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| Traditional IRA
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Save for retirement and defer your taxes.
- Eligibility - under the age of 70½ with earned income (i.e. salary, wages, tips, bonuses and commissions).
- Contribute up to $5,000 per individual annually with an additional catch-up contribution of $1,000 for people 50 and older
- Tax-deferred earnings and possible tax deductions on contributions (consult your tax advisor for eligibility).
- Start taking distributions at age 59½ or older without a federal tax penalty. Distributions by age 70½ are required.
- Any withdrawals before age 59½ will be subject to federal and state income taxes plus a federal tax penalty (unless specific early withdrawal situations apply). At 59½ or older, withdrawals are subject to federal and state income taxes (typically at a lower tax bracket for retirees).
Choose among three options for your Traditional IRA: - An IRA market account offers you the option of adding contributions anytime you want. Payroll deduction or automatic transfers from your checking account make it easy.
- IRA certificates enable you to make a lump sum deposit of $1,000 or more to open your account and lock the rate in for the term of the certificate.
- MECU Investment Advisors offers mutual funds and other investment options for a potentially higher rate of return.
 Open a traditional IRA
 Compare our rates to the competition
 List of all MECU fees
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