Individual Retirement Accounts

Saving for the future requires planning, commitment and understanding your future financial needs.

Let us help put your mind at ease with our retirement options so you can achieve your retirement goals. We offer both Traditional and Roth IRA options, our IRA Specialists are here to assist in selecting the right retirement plan that fits your needs.

Automate your retirement with minimal monthly contributions...Sound interesting? Ask about our Expedition IRA option!

Check Rates

Get up to $50* toward your Expedition IRA account today!

Join Us...On Your Retirement Journey.

Saving for retirement is a marathon, not a sprint. Even if you have a 401(k), pension plan or no plan at all, we can help!  Like running a marathon, saving for your retirement is a long-term goal that takes planning and dedication.

With our Expedition IRA, we make retirement saving simple and easy!

  • Low minimum to open
  • Deposits are set up by auto-transfer or direct deposit (weekly, biweekly, or monthly) for as little as $20 a month
  • Traditional or Roth IRA option
  • Variable rate account
  • Tiered rates are based on balances
  • Interest is posted quarterly
*Qualifications to receive the $50.00 "bonus" includes: Opening of a new Expedition IRA account in addition to a new recurring direct deposit of payroll, retirement or social security into either an existing or new MCB checking or savings account within 60 days of the Expedition IRA opening date (if no new direct deposit established, MCB will pay a $25 "bonus" to any new Expedition IRA account). Minimum additional deposit amount is $20 per month. Deposits must be by direct deposit (does not qualify to receive the additional $25) or auto-transfer from a MCB account.  Contributions will be considered current year.  Rates may change after account opening on variable rate deposit accounts.  Fees could reduce earnings on IRA accounts.  Penalties may be assessed for early withdrawal.  Offer is limited to one account per individual.  Ask to see the account agreement, disclosure of account terms, and rules and regulations for complete details.  Offer is valid as of today's date and subject to change or be withdrawn without notice.

Traditional and Roth IRA Comparison Chart

 

Traditional IRA

Roth IRA

Benefits

  • Provided certain guidelines are followed, every dollar invested grows tax-free and is distributed back to you tax-free
  • Funds are always available if at any time you need to take a withdrawal
  • No age mandated distribution requirement which means more flexibility to plan
  • Call today and let us help you start saving for your retirement!

What is it?

A personal tax-favored savings account that allows for tax-deductible contributions for most people.  Earnings are not taxed until you begin to withdraw from your Traditional IRA.

While contributions to your Roth IRA are not tax deductible, the best part is what happens when you withdrawal from the account. Provided certain conditions are met, withdrawals are tax-free and penalty-free.

Who is eligible to contribute?

An individual who is under age 70½, and you or your spouse have earned income, you may contribute. You are permitted to participate in another retirement plan, such as one sponsored where you work. For married couples, you and your spouse may each have your own IRA; however, you may not have a joint IRA.

An individual who has taxable compensation, or is married filing jointly and his or her spouse has taxable compensation, there is no age limit for contributing.

How much can I contribute?

 For 2016 and 2017, the contribution limit is $5,500 if you are under age 50. For 2016 and 2017, the contribution limit is $6,500 if you are age 50 or older. Call for information on additional guidelines and requirements.

For 2016 and 2017, the contribution limit is $5,500 if you are under age 50, and $6,500 if you are age 50 or older. Call for information on additional guidelines and requirements.

When can I make contributions?

Contributions for a year may be made up to the tax-filing deadline (usually April 15th) for that year, not including extensions. Contributions cannot be made to your Traditional IRA for the year you turn age 70½ or for any later year.

Contributions for a year may be made up to the tax-filing deadline (usually April 15th) for that year, not including extensions. Remember, there  is no maximum age limit; if you are working, contributions can be made for the year, even if you are age 70½ or older.

Are contributions tax deductible?

Your contributions are fully deductible if, for the year you contribute, you (you and your spouse, if married) do not actively participate in a retirement plan at work; however, you (or your spouse) may be eligible for either a full or a partial deduction based on your tax-filing status and income. If you income exceeds the limits set for that year, no deduction will be allowed.

Never is federal income tax deductible however; you can convert all or part of your Traditional IRA or workplace retirement plan (WRP) to a Roth IRA. Call for more details.

Are distributions subject to IRS 10% early distribution penalty?

The taxable portion is subject to the IRA 10% early distribution penalty, unless the individual is age 59½ or older, or an exception applies.

Same as Traditional, except conversion funds that are distributed within five years are also subject to the IRS 10% penalty, unless the individual is age 59½ or older, or an exception to the penalty applies

When must distributions begin?

They must begin by April 1 of the year following the owner’s age 70½ year.

Not required during the owner’s lifetime but can be taken out at anytime.

IMPORTANT: Tax rules can be complicated. The above chart information was collected from the IRA reference manual © PMC January 2017. We advise that you consult with your tax advisor regarding any questions you may have.

Refer to our Schedule of Account Fees for our CD/IRA servicing fees.

 

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