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A Credit Union IRA Can Help You Plan For Your Retirement

A Credit Union IRA offers you retirement savings options with tax advantages not available to other types of saving accounts. We offer Traditional and Roth IRAs as well as Simplified Employee Pension (SEP) IRAs that help you plan for your future, whether you are saving for yourself or your children’s education. Whether you are looking to get started with an IRA or are ready to roll over your 401(k) or other retirement account, our IRAs offer competitive credit union rates and the security that comes from knowing your money is safe.

Traditional IRA accounts are tax-deferred, meaning the contributions you make are deducted from your taxable income but are not taxed until you take distributions. There are contribution limits and other restrictions, which your tax advisor can explain.

A Roth IRA accounts allow you to withdraw earnings tax-free, once you reach a certain age and meet other conditions. Depending on your tax situation and if you have employer-sponsored retirement plans, the amount you can contribute to a Roth IRA may be limited.

Educational IRAs, also known as Coverdell ESAs, are a great way to save for your child’s education expenses. These accounts can be used for tuition, fees, books, supplies, equipment and in some cases room and board. You can invest up to $2,000 a year per child and withdrawals are tax-free.

We offer a variety of IRA savings accounts to suit your needs, including our competitive IRA Money Market account that allows you to grow your savings with a low minimum balance. We also offer a Ladder IRA Certificate that builds up your savings over five years with rates higher than a regular certificate.

In addition, we offer a High-Growth Savings program where you can move your IRA or 401(k) investments when you are concerned about significant market losses. Many of our members who are approaching or enjoying retirement are choosing to transfer their IRA savings into this program as a way to reduce the risk of loss and increase their yield.

Your IRAs at MEFCU are insured separately from your other savings accounts by the National Credit Union Administration, a U.S. Government Agency, up to $250,000 (plus any other IRAs you may have with MEFCU). This provides additional protection for your hard-earned savings. For more information, contact us or talk to your tax advisor. *Assumes a $500 deposit at the beginning of the first year, with no other deposits or withdrawals. Actual return will be greater or less depending on your actual investment amounts and timing of any withdrawals.

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