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Saving for retirement, your child's education, or your first home is an important step in anyone's life. No matter how young or old, you can start saving today with an Individual Retirement Account (IRA) from MCCU.
MCCU offers you a number of IRAs to choose from, including Traditional, Roth, or Educational. Most IRAs offer significant tax advantages (consult your tax advisor for more details), and allow you to deposit up to $5,000 per tax year. MCCU IRAs offer competitive rates as well as the flexibility you need to maintain your savings. With great rates and automatic savings through Payroll Deduction, establishing an IRA may be the best financial decision you've ever made.
Traditional IRA
Traditional IRAs are powerful tools in creating a long-term savings plan that will help provide safety and security for you and your family for years to come.
- Earnings grow tax-deferred until withdrawn
- All or part of your contribution may be tax-deductible (consult a tax advisor)
- Pays excellent dividends
- Has no handling or maintenance fees
- Allows payroll deduction
- Compounds and pays interest monthly
- Is insured separately by NCUA, up to $250,000
Required minimum distributions from IRA.
You must begin taking required minimum distributions from your Traditional IRA at age 70-1/2. The minimum distributions each year will be computed using an IRS formula. You are allowed to delay the first year's payment until April 1 of the following year, but you will receive two years' worth of payments in your 71-1/2 year if you choose to delay.
Roth IRA
Roth IRAs offer members an easy and safe way to plan for the future.
- An after-tax investment
- Allows up to $300.00 per year, higher limit if age 50 or older
- Tax-free earning account with tax-free withdrawals for qualified uses (consult a tax advisor)
- Pays excellent dividends
- Has no handling or maintenance fees
- Allows payroll deduction
- Compounds and pays interest monthly
- Is insured separately by NCUA, up to $250,000
Required minimum distributions from IRA.
You must begin taking required minimum distributions from your Roth IRA at age 70-1/2. The minimum distributions each year will be computed using an IRS formula. You are allowed to delay the first year's payment until April 1 of the following year, but you will receive two years' worth of payments in your 71-1/2 year if you choose to delay.
Coverdell Education Savings Account
Educational IRAs can help your children attain their dreams of a college education.
- Invest up to $2000.00 annually for each of your children, grandchildren.
- An after-tax investment
- Tax-free earnings and withdrawals for post secondary education (consult a tax advisor)
- Pays excellent dividends
- Has no handling or maintenance fees
- Allows payroll deduction
- Compounds and pays interest monthly
- Is insured separately by NCUA, up to $250,000
IRA Share Certificates
Once an IRA account is established, an IRA share certificate may be purchased for a higher rate of return. Available certificate terms are: 12 month, 18 month, 24 month, 30 month, 36 month, 48 month, 60 month, with a minimum deposit requirement of $500.00. There is a penalty for early withdrawal. For current rates, please see our online rate page.
Note: The Internal Revenue Code may impose a penalty on withdrawal of taxable amounts before you reach age 59 1/2 . | 
