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Individual Retirement Accounts (IRA)

Save for the Retirement You Want

An IRA is one of the most effective ways to save for retirement, with tax advantages that help your money grow further over time. Whether retirement is decades away or just around the corner, opening an IRA today gives you a head start on the future you're working toward.

Metro offers two IRA options: a Traditional IRA and a Roth IRA. The right choice depends on your current income, your tax situation, and when you'd prefer to pay taxes on your savings.

Compare Traditional and Roth IRAs

The biggest difference between a Traditional and Roth IRA comes down to when you pay taxes on your savings. Use the comparison below to see which option fits your situation.

Details Traditional IRAROTH IRA
When You Pay Taxes

Later, when you withdraw in retirement.

Now, before you contribute.
How It WorksYou make contributions with money you may be able to deduct on your tax return. Earnings grow tax-deferred until you withdraw them in retirement, when you may be in a lower tax bracket.You make contributions with money you've already paid taxes on. Your money may grow tax-free, with tax-free withdrawals in retirement, provided certain conditions are met.
Income RestrictionsNo income restrictions on eligibility to contribute, but possibly on deductibility.

Eligibility to contribute phases out at higher income levels. LImits are set by the IRS and updated annually. Visit IRS.gov for current figures.

ContributionsContributions may be tax-deductible.Contributions may be withdrawn at any time without taxes or penalties.
EarningsEarnings grow tax-deferred. You generally pay taxes when you make withdrawals, often in retirement.Earnings may be withdrawn tax-free and penalty-free once you reach age 59½ and the account has been open for at least five years.
Age RestrictionsNone, as long as you have earned income.No age restrictions for contributions.  
Required Minimum Distributions (RMDs)

Must begin taking RMDs at age 73

No RMDs.

Why Open your IRA with Metro

Federally Insured Retirement Savings

Your IRA deposits at Metro are federally insured up to $250,000 by the  National Credit Union Administration (NCUA). Unlike investments tied to the stock market, your savings here are stable and protected, giving you predictable growth on the path to retirement.

Local Help When You Need It

Retirement decisions can feel overwhelming, especially when comparing IRA types or thinking about contribution strategy. Metro's team is right here in Omaha and ready to talk through your options at any branch, by phone, or through Message Center in our online banking.

Built into Your Banking

Open and manage your IRA alongside your savings, checking, and other Metro accounts. One login, one place, one team that knows you.

IRA FAQs

What's the difference between a Traditional and a Roth IRA?

The main difference is when you pay taxes. With a Traditional IRA, you may deduct your contributions on your tax return now and pay taxes later when you withdraw in retirement. With a Roth IRA, you pay taxes on your contributions now and your withdrawals in retirement are typically tax-free. The right choice depends on your current income, your tax situation, and when you'd prefer to pay taxes on your savings. If you're unsure, our team can help you think through your options, but we recommend consulting a tax professional for advice specific to your situation.

How much can I contribute to an IRA each year?

The IRS sets annual contribution limits for both Traditional and Roth IRAs, and these limits are updated each year. People age 50 and older may also be eligible for additional "catch-up" contributions. For the most current contribution limits, visit IRS.gov or contact us with questions about your specific situation.

Can I have both a Traditional and a Roth IRA?

Yes. You can contribute to both a Traditional and a Roth IRA in the same tax year, as long as your total combined contributions don't exceed the annual IRS limit. Some members use a mix of both to balance their tax strategy across retirement.

Can I roll over an IRA from another financial institution?

Yes. If you have an IRA at another bank, credit union, or brokerage, you can roll it over to Metro. We'll walk you through the paperwork to make the transfer as smooth as possible. Contact us or visit any Metro branch to get started.

When can I withdraw from my IRA without penalty?

For both Traditional and Roth IRAs, you can typically withdraw funds without penalty starting at age 59½. Early withdrawals before that age are usually subject to a 10% IRS penalty in addition to any taxes owed, with some possible exceptions (visit IRS.gov for a full list). Roth IRA contributions (but not earnings) can be withdrawn at any time without penalty, since you've already paid taxes on those funds.

Are Metro IRAs invested in the stock market?

No. Metro IRAs are deposit-based, meaning your contributions earn predictable returns at competitive rates and your funds are federally insured up to $250,000 by the National Credit Union Administration (NCUA). Unlike IRAs at brokerages, your savings aren't tied to market performance, so you don't face the risk of market losses. This makes Metro IRAs a good fit for members who want a stable, low-risk part of their retirement savings strategy.

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  • I first joined Metro in 1978 and was approved to buy my first home. In 1990, when the chance came to buy my neighbor's house, I was able to sell mine and get a new loan through Metro. As a single mom working at a grocery store, I never dreamed I'd qualify for a home loan. I'm still a member today, and I'm so grateful they trusted me. Member for 48 years.
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  • I joined Metro in 1986 while working as a chaplain at Midlands Hospital in Papillon. At the time, our paychecks were deposited directly at Metro, which meant no more picking up checks late or driving them to another bank. It was a game changer. In the years since, I've gotten car loans, set up online banking, and gotten help with Visa cards, all without hassle or extra costs. I've moved all over the country in the past 40 years, but I've always stayed with Metro.
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