Traditional IRA

You can contribute to a Traditional IRA even if you are covered by an employer's retirement plan. MEFCU offers two IRA investment options: IRA Share Savings or IRA Share Certificate--deposit regularly in IRA Savings or lock in higher rates with an IRA Certificate.

Account Features:

• Contribute up to $5,000 per tax year or 100% of earned income, whichever is less
          --Up to $6,000 per year for couples filing jointly
          --Members aged 50 and older can contribute an additional $1,000 in annual
            "catch-up" contributions
   
• Contributions permitted until age 70 1/2
   
• Dividends are tax-deferred
   
• Contributions may be tax deductible (consult your tax advisor for details)
   
• Low opening deposit on IRA savings account--invest regularly through direct deposit
   
• IRAs are federally insured separately from your other accounts, up to $250,000, but Traditional IRA and Roth IRA accounts are combined together and insured in the aggregate.
   
• Account balances count towards your Concierge Banking relationship.

Consult your tax advisor about your specific situation.