Your Credit Union is pleased to offer Individual Retirement Accounts (IRAs).
Lewiston Municipal Federal Credit Union’s IRA Program provides a safe and secure means of saving for your retirement. IRA funds can be directed to an IRA Share Account or an IRA Share Certificate. Our IRA Share Account has no minimum balance. Our IRA Share Certificate Program requires a minimum balance of $500.00 and allows you to lock in a rate for a term of 6 months to 5 years. For current rates, see IRA Account Rates. No annual fee!
IRA Accounts are highly regulated by the federal government with IRA rules being consistent from financial institution to financial institution. IRAs offer tax benefits, but these benefits vary on the type of account you open and your Modified Adjusted Gross Income (MAGI). IRA rules are constantly changing. Members who are interested in opening an IRA Account are encouraged to consult their tax advisor to make sure they open the appropriate type of IRA.
It is important to note that a husband and a wife may each have an IRA, even if only one person has earned income. Your total contributions are currently limited to $5,500.00. Members 50 years or older have the opportunity to make “catch up” contributions of up to $1,000, raising the total amount you may contribute to $6,500 for the 2015 tax year.
Traditional IRAs are potentially tax-deferred retirement plans; you don’t pay taxes on your contributions until you withdraw the funds. Contributions can be made as long as you have earned income and you’re below the age of 70½.
|Yearly Contribution Limits|
|Tax Year||Under 50||Age 50 and over|
|Current tax year: December 31, 2015|
|Prior tax year: April 15, 2015|
|Income Limits for Tax Deductions|
|Income for Married Filing Joint||Income for Single Filer||Deductibility|
|$98,000 or less||$61,000 or less||Contribution is 100%
|Between $98,000 – $118,000||Between $61,000 – $71,000||A portion of your contribution is
|$118,000 or more||$71,000 or more||Your contribution is not