Individual Retirement Account (IRA)
Regardless of your current employer retirement plans, an IRA can offer additional retirement security for eligible members. Both Traditional and Roth IRAs are available in a Savings or Certificate option, with MEFCU representatives ready to help explain your options.
Deposits for any tax year may be made until April 15th of the following year, and can be set up through payroll deduction. As with any MEFCU deposit account, IRA deposits are insured up to $500,000.
Take a step toward freedom during retirement today!
Whether you are changing jobs, nearing retirement, or just want to consolidate multiple retirement accounts, we can help answer any rollover questions you may have. With so many options, our members find the ability to turn to non-commissioned MEFCU staff a great benefit of membership! We can help you select the account that fits your needs and ensure your funds are transferred properly.
Meet with a representative today, or call to learn more. MEFCU can help consolidate all your retirement accounts into one that makes sense for you.
Traditional versus Roth
There are two main types of IRAs to help you save for retirement: Traditional and Roth. Use this IRA comparison chart to help you determine which one may be right for you. However, always consult with your tax professional regarding your specific situation.
1 Must have employment related compensation
2 For Traditional IRAs, penalty-free withdrawals include but are not limited to: qualified higher education expenses; qualified first home purchase (lifetime limit of $10,000); certain major medical expenses; certain long-term unemployment expenses; disability; or substantially equal periodic payments.
3 A distribution from a Roth IRA is federally tax-free and penalty-free provided that the five-year holding period has been satisfied and one of the following conditions is met: age 59½, suffer a disability, or qualified first time home purchase.