Individual Retirement Accounts (IRAs)



Roth IRAs

Traditional IRAs


IRA Contribution Limits

Transfers and Rollovers

Individual Retirement Accounts have improved through the years to help meet the needs of savers… and today's IRAs are better than ever! While building savings for retirement, IRAs can be tapped into for special needs such as a first-time home purchase or medical expense… and offer more options for tax planning. Please be sure to always check with your tax advisor regarding IRAs. MCCU IRAs offer:

  • LOW minimum of $100 to open
  • Competitive yields… check these great rates!
  • Available for Traditional and Roth IRAs
  • PLUS… IRAs are separately insured up to $250,000 by the NCUA. This coverage is in addition to the $100,000 NCUA coverage on your other MCCU deposits.


Want to maximize your IRA earnings?
Choose an IRA Certificate:

  • Minimum deposit as low as $1,000
  • Choose terms from 12 to 60 months
  • Higher yields than IRA savings accounts… check our rates!
  • Still-higher yields for deposits of $10,000 or more … check our rates!
  • Available for Traditional, Roth, and SEP IRAs

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Roth vs. the Traditional IRA… Compare the features.


Roth IRA

Roth IRAs can only receive non-deductible contributions... but when distribution (which is not required with a Roth IRA) begins at retirement (retirement age specified by IRS), it is TAX FREE! And there are other features:

  • After five years, withdrawal of the principal and earned dividends is TAX FREE for those age 59 1/2 or older.
  • Have a pension plan? It doesn't matter! Your Roth distributions will still be TAX FREE when made at retirement (retirement age specified by IRS).
  • PLUS…Roth IRAs offer a variety of penalty-free withdrawal options BEFORE you reach age 59 1/2 (ask your tax advisor for specifics).

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Traditional IRA

Savings in this IRA are taxed as income. When distribution begins at retirement, your distributions are taxed at the retirement-level bracket (depending on your tax situation, see your tax advisor). Contributions may be tax-deductible, based on income and other factors (check with your tax advisor). Features include:

  • Withdrawal of the principal and earned dividends can begin penalty-free for those age 59 1/2 or older
  • Traditional IRA distributions are taxed at the retirement-level income bracket (depending on time of withdrawal and your tax bracket).
  • Traditional IRAs can offer a tax deduction for qualified savers. Consult your tax advisor for specific details.
  • ALL earned dividends are tax-deferred, regardless of income.



A Simplified Employee Pension (SEP) plan provides business owners with a simplified method to contribute toward their employees' retirement as well as their own retirement savings. Features include:

  • Contributions an employer can make to an employee's SEP IRA cannot exceed the lesser of: 25% of the employee's compensation, or $54,000 (for 2017)
  • Contributions are tax-deductible, grow tax deferred, and are finally taxed as withdrawn from the account.


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Roth/Traditional IRA Contribution Limits

Tax Year
Standard Limit Younger than Age 50
Contribution Limit Age 50 or Over
2017 $5,500 $6,500
2016 $5,500 $6,500

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IRA Transfers and Rollovers

If you wish to transfer IRA funds from other institutions to MCCU, or if you have a pension fund ready to mature, we can accommodate you: * Pension Plans and 401K funds usually eligible (see your tax advisor) * NO SET-UP OR ANNUAL FEES!

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MCCU Supports Your Retirement Goals!

Whether you want a Traditional IRA, Roth IRA, or need help with a rollover or transfer, MCCU is here to help. Ask your tax advisor for current IRA details and a recommendation for which account is best for you. Then see a MCCU representative for assistance in opening your account. Just stop by either office!


Note: While every effort has been made to ensure the accuracy of all material contained on this website, some areas are subject to change based on regulatory interpretation or additional congressional action.


Consult your tax advisor for information regarding IRAs.


How much will you need to save for a comfortable retirement? Use our Retirement Calculator to find out.




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