Thinking about your future? We are, too.


Whatever your plans are for retirement, it’s important to have a savings strategy in place. An Individual Retirement Account (IRA) is a convenient, cost-effective way to achieve your goals, offering flexibility and tax advantages you can’t get anywhere else.

Maybe you want to defer your taxes until retirement when your tax bracket will likely be lower. In that case, a traditional IRA might be right for you. How about enjoying tax-free returns later on by paying them now through a Roth? No problem. You can even use the money for education needs through a Coverdell Education Savings Account. It’s as simple as a payroll deduction.

Regardless of which plan you choose, you can expect competitive returns, convenient accessibility, and peace of mind that your future is in good hands.

Things you should know

According to federal law, you can contribute the following.

Contribution limits for 2023 tax year:

  • $6,500 a year per individual
  • $13,000 for couples filing jointly
  • $7,500 for investors over 50
  • $15,000 for couples, both over 50
  • $2,000 for Coverdell Education Savings Accounts
  • You have until April 15, 2024 to maximize your contributions for the 2023 tax year

Contribution limits for 2024 tax year:

  • $7,000 a year per individual
  • $14,000 for couples filing jointly
  • $8,000 for investors over 50
  • $16,000 for couples, both over 50
  • $2,000 for Coverdell Education Savings Accounts

Traditional IRA Changes Due to the SECURE Act 2.0

The SECURE Act 2.0 went into effect January 1st, 2023, and with it came changes to Traditional IRAs. The SECURE Act – or Setting Every Community Up for Retirement Enhancement – and SECURE Act 2.0 primarily made changes to Required Minimum Distribution (RMD) and contribution ages.

How the law changes Required Minimum Distribution ages for Traditional IRAs:

  • The SECURE Act 2.0 sets the the RMD age to 73
  • Members who were age 72 in 2022 (b. 1950 or earlier) will still need to withdraw their RMD in 2023, and continue each year. The new law does not change anything for those members
  • Members who turn 72 in 2023 (b.1951) will not be required to withdraw their RMD this year. Their requirement will begin when they turn 73

How the law changes contribution ages for Traditional IRAs:

  • The SECURE Act removed the age limit at which an individual can contribute to an IRA
  • Note, that you must have earned compensation during the year of your contribution. If you are retired, you may not make IRA contributions

IRA Resources

Helpful reference material regarding IRAs and enrollment (click to expand):

For support with Traditional and Roth IRAs, Coverdell Accounts, and Health Savings Accounts, call our Contact Center at 800.242.2120 or email

Visions Federal Credit Union

Log in here with your Online Banking ID:

Online Enrollment

Forgot Password

Forgot User ID/Unlock Account

You are leaving the Visions Federal Credit Union web site. The privacy and security policies of the external link may differ from Visions Federal Credit Union. Visions Federal Credit Union does not own or control external links and is not responsible for the availability or accuracy of their content.