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Our members and their needs are our first priority.

Individual Retirement Accounts

IRAs, or Individual Retirement Accounts, are one of the simplest ways to save for retirement and your child's education.  IRAs are special classifications for tax purposes. M-O FCU offers our members three different types of IRAs - the actual investment can be either IRA savings or an IRA certificate of deposit at competitive rates.

Roth IRAs

A Roth IRA offers different tax incentives than a Traditional IRA to boost your retirement savings.  Contributions to a Roth IRA are never tax-deductible, but the money you contribute can be withdrawn tax free at any time.  If you qualify, you can withdraw the earnings tax free too.

You are eligible to contribute to a Roth IRA if your income is less than the defined IRS limits and you are employed (or your spouse is employed and you file a joint return).  If your income is too high to contribute the annual contribution limit, you may be able to make a smaller contribution.

You have until the due date for filing your federal income tax return for the year to contribute to your IRA.  For most individuals, this is on or around April 15. There is an annual contribution limit set in place.  In some cases you are allowed to make a catch-up contribution if you are over a certain age.  

* This information is not intended to provide tax advice.  See a competent tax adviser to help you determine which type of IRA best suits your needs.

Traditional IRAs

A Traditional IRA allows you to save for retirement with tax-deferred earnings and the possibility of tax-deductible contributions.  These tax advantages make the Traditional IRA a powerful tool in creating a balanced, long-term savings plan.  You may be eligible to deduct the amount of your contribution on your federal income tax return for the year.  Potential earnings accrue tax-deferred on the investments within the Traditional IRA each year, increasing your IRA balance.  You can withdraw your assets at any time, but tax and penalties may apply, depending on your age and what type of assets you remove.  Once you reach age 70 1/2, however, you must remove a minimum amount from your Traditional IRA each year.

You are eligible to contribute to a Traditional IRA as long as you (or your spouse if filing a joint tax return) earn compensation from employment, and you have not reached age 70 1/2 before the end of the year.  

You have until the due date for filing your federal income tax return for the year to contribute to your IRA.  For most individuals, this is on or around April 15.  There is an annual contribution limit set in place.  In some cases you are allowed to make a catch-up contribution if you are over a certain age.

* This information is not intended to provide tax advice.  See a competent tax adviser to help you determine which type of IRA best suits your needs.

Educational IRAs

Our Educational IRAs, known as a Coverdell Education Savings Account (ESA), can help you save for your child's higher education expenses, such as tuition, fees, books, supplies, equipment, and in some cases, room and board. Some elementary and secondary education expenses are also covered, such as tuition and fees, books and supplies, academic tutoring, uniforms, transportation, computer technology, equipment, etc. 

With an ESA, you make nondeductible contributions that provide the potential for tax-free withdrawals (including earnings) down the road.  Anyone (family member or non-family) can contribute to a child's ESA, as long as the person contributing the funds has a modified adjusted gross income below or within the applicable income limits.

* This information is not intended to provide tax advice.  Some conditions apply so be sure to ask an IRA specialist and/or seek competent tax advice before opening or contributing to an ESA.

IRA Certificates of Deposit

To open an IRA Certificate, you must have an IRA suffix under your account and you must have a minimum of $1,000 in the account.  All IRA Certificates have a length of 12 months or 24 months.

An IRA Certificate of Deposit may be a great option if you want to earn additional interest and won't need to access the funds in the near future.  A Certificate of Deposit is a savings certificate with a fixed maturity date that earns interest at a fixed rate, and can be issued in any denomination, at or above the minimum $1,000 investment requirement.  The interest rate is usually higher than a regular share (savings) account, because the money cannot be withdrawn until the maturity date has been reached or a penalty will be imposed.  If the certificate is less than 90 days old the penalty is equal to the amount of interest earned.  If the certificate funds are withdrawn after 90 days, the interest rate of the certificate is reduced to the current share account dividend rate. 

Click here to view our current rates.

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