Individual Retirement Accounts

Saving for retirement should not be an intimidating thought. Meijer CU offers both traditional and Roth IRAs, each with its own tax advantages, so you can weigh in pros and cons according to your present situation and future plans. Ask any of our friendly member service representatives for more information and get started on the road to your retirement goals.

  • Tax-advantaged retirement savings*
  • Competitive dividends above standard savings
  • Choose traditional or Roth
  • No setup fees
  • No monthly or annual maintenance fees
  • Federally insured by NCUA up to $250,000
  • $6,000 maximum annual contribution
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA

Traditional IRA

  • No income limit to open
  • No minimum contribution requirement
  • 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

  • Eligibility depends on income limits
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on dividends can begin at age 59½
  • Early withdrawals on earnings subject to penalty*
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

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