Have you recently received your tax refund? Stressed about your retirement? An Individual Retirement Account is a great way to invest in your future. GTE Financial offers a range of IRAs to suit your goals.
Your income, tax bracket, the number of years until retirement and other individual factors determine which investment option is best for you.
Open Your IRA
If you are a member, you can easily open an IRA Certificate Account by logging into Online Banking and clicking on ‘Open IRA’ under ‘Accounts’ in the main navigation. Then select the "Open an additional Checking/Deposit account option".
If you are not yet a member, please visit our online application page and click the ‘Open An Account’ button in the top navigation. You will then click the ‘Become a Member’ button to start your application. Once you are a member, please log in to Online Banking to ‘Open an Additional Account’.
If you prefer, you can also visit a location or call us at 813.871.2690 or toll-free at 1.888.871.2690 to apply for membership and an IRA Certificate Account.
Traditional IRA
- Designed for people under age 70½ who are earning income
- Deposits are exempt from federal taxes until funds are withdrawn at retirement
- Deductible from taxable gross income each year (talk to your Tax Advisor)
Roth IRA
- Ideal for those who want penalty-free and tax-free access to their funds and don’t need a tax break
- Open to everyone under age 70½ who are earning income
- Contributions are made with after-tax dollars
- Withdrawals after retirement may be tax-free
- You can open a Traditional and a Roth IRA at the same time - contribution limits are combined
Coverdell IRA
- Can be used for a child’s higher education
- Contribute up to $2,000 per year to pay for future educational expenses at eligible schools
- Contributions are made in after-tax dollars; however, the credit union dividends are not taxed and there is no tax on withdrawals used for education
IRA Plus
- Ideal for investors with larger sums to contribute
- Increased earnings (based on the amount of your deposit)
IRA Share Certificates
An Individual Retirement Account Share Certificate is a great way to invest in your future.