Mission Federal offers you several smart ways to save for retirement, such as the Traditional IRA (Individual Retirement Account), ROTH IRA, SEP IRA and Keogh plans, including profit sharing and money purchase plans.
A Traditional IRA is a retirement account in which contributions may be tax deductible. Learn More | Open an Account
A ROTH IRA is a non-deductible, dividend-earning retirement account, in which the earnings can be withdrawn tax-free if the IRS rules are followed. Learn More | Open an Account
A SEP IRA combines the high contribution limits of a qualified plan with the simplicity of a traditional IRA. The SEP IRA is designed for self-employed people or small businesses.
The Keogh Plan is a nice option for for self-employed. With the Keogh plan, you can contribute up to 25% of annual self-employed compensation, well beyond the $5,000 annual limit of a Traditional IRA. Contributions and earnings are tax-deferred until withdrawal at age 59 1/2 or later.
The Coverdell Education Savings Account (ESA) account lets you contribute $2,000 a year of after-tax money to build a school account. All earnings on your contributions grow tax-free and stay tax-free, as long as the funds are used for qualified expenses, including elementary, secondary, and post-secondary education. Post secondary education includes any college, university, and vocational school expenses. Practically speaking, an eligible institution includes virtually all accredited public, non-profit, and private post-secondary institutions. Eligible elementary or secondary schools include any public, private, or religious schools. You can contribute funds until your child turns 18-years old, and your child has until age 30 to use the funds and receive the tax exemption.
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