Routing #: 221475786
Traditional IRA Benefits
Tax Savings
Save on income taxes now while your funds grow tax-deferred
Unlimited Growth
Continue growing your retirement savings at any age
Consolidate Accounts
Easily transfer or roll over retirement accounts from other financial institutions
Personalized Service
Customized guidance to help you make the most of your savings
Traditional IRA Details
The 2026 IRA contribution limit is $7,500, plus a $1,100 catch-up contribution for those 50 or older.3 The 2025 Roth IRA contribution limit is $7,000, plus a $1,000 catch-up contribution for those 50 or older. Traditional IRA contributions for 2025 can be made until the unextended federal tax deadline for income earned in 2025.
Any member with earned income may contribute to a Traditional IRA, regardless of income. Your ability to deduct contributions depends on your income level and whether you or your spouse participates in a workplace retirement plan.
If you retire or change jobs and receive a lump-sum distribution from a qualified pension plan, such as a traditional 403(b) or 401(k), you may roll over all or part of those funds into a tax-deferred IRA account. The rollover must be completed within 60 days of receiving your distribution to avoid tax. Teachers will handle the paperwork free of charge.
You can make penalty-free withdrawals after age 59½.4 Withdrawals will be treated as taxable income.
How to Open a Traditional IRA
Schedule
Schedule an in-person appointment at one of our conveniently located branches.
Prepare
Have your driver's license or government-issued ID and your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN) ready. Ensure you have your beneficiary’s information on hand.
Meet
Meet with one of our financial experts to open the retirement account that fits your needs.
Fund
Fund your new account using cash, check, or a transfer from an existing Teachers account.
Smart Tools for Better Banking
Enjoy secure 24/7 access to your account with Teachers Online and Mobile Banking.
- View balances, monitor transactions, deposit checks, or transfer funds, and set up alerts or pay bills when linked to a Teachers checking account
- Make fast, secure payments when you add your Teachers debit card to a Digital Wallet
- Connect with our support team through online chat
More From Teachers
Roth IRA
Strengthen your retirement strategy with a Roth IRA to give yourself maximum flexibility in the future.
Certificates
Maximize your savings with competitive interest rates, guaranteed returns, and flexible terms ranging from 3 to 60 months.
Disclosures
1Please consult your tax advisor regarding your specific eligibility, contribution limits, and potential tax deductibility. Individual circumstances vary, and IRS rules are subject to change.
2You can roll over all or any part of funds from a qualified pension, such as a 403(b) or 401(k) plan, after you retire or change jobs. Teachers Federal Credit Union must receive your lump-sum distribution within 60 days from the day of your request. Teachers Federal Credit Union does not charge a fee for this service.
3A nonworking spouse may contribute up to the annual limit provided the couple files jointly, and the working spouse has taxable compensation. Although both spouses are permitted to make maximum contributions to their individual IRAs, their combined contributions cannot exceed the total taxable compensation reported on their joint return.
4By April 1 in the year after you turn 73, you must take an annual required minimum distribution (RMD) from your traditional IRA, the amount of which is determined by the IRS.
Membership at Teachers is required by opening a Regular Savings account or Youth Savings account with a minimum opening deposit of $1.00.