Individual Retirement Accounts (IRAs)

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As employer pensions and even 401(k) accounts become less common, it’s good to know that you can take your retirement savings into your own hands. MFed will guide you every step of the way, with several great IRA options to choose from.

Whether it’s a Traditional IRA or a Roth, you’ll still qualify for tax-advantaged savings* and earn competitive dividends above standard savings rates. MFed makes it easy to get started — it only takes $100 to put you on track to future prosperity. Get started today!

Summary
  • Save for retirement with tax advantages*
  • Earn competitive dividends higher than regular savings
  • Pays monthly dividends
  • Available in traditional and Roth
  • Annual contribution limits apply
  • $1,000 annual “catch up” contributions allowed for ages 50 and better
  • No annual fees or set up fees
  • No minimum balance requirements
  • Federally insured
  • $100 minimum deposit to open
Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • Tax-deferred earnings
  • Contributions may be tax deductible
  • Best option when rolling over your pension or 401(k)

Traditional IRAs - Answers to Your Questions 

IRAs- Growing Your Savings During Every Stage of Life

Roth IRA

  • Contributions are not tax deductible
  • Tax-free earnings
  • Tax-free qualified withdrawals
  • More flexible access to funds than traditional IRA

Roth IRAs - Answers to Your Questions 

Roth vs. Traditional IRAs

Coverdell ESA

Higher education can become a financial burden. A Coverdell Education Savings Account (ESA) is designed to help lighten the load.

  • Set aside funds for your child's education
  • Dividends grow tax-free*
  • Withdrawals are tax-free and penalty-free when used for qualifying education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply*
  • Contributions are not tax deductible
  • Contributions are allowed regardless of traditional or Roth IRA participation
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time beneficiary turns 30
  • The ESA may be transferred without penalty to another member of the family

Coverdell Education Savings Account - Answers to Your Questions

Rollovers and Other Options

Rollover IRA

Allows employees who receive a lump-sum distribution upon leaving an employer, or upon termination of an employer’s qualified retirement plan, to roll over all or any portion of the funds into a Miramar Federal CU IRA.

Retirement Plan Rollovers

Transfer IRA

Allows funds from an existing IRA account at another financial institution to be transferred into a Miramar Federal CU IRA.

Spousal IRA

Allows the non-working spouse to contribute to an IRA. 

IRA Conversions

Allows conversion from a Traditional IRA to a Roth IRA.

If you’re changing employers, an IRA rollover makes sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan.

You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover. You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well.

For more information about IRA rollovers or opening a new IRA just give us a call at (800) 640-1228 or go to our IRA Retirement Central online. 

Conversions - Moving Into an IRA

Simplified Employee Pension Plans 

Health Savings Accounts - Balancing Rising Cost of Health Care

*Consult a tax advisor.

Financial independence awaits... let’s get started!