Plan for your future— with the benefits of an IRA

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.

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 “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
Minimum deposit 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
*It is important to know that, if you have a Traditional and Roth IRA, the annual limits above apply to combined contributions and may have income limit and other restrictions. Please consult with a qualified tax advisor to understand your contribution limits. Contribution amounts are for 2019 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.

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