If you’re concerned about a future of dwindling pension checks, and no social security benefits, an IRA from MCU will help alleviate your worries. IRAs are personal retirement savings plans available to anyone who receives taxable compensation during the year. MCU offers two kinds of high yielding IRA accounts:
- Traditional IRA: tax-deferred earnings and immediate tax deductions (based on qualifying income levels)
- Roth IRA: tax-free withdrawals on money and earnings (after a qualifying period)
With any MCU IRA, your earnings will grow on either a tax-free or tax-deferred basis, allowing your IRA to compound more quickly. Think of it as a turbocharged share account.
Is it too late to open an IRA account? No, you can invest in an IRA until April 15, 2008. You can contribute up to $4,000 to your IRA, or $5,000 if you are at least 50 years of age. Married couples filing a joint return can contribute up to $4,000 each or $8,000 total (or up to $10,000 if both partners are at least 50 years of age).
Can you rollover funds? Yes, if you are leaving your current job and taking a retirement plan with you, or if you already have an IRA from another financial institution you can close it and roll the funds over into a high-yielding IRA at MCU.
Why should I open an IRA? Opening a high yield IRA at MCU is an indispensable addition to your retirement income. With the uncertainty of pensions and social security you can’t afford not to open an IRA. With the variety of IRA plans we offer, you can select the one that’s right for you. Direct deposit or automatic payroll deduction makes it easy for you to make your deposits on a regular basis.
