MMCCU Offers IRA Options for Members

Marshfield Medical Center Credit Union > Services > MMCCU Offers IRA Options for Members

MMCCU offers both Traditional and ROTH IRA’s to assist you in preparing for your golden years. An IRA is an account that you set up through a financial institution that allows you to save for retirement with tax-free growth or on a tax-deferred basis.

An IRA is different from a 401(k), which is typically offered by an employer. An IRA Is an account you set up yourself at a financial institution. Once set up, you invest the money in the account (whether in stocks, bonds, or other assets). The account grows based on how you invest.

Each year, you can only contribute up to a certain amount of money into an IRA, which is determined by the IRS. There are also rules about how much you can withdraw before the age of 59 1/2, unless you qualify for an exception.

An IRA is an opportunity to build savings and wealth for use later in life. After retirement, you will need a source of income and an IRA is a helpful tool towards making that happen. An IRA can also be used as a tool to help manage your tax bill and provides a wider variety of investment choices.

At MMCCU, we can administer your IRA account according to IRS requirements and are happy to assist you with direct transfers, rollovers, distributions and contributions. To learn more, contact us at 715-387-8686.

Leave a Reply