Features
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Wide variety of options
Customize your IRA with Traditional, Roth, or Coverdell Education.
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Easy to Open an IRA
The ability to open an IRA has never been easier. Our step-by-step questionnaire guides you through the entire opening process; including how to print your forms and where to send them when you are done. If you don't have the time to complete this now, you can request an IRA Kit by mail and we will send a complete IRA opening kit.
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Greater benefits than ever
Thanks to new legislation, there are increased contribution limits, catch-up contributions, and increased portability of assets.

2020 Legislative Updates

The Consolidated Appropriations Act, Setting Every Community Up for Retirement Enhancement (SECURE) Act, was signed into law in December 2019, and the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law in March 2020.

The changes effective in these two Acts may have impacted your USALLIANCE Retirement Product.

CARES ACT

  • Waiver of 2020 RMDs for IRA owners and beneficiaries, including those who turned age 70½ in 2019 but did not take their first RMD before January 1, 2020. Also, the year 2020 will not be counted for purposes of a five-year payout period for a beneficiary
  • Ability to take penalty-free coronavirus-related distributions (CRDs) of up to $100,000 in aggregate from IRAs and eligible retirement plans and repay the distributions within three years

SECURE ACT

  • Repeal of the age restriction for Traditional IRA contributions
  • Required minimum distributions (RMDs) to begin at age 72 instead of age 70½
  • More rapid payouts to non-spouse beneficiaries (with some exceptions)
  • An exception to the 10 percent early distribution penalty tax for qualifying births and adoptions

Please contact Deposit Account Services with any questions: (800) 431-2754 ext. 1260.

Go to our Retirement Central
Open an account, manage existing accounts, and learn more information about our products

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IRAs

Take the steps towards a secure financial future.
Traditional IRA Roth IRA Coverdell Education
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Great for retirement savings
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Great for college savings
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Tax deductible contributions
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You have options

Investing for the future – whether it’s for your personal retirement or higher education expenses for children – is a highly personal endeavor. The good news is that there are options available that give you the flexibility to choose what works best for you and your family.

Are you planning for retirement?

You’ve probably heard it – Social Security will not be there for you; you need an IRA. You got the message but no one said which IRA is best – Traditional or Roth.

What's the difference?

Traditional Roth
Do I qualify? Yes, if you have eligible compensation Yes, if you have eligible compensation
Are there income restrictions? No Yes, please check current IRS regulations
Are there contributions limits? Yes, and they are the same as a Roth IRA. Please check IRS regulations for current limits. Yes, and they are the same as Traditional IRA. Please check IRS regulations for current limits.
Are contributions tax deductible? Contributions may be tax deductible. Consult a tax advisor. No
When am I required to take distributions? Mandatory beginning they year you turn age 72 (70½ if you turned 70½ before Jan 1, 2020). Never
Are withdrawals taxable? Yes, in the year you withdraw Qualified distributions are tax-free
Am I required to make annual contributions? No

 No
Can I “catch up” Yes Yes

Are you planning for your child's education?

Will I be able to afford to send my child to college? From newborns to high schoolers, parents are asking this question. And with good reason. By 2030, a 4-year degree at a public university is projected to top $200,000. Private education will be even higher. Invest in your child’s future with a Coverdell Education Savings Account.
What’s the purpose of a Coverdell ESA? To pay for a child’s (beneficiary’s) qualified educational expense
Who can be a beneficiary? Any child under the age of 18.
Which expenses qualify? Those required for enrollment in an eligible educational institution such as tuition, fees, books, supplies, room and board, equipment and more.
Are contributions tax deductible? No
Are there any tax advantages? Interest earned is tax-deferred until distributed
Are there contribution limits? Yes, please check current IRS regulations

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USALLIANCE Financial
  • 411 Theodore Fremd Ave.
  • Suite 350
  • Rye, NY 10580-1426
ABA Routing Number:
  • 221981063
Contact Us
  • +1 (800) 431-2754
  • memberservices@usalliance.org
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