An Individual Retirement Account (IRA) is a special savings plan that allows you to plan and save for retirement. The goal of the IRA plan is to help you maintain financial stability when you retire.
To open an IRA plan, a member must have an established savings account.
USMFCU currently offers the following IRA accounts at competitive rates:
- Traditional IRA - With this IRA, you may qualify for a tax-deductible contribution—and that means your overall tax bill at the time of funding might be lower.
- Roth IRA - Contributions are made with after-tax dollars. At retirement, both your contributions and the earnings may generally be taken out as tax-free withdrawals after 5 years. Other conditions may apply.
- Coverdell/Educational IRA - The Education Savings Account provides a tax savings vehicle for college education. Deposits are considered a gift to the beneficiary (a minor) and must be withdrawn for qualified education expenses.
We also offer IRA Certificates from 6 months to 2 years and IRA share accounts:
Individual Retirement Account (IRA) Share Accounts
- Interest: Paid monthly
- Minimum balance: $25.00
Individual Retirement Account (IRA) Certificate of Deposit Accounts
- Interest: Paid at maturity
- Minimum balance: $500
Federal insurance coverage and protection of up to $250,000. Remember to check with your tax advisor regarding IRAs and your retirement options.