• Traditional IRA features tax-deferred earnings and your maximum $4000 contribution based on earned income, may be tax deductible. Members 50 plus can contribute $5000.00 maximum to their IRA accounts for 2006.
• Roth IRA contributions are non-deductible, however you can withdraw your contributions tax-and penalty free. Earnings can also be withdrawn without a penalty if certain tests are met. Contributions are based on income earned, with a maximum contribution of $4000. Members 50 plus can contribute $5000.00 maximum to their IRA accounts for 2006.
• Coverdell Education Savings Account are established for children under the age of 18 to help pay for higher education expenses. The maximum contribution is $2000.00 per year and deposits can be made up until April 15th of the following year.

• Contribution Eligibility for Members of the Military Earning Hazard Pay H.R 1499 (HERO) signed into law on May 29, 2006.  This act allows member of the military earning combat pay to treat the combat pay as compensation for making IRA contributions.  Contribution deadline is May 28, 2009 for calendar year taxpayers to make 2004 or 2005 IRA contributions in reliance on combat pay received in those years being treated as "compensation".  This is retroactive to years beginning after December 31, 2003.  Contribution limits are the same as above.

• Certificate IRAs are also available at a higher rate of return while still protecting your principle balance.
  
  • $500 minimum balance
    
  • 12, 24, 36, 48 and 60 month terms
    
  • Convenient automatic renewal
  • Dividends are compounded and credited monthly to the certificate
    
  • Maximum 90 day penalty for early withdrawal
    
• Dividends are paid monthly based on the following tier:
  
  • Balances under $10,000
    
  • Balances over $10,000

Additional retirement options are also offered by Members Financial Services