Your future is full of possibilities. Let's help you get there.
There's no better time to plan for retirement and secure your future with the help of a MECU IRA and Education Saving Account.
We offer both Traditional and Roth IRAs
No hidden fees and many potential tax breaks*
Use Online and Mobile Banking to track balances
Decisions you make today can help secure your financial future
An Individual Retirement Account is one of the easiest ways to save for retirement. And, Educational Saving Accounts are a great tax free way to save for College.At MECU, we're here to help every step of the way.
Traditional IRA
- Contribute up to $6,000 a year in 2019 ($7,000 maximum if over age 50)
- Annual contributions may be tax-deductible (consult your tax advisor)
- Must take annual distributions beginning at age 70 1/2
- Early withdrawals (before age 59 1/2) incur 10% tax penalty in many instances
Roth IRA
- Contribute up to $6,000 a year in 2019 ($7,000 maximum if over age 50)
- Investment interest and dividends grow tax-free; withdrawals are not taxed
- No mandatory distributions at any age
- No early withdrawal penalties in many cases for higher education expenses or purchase of first home (consult your tax advisor)
Education Savings Account
- Contribute up to $2,000 per year per child
- Use money for tuition, fees, books, supplies, and, in some cases, room and board
- Earnings and withdrawals are often tax-free
- Earn interest on deposits
Disclosures
*Consult a tax advisor for details.
