Putting away money for retirement is simple!
Setting up a traditional or Roth IRA savings account is a great way to grow your savings through weekly or monthly contributions. At Members First, we offer two types of IRA Savings Accounts, giving you a choice of what works best for your lifestyle.
Your funds are insured up to $500,000 with us.
- Contributions are tax deductible depending on your income level
- Withdrawals begin at age 59 ½ and are mandatory by the age of 70 ½
- The Traditional IRA is available to anyone; there are no income restrictions
- All funds withdrawn (including principal contributions) before 59 ½ are subject to a 10% penalty
- Contributions are not tax deductible
- No Mandatory Distribution Age
- All earnings and principal are 100% tax free if rules and regulations are followed
- Available only to single-filers or head of household making up to $120,000 or married couples making a combined maximum of $189,000 annually.
- Principal contributions can be withdrawn any time without penalty (subject to some minimal conditions).
For 2018, the maximum you can contribute to all of your traditional and Roth IRAs cannot be more than:
- $5,500 ($6,500 if you're age 50 or older), or
- your taxable compensation for the year if your compensation was less than this dollar amount
The IRA contribution limit does not apply to:
- Rollover contributions
- Qualified reservist repayments
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