IRAs are individual retirement accounts that offer income tax advantages to individuals with earned income. IRA contributions are limited and may be income tax-deductible; growth may be tax-free. Lump sum contributions ("rollovers") from other types of accounts can be made under account rules, and annual "catch-up" provisions allow additional contributions for those aged 50 and over. Withdrawals on some IRAs are restricted by age, and are later required; withdrawals can be taxable. Consult your tax advisor about your specific situation.

MEFCU offers three types of IRAs for members with varying needs:

• Traditional IRA
  
• Roth IRA
  
• Coverdell Education Savings Account (formerly Education IRA)