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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.

  Traditional IRA Roth IRA SEP IRA

Who can open

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

Any Mission Fed member earning an income

 Any self-employed 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

 25% of your compensation or up to $49,000, 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

 Due to the complexity of this plan, please consult with a tax advisor to determine your contribution

Dividends

Calculated daily and paid monthly

Calculated daily and paid monthly

 Calculated daily and paid monthly

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

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
 

Administrative cost

None

None

 None

Minimum deposit

None

None

 None

Insured*

NCUA-insured up to $250,000

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The Roth IRA allows withdrawals without having to pay taxes on the amount withdrawn or on earnings as long as you follow IRS rules.

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.
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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.