IRAs – Just Another Great Way To Save!

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.

We’ve got exceptional IRA programs at MACFCU, with 3 different types of accounts to choose, depending on your situation and goals.

IRA type: Traditional

Who can contribute? Anyone under age 70 1/2 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.)

IRA type: Educational

Who can contribute: Same eligibility requirements as the ROTH IRA, except that the contributors 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!