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Home > Services > Accounts > IRA

IRA

Individual Retirement Accounts at MACFCU

It’s recommended that you start saving for your retirement as a young adult, or even as a teenager if possible, so honestly, it is never too early to start.

With a minimum $25 initial contribution, MAC provides both IRA savings and certificate of deposit accounts. Below are the three different types of IRAs to choose from and a brief description of each purpose. Please refer to your tax advisor or the IRS website for additional information.

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Traditional

Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation).

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Roth

Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following modified adjusted gross income from the federal tax form.

  • Up to $95,000 (single filers)
  • Up to $150,000 (joint filers)
  • Reduced contributions allowed for higher incomes (up to $110,000 for single and $160,000 for joint filers.)
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Educational

Same eligibility requirements as the ROTH IRA, except that the contributor’s income does not have to come from compensation.

IRA type: Traditional

Who can contribute? Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation).

IRA type: Roth

Who can contribute? Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following modified adjusted gross income from the federal tax form.

  • Up to $95,000 (single filers)
  • Up to $150,000 (joint filers)
  • Reduced contributions allowed for higher incomes (up to $110,000 for single and $160,000 for joint filers.)
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IRA type: Educational

Who can contribute: Same eligibility requirements as the ROTH IRA, except that the contributor’s income does not have to come from compensation.

Contributions not allowed:

  • Once the designated beneficiary of the Education IRA reaches age 18.
  • In any year that a contribution is made to a state tuition program for the same IRA beneficiary.

Don’t wait till it’s too late to start saving for your retirement! We can help you make a solid retirement plan, scheduling contributions that fit your budget, and making sure that as you near your golden years you can rest assured that you’ve made the right choices to end up comfortable and fulfilled.

If you have any questions about our IRAs or retirement in general, please feel free to contact us!

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If you've got any questions, don't hesitate to contact us.

We're ready to answer any questions you have and help you plan your way to financial success.
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