Retirement Savings Options
Which Plan Works for You?
Before you start looking for the best retirement savings account, pick the plan that will get you there. Each plan type offers different benefits that can elevate your retirement savings.Footnote 1 Both of them help you diversify your retirement savings approach and offer guaranteed returns rather than leaving you open to market volatility.
Traditional IRA |
Roth IRA |
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Who’s this Traditional IRA option best for?
When do I pay taxes on a Traditional IRA?
When can I contribute to a Traditional IRA?
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Who’s this Roth IRA option best for?
When do I pay taxes on a Roth IRA?
When can I contribute to a Roth IRA?
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Simplified Employee Pension (SEP)
If you’re self-employed (or work for a participating employer), a SEP plan may be the ideal way to save for retirement. You may make contributions into your own and each of your eligible employees’ SEP plans. Open your SEP plan today.
Learn More about individual retirement account plan options.
Explore Our Accounts
Retirement Savings Accounts
IRA savings accounts allow you to save for your future on your terms while still earning dividends.
Features:
- Long-term savings
- Flexible contribution amounts
- Early savers
Minimum Deposit
as low as
$0
Retirement Money Market and Jumbo Money Market Savings Accounts
IRA Money Market Savings Accounts (MMSA) offer all the perks of a basic savings account while letting you earn more with higher dividend rates. The higher your balance, the greater your earnings.
Features:
- Long-term savings
- Flexible contribution amounts
- Early savers
Retirement Standard Certificates
IRA certificates allow you to earn guaranteed returns at a higher dividend rate than a savings account. Choose from a variety of term options and deposit amounts to find the best certificate for your needs.
Features:
- Flexible contribution amounts
- Planning ahead
- High dividend earnings
Minimum Deposit
as low as
$50
How much money do I need to retire?
Deciding how much money you need for your retirement savings depends entirely on the lifestyle you plan to lead once you stop earning income. When you’ve determined an accurate estimate and have a plan in place to make sure you continue saving enough, it’s important to periodically check in on your progress and reevaluate your plan as time goes on.
When should I start saving for retirement?
It’s never too early to start saving for retirement! In fact, the earlier you begin, the more comfortable your retirement can be. Time has the biggest impact on the compounding effect of interest. Use it to your advantage!
Should I transfer my old 401(k) to an IRA?
You have several options of what to do with your 401(k) when you move on from an employer. The right choice differs for everyone. So, weigh the pros and cons or talk to a professional before making your choice.
IRA Contribution Limits, Deadlines & Eligibility
Make sure you’re on top of your IRA. Read over IRA contribution limits, deadlines and eligibility here.
Learn More about IRA contribution limits, deadlines and eligibility.
Want More Information About Saving?
Visit our Savings Learning Center for tips, tools and other resources.
Savings Resources
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Savings Rates
Check out our competitive rates on all Navy Federal savings products.
Learn More about Savings Rates -
Certificate Rates
Maximize your savings with a Navy Federal certificate. Take a look at our dividend rates to see what you can earn.
Learn More about Certificate Rates -
Add Money to Your Accounts
Our convenient transfer and deposit options make it easy to put your money where you need it to be.
Learn More about Add Money to Your Accounts
Disclosures
Consult with your tax advisor.
↵Rates on variable accounts (e.g., Share Savings, Checking, MMSA) may change after the account is open. This APY is accurate as of 12/12/2024. Fees may reduce earnings.
↵A $2,500 minimum balance must be maintained to earn dividends on MMSA accounts.
↵This APY is accurate as of 12/12/2024. This APY is an annualized rate that reflects estimated earnings based on the dividend rate and frequency of compounding. Dividends compounded daily, credited monthly. Penalties may apply for early withdrawals from certificate accounts. Offering rates may change.
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