Individual Retirement Accounts (IRA)

An Individual Retirement Account (IRA) is an account whose sole purpose is to help you save for retirement by providing tax advantages while you are working. Loyola Credit Union offers two types of IRAs: Traditional and Roth.

Traditional IRA

A traditional IRA is a type of retirement plan that offers tax-deferred earnings and the possibility for tax-deductible contributions. You can contribute to a traditional IRA if you earn compensation and you will not reach age 70-1/2 by the end of the year.

All earnings in the traditional IRA are not taxed until they are withdrawn. The ability to defer taxes on the earnings, and to withdraw in a year when you may be in a lower tax bracket, can mean more after-tax dollars for your retirement.

Roth IRA

A Roth IRA is an individual retirement account that offers more incentives to boost your retirement savings, as well as more ways to use your nest egg.

Unlike the traditional IRA, your contributions are never tax-deductible.

Learn more about IRAs here.

Or for more information, contact us at 708.216.4500.

Loyola University Employees Federal Credit Union
2160 South First Avenue - Maguire Center Maywood, IL 60153
Phone: 708.216.4500 | Fax: 708.216.6546
Loyola Credit Union Routing Number # is 271992141

Membership in the Loyola University Employees Federal Credit Union (LUEFCU) is open to anyone who works for or is paid by Loyola University Chicago or Loyola University Health System on any campus or location anywhere.

That includes full and part-time Loyola faculty and staff, employees and student employees as well as Loyola affiliates or contractors, plus immediaite family members of these eligible participants.