IRAs

Now’s the time to get ready for retirement

With a MCU Individual Retirement Account (IRA), you can help make sure your golden years are golden! We have Savings accounts and CDs available in both Roth and Traditional IRAs. Plus, your IRA, whether savings account or CD, is guaranteed safe by the NCUA up to $250,000.

Ready to get started? Just visit one of our branches and start saving for your retirement today.

Roth IRA

This is the IRA that’s getting all the press these days, and it’s easy to see why. For 2014 and 2015 you can deposit up to $5,500 per person ($6,500 if you’re over age 50) in to your Roth IRA.

Now, while you don’t get a tax deduction for your IRA contribution, the earnings on your account grow tax free until retirement. Plus, unlike a Traditional IRA, you can enjoy the tax benefits of a Roth whether or not you have a pension, 401(k) or KEOGH plan where you work.

Traditional IRA

This IRA has been around for a long time, and for good reason. Contribute up to $5,500 per year ($6,500 if you’re over age 50), and if you met certain conditions (primarily income and marital status) you can take a deduction on your tax return.

What are those certain conditions? Check with your tax advisor to be sure, but there are income limits involved, plus if you’re covered by a retirement plan at work you’re generally not eligible for the deduction.