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Mission Federal Retirement Accounts

Mission Fed offers you a wide variety of Individual Retirement Accounts (IRA) to help you grow your savings for retirement.

>>Visit our Online Retirement Center to see which IRA is best for you.

 Traditional IRARoth IRA

Who can open

Any Mission Fed member under age 70 1/2 earning an income

Any Mission Fed member earning an income

Contribution

Up to $5,000 a year, or $6,000 a year if over age 50, up to age 70 1/2

Up to $5,000 a year, or $6,000 a year if over age 50, up to any age

For married couples
filing a joint return

Contribute up to $10,000 annually, with catch-up contributions if age 50 or over

Contribute up to $10,000 annually, with catch-up contributions if age 50 or over

Dividends

Calculated daily and paid quarterly

Calculated daily and paid quarterly

Withdrawals without penalty

You've reached age 59 1/2
You're using the funds (up to $10,000) for the purchase of your first home
You've become disabled
 

You've kept funds in your Roth IRA for at least five years AND:
You're using the funds (up to $10,000) for the purchase of your first home
You've reached age 59 1/2
You've become disabled

Administrative cost

None

None

Minimum deposit

None

None

Insured*

NCUA-insured up to $250,000

NCUA-insured up to $250,000

Notes **

Early withdrawal will incur penalties except under special circumstances (ask a qualified tax professional for requirements). Must begin making withdrawals at age 70 1/2.

The Roth IRA allows withdrawals without having to pay taxes on the amount withdrawn or on earnings as long as you follow IRS rules.

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*A member's traditional IRA will be added together with his or her Roth IRA and insured in the aggregate to the maximum of $250,000.
**A qualified tax professional can help you decide whether a Traditional or Roth IRA is best for your particular situation.