Retirement Accounts (IRAs)
Your retirement plans could start with something as simple as an IRA.
What is it?
Enjoying your retirement will be a whole lot easier if you have the funds to retire. That’s where a Money One IRA comes in handy.
Enjoy tax-advantaged retirement savings that retain federal deposit insurance. The sooner you get started, the more secure your future. That’s why we make it easy to get started, with only $25 needed to open an IRA with Money One.
What are the Benefits?
- Tax-advantaged retirement savings
- Competitive dividends above standard savings rates
- Traditional and Roth IRAs
- No setup or maintenance fees
- Easy IRA rollover plans
- Deposit as tiered share or savings certificate
- High contribution limit per year
- Additional “catch-up” contribution allowed for ages 50+
- $25 minimum deposit to open
- Federally insured up to $250,000 by NCUA
Traditional IRA
- No income limits to open
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal
- Withdrawals can begin at age 59½
- Early withdrawals subject to penalty**
- Mandatory withdrawals at age 70½
Roth IRA
- Adjusted gross income must be less than $135,000 (single) or $199,000 (married-filing-jointly) to contribute (as of 2019)
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59½
- Early withdrawals on interest subject to penalty**
- No mandatory distribution age
Get in Touch
We look forward to speaking with you about retirement accounts!
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
