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All Credit Union locations will be closed Friday, April 3, in observance of Good Friday.

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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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  • Taxes apply when money is withdrawn in retirement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.

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  

Money Moves by KTVAECU® 4 Talks IRAs

In this podcast episode, we sit down with an IRA expert to talk through common questions, real-life scenarios, and the choices you have when planning for retirement.

If IRAs feel confusing or overwhelming, this conversation breaks it down, so you feel more confident.

listen on Spotify  listen on Apple Podcasts Watch on YouTube

Hand holding calculator

Retirement Savings Calculator 5

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 Frequently Asked Questions

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 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.

5 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.