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.
A traditional IRA is a type of individual retirement account that lets your earnings grow tax-deferred. You pay taxes on your investment gains only when you make withdrawals in retirement.
A Roth IRA is an individual retirement account that offers tax-free growth and tax-free withdrawals in retirement. Roth IRA rules dictate that as long as you’ve owned your account for 5 years and you’re age 59½ or older, you can withdraw your money when you want to and you won’t owe any federal taxes.