Individual Retirement Savings

Make a Smart Financial Move and Invest in Your Future

Are you thinking of saving for your retirement? Investing in your future is always a smart financial move. The sooner you start, the better the position you’ll be in when you are ready to retire. A great resource you can utilize to help you achieve your savings goals is with Individual Retirement Accounts (IRA). 

Start investing in your future with as little as $5.00. Connect With Us to learn more. 

Frequently Asked Questions

What is an IRA?

IRA, or Individual Retirement Account, is a savings account designated for your retirement. The IRS sets specific rules regarding this account type, such as how much you can contribute annually to an IRA.  

Who can open an IRA?

Members of Viriva with an income can open a Viriva Share Accumulation IRA (Roth or Traditional). This account can be started with as little as $5. Once you’ve reached $500, you’ll be able to roll it into an IRA Share Certificate of Deposit, allowing you to earn a higher interest rate on your retirement savings.

Why should I save for retirement using an IRA?

Saving for retirement with an IRA has specific tax benefits compared to putting your money in a regular savings account. The benefit varies, depending on the IRA type. Common IRAs include Roth and Traditional.


  • Roth IRA - You contribute to your account after taxes are paid. Your contributions and earnings can be withdrawn tax-free if the account has been opened for at least 5 years and you are 59 1/2 years or older.
  • Traditional IRA - Contributions are tax deductible during the tax year in which the contribution was made. You pay tax on your contributions and earnings at the time of withdrawal, however, you’ll most likely be in a lower tax bracket at retirement, resulting in lower taxes being paid.


The information on this page is not intended as tax advice. Please consult a tax professional about your individual circumstance. 

How much can I contribute to an IRA?

IRAs carry an annual contribution limit and have income thresholds that determines who can make qualified contributions to the account. This maximum contribution amount is set annually by the IRS. Currently, the limit for an IRA is $5,500 for 2018, and $6,500 for savers over 50 years old. For more information about IRA limits, Visit the IRS Website

When is a good time to start saving for retirement?

If you are just starting out, start as soon as you get your first paycheck. For more mature savers, start today! Consistently contributing to your IRA is key. Add a reasonable rate of return to that and over time, watch your retirement savings grow.


Viriva can help you get started with as little as $5.00. Connect with Us today.



Program Features

  • Open your IRA Share Accumulation Account
    with as little as $5.00 to get started
  • Funds are federally insured by
    NCUA up to $250,000
  • No monthly account maintenance fees
  • No fee to open
  • Contribute through periodic payroll
    deductions and watch your savings grow