct Transfer paperwork required to move your 401(k) into an IRA. To initiate transfers or rollovers, visit any branch location, bringing along your most recent statement or distribution election packet.

     

     

    Are you looking to enhance your overall financial management? Please don't hesitate to contact us for additional information and to arrange a no-obligation consultation. We're here to help you make informed decisions about your financial future.

    Disclosure - Securities, Financial Planning, and Insurance Products are offered through LPL Financial, member FINRA/SIPC. Not NCUA insured. No credit union guarantee. May lose value. Landmark Credit Union and Landmark Investment Center are not a registered broker/dealer, nor are they affiliated with LPL Financial.

  • Traditional IRA:
    • Interest earned is tax-deferred, and contributions may be tax-deductible if IRS requirements are met
    • Withdrawals from the account may become taxable
    • No income limits to contribute, but MAGI limits apply for tax deductions
    • Early withdrawals before retirement age (59 1/2) may result in taxes and a 10% penalty.
    Roth IRA:
    • Funded with post-tax money, allowing for tax-free withdrawals in retirement.
    • Contributions have income limits
    • Allows contributions at any age, providing flexibility
    • No mandatory withdraw requirements, allowing you to keep your money invested for as long as you like.
    • You can withdraw your contributions at any time without penalty, offering liquidity and financial control.
  • Opening an IRA is accessible with an initial balance of $0.00, coupled with a new or existing $5 Landmark savings account. While this minimal amount allows you to establish your IRA, it's important to note that we offer a range of investment options, some of which may necessitate a higher initial deposit.

    Are you interested in enhancing your overall financial management? Contact Us today for additional details and to arrange a no-obligation consultation. We're here to provide you with valuable insights and guidance.
     
    Disclosure - Securities, Financial Planning, and Insurance Products are offered through LPL Financial, member FINRA/SIPC. Not NCUA insured. No credit union guarantee. May lose value. Landmark Credit Union and Landmark Investment Center are not a registered broker/dealer, nor are they affiliated with LPL Financial.

Start planning for your life after work. Let’s chat!

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APY is Annual Percentage Yield
[1]
IRS rules require you have earned income to contribute. The limit is the combined total between the Traditional and Roth, not each of them. If the IRA owner is 50 or older they may increase their total IRA contribution by $1,000.
[2]
Personal accounts only. Minimum balance to open VIP Money Market is $2,400, Money Market Index Plus - $10,000. Financial institutions and public funds are ineligible. If balance falls below the minimum, the account will be assessed a monthly minimum balance fee and will earn reduced or no interest until minimum balance requirement is met. Fees could reduce actual earnings on the account.
[3]
Signature Money Market has the following balance tiers and corresponding rates: $2,500-$49,999.99 (0.10% APY); $50,000-$74,999.99 (2.90% APY); $75,000-$99,999.99 (3.00% APY); $100,000 and above ($100,000 or more APY). Rates are variable and effective as of 12/12/2024. Some tiers may earn the same APY; APY is subject to change based on balance tier. Dividends calculated by applying the highest rate based on the balance tier to the entire account balance. Minimum balance to open the Signature Money Market is $2,500. If balance falls below the minimum, the account will be assessed a monthly minimum balance fee and will earn no interest until the minimum balance requirement is met. Financial institutions and public funds are ineligible. Fees may reduce earnings on account.