IRAs (Individual Retirement Accounts)
Important Note: Due to the IRS extending the 2019 deadline for filing taxes to July 15, 2020, you also have the option for making contributions to your HSA and IRA through July 15 for the 2019 tax year. This means you have an extra 2 months to add to your retirement and healthcare savings - take advantage!
Boost your retirement savings with a separate account from Mutual 1st
Federal. We offer Traditional IRAs and Roth IRAs as additional savings options for you.
Traditional Individual Retirement Account (IRA)
In a traditional IRA, you are able to direct pre-tax income toward investments that can grow tax-deferred. However, you will be taxed on the money you take out during retirement.
Contributions are taxed up front with a Roth IRA, but earnings are withdrawn tax-free as long as you are at least 59 ½, the account is at least 5 years old and you meet other income requirements.
We recommend consulting a tax advisor to help you make the best choice for IRAs, then call us or visit us to open the IRA that will work best for you.