Visit our IRA Center to find out which individual retirement account is best for you.
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, and feel free to visit Mission Fed to learn more about Retirement Accounts.
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 “Go to IRA Center” button below for more information about IRAs and a convenient online form to start the process of opening an IRA.
|Options||Traditional IRA||Roth IRA||SEP IRA|
|Who can participate||Any Mission Fed member under age 70 ½ with earned income||Any Mission Fed member with earned income||Any self-employed Mission Fed member with earned income|
|Contribution*||Up to $6,000 a year or $7,000 a year if age 50 through 70 ½||Up to $6,000 a year or $7,000 a year if age 50 or over||25% of your compensation or up to $56,000, up to any age|
|Spousal Contribution (married couples, filing a joint return)||A spouse may contribute up to $6,000 annually or $7,000 if age 50 through 70 ½ based on earned income||A spouse may contribute up to $6,000 annually or $7,000 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 ½ 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 ½; or you are withdrawing the funds under an IRS qualified exception||You’ve reached age 59 ½ or you are withdrawing the funds under an IRS qualified exception|
|Application, administrative or maintenance fee||None||None||None|
|Required minimum distribution age||Yes, 70 ½||No||Yes, 70 ½|
|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|
**A qualified tax professional can help you decide whether a Traditional or Roth IRA is best for your particular situation.
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Way to Save
Students of Mission Fed JA Finance Park can get a $50 VISA Gift Card for opening a Savings or Checking Account with $25. It’s a great way to put your financial literacy to work and start managing your own finances.
Easy Checking, free with eStatements
If you want all of the benefits of a great Checking Account—without the paper—we have a great option for you. Our Easy Checking Account has no monthly service fee when you enroll in eStatements.
Mission Fed offers you a variety of Checking Accounts to help you manage your daily transactions while enjoying convenient access.
Mission Fed Savings Guide
You frequently hear about how vital it is to save money. Your family tells you, friends tell you, even advertisements tell you about the importance of saving. But why is it so crucial? Let’s explore why you should save money, what you can do to make saving easier and...
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