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Retirement (IRAs)

Protecting your future with insured IRAs? It's what we do.

At Members First, we're like pocket-sized financial superheroes – here to protect your investment! We're small enough to get to know you, which lets us make a big difference in your finances.

We’re so glad you’ve decided to invest in your future and we’re ready to help you weigh the options. First, determine whether a Traditional or Roth IRA suits you best.* Our resources below may help you decide, or you may wish to consult a tax advisor.

Then, decide whether you want your funds in a savings or certificate account. Choose an IRA Savings with no commitment, or lock in your rate for a set term with an IRA Certificate. Featuring a higher dividend rate than an IRA Savings, our IRA Certificates come in terms of 3 months up to 5 years.

Remember, your funds are insured up to $500,000 with us. We’re happy to discuss our deposit insurance and show you ways to structure your retirement accounts to get the most out of your coverage.


How can we make a difference for you today?


Traditional IRA

A Traditional Individual Retirement Account is a great way to grow your retirement savings through weekly or monthly contributions. Unlike the Roth IRA, contributions may be tax deductible and there is a mandatory distribution age. IRA owners must have earned income and be under age 70½ to make contributions.

  • Contributions may be tax deductible
  • Earnings grow tax deferred
  • Distributions generally are taxable
  • Distributions before age 59½ are subject to penalty tax, unless an exception applies
  • Required minimum distributions must begin at age 70½

Roth IRA

A Roth Individual Retirement Account is also a great way to grow your retirement savings through regular contributions. Unlike the Traditional IRA, contributions are not tax deductible and distributions are not required until after the Roth IRA owner passes. IRA owners must have earned income below or within the applicable MAGI limits to make contributions.

  • Contributions are not tax deductible
  • Contributions generally can be distributed tax free at any time
  • Earnings grow tax deferred
  • Earnings can be distributed tax free when certain requirements are met
  • Distributions are not required until after the Roth IRA owner dies

For more information regarding IRAs, select a brochure:

 

IRAs: Growing Your Savings During Every Stage of Life

Roth IRAs: Answers to Your Questions

Traditional IRAs: Answers to Your Questions

Roth vs. Traditional IRA: Exploring Your Options

Roth vs. Traditional IRA: Taking a Closer Look at Eligibility

Conversions: Moving Into a Roth IRA

Retirement Plan Rollovers: Rolling Your Way to a Better Retirement


*Consult a competent tax advisor when considering whether a Traditional or Roth IRA will best suit your needs.