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Plan for your future— with the benefits of an IRA

Photo of a hammock tied to a palm tree next to the ocean.

Your financial future is important to us—and that means saving for your retirement. An Individual Retirement Account, commonly referred to as

an IRA Account here in San Diego at Mission Fed,

might be an important step in planning for your future. At Mission Fed, you’ll find a variety of ways to save, including the Traditional Individual Retirement Account (IRA), Roth IRA and Simplified Employee Pension Plans (SEP IRA). Get more details below, and feel free to

visit Mission Fed to learn more about Retirement Accounts.

Federally insured
Enjoy peace of mind while your money grows— your IRA deposits are insured up to $250,000 by the National Credit Union Administration (NCUA). Traditional and Roth IRA balances are insured in the aggregate to the maximum of $250,000.

Free direct rollover from an employer sponsored plan
If you recently left an employer, you can move money from your retirement plan without tax consequences with a direct rollover to a Mission Fed IRA. Let your retirement savings continue to grow at Mission Fed.

Free online retirement center
Click the “IRA Center” button above for more information about IRAs and a convenient online form to start the process of opening an IRA.

Calculate savings button

  Traditional IRA Roth IRA SEP IRA

Who can participate

Any Mission Fed member under age 70 1/2 with earned income

Any Mission Fed member with earned income

Any self-employed Mission Fed member with earned income       

Contribution*

Up to $5,500 a year or $6,500 a year if age 50 through 70 1/2

Up to $5,500 a year or $6,500 a year if age 50 or over

25% of your compensation or up to $52,000, up to any age

Spousal Contribution (married couples, filing a joint return)

A spouse may contribute up to $5,500 annually or $6,500 if age 50 through 70 1/2 based on earned income

A spouse may contribute up to $5,500 annually or $6,500 if age 50 or over based on earned income

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 or you are withdrawing the funds under an IRS qualified exception
 

If it has been 5 years since you made your first contribution to a Roth IRA and you have reached age 59 1/2; or you are withdrawing the funds under an IRS qualified exception

You've reached age 59 1/2or you are withdrawing the funds under an IRS qualified exception
 

Application, administrative or maintenance fee

None

None

None

Minimum deposit

None

None

None

Required minimum distribution age

Yes, 70 1/2

No

Yes, 70 1/2

Notes **

Early withdrawal will incur penalties unless an IRS exception applies

Tax-free withdrawals on IRS qualified distributions

Early withdrawal will incur penalties unless an IRS exception applies

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*It is important to know that, if you have a Traditional and Roth IRA, the annual limits above apply to combined contributions. Contribution amounts are for 2014 and are subject to change.
**A qualified tax professional can help you decide whether a Traditional or Roth IRA is best for your particular situation.