Whether you plan to retire at age 35 or 55, it's not too early to begin saving. By becoming a disciplined saver today, you can ensure an enjoyable retirement tomorrow. According to recent studies, most members will need to rely on 60% of their personal savings for income after retirement. Metro Credit Union offers two Individual Retirement Accounts: the Traditional IRA and the Roth IRA. We are confident one will meet your long-range goals.

Each of these savings vehicles provides a great opportunity for you to secure your future. While it may seem complicated, don't worry, Metro Credit Union has IRA specialists who will give you all the information you need to help you make the right choice.

Eligibility:
Any member who is under the age of 70.5 and receives compensation, or files jointly with a spouse who earns compensation, is eligible to contribute.

Contributions:
You may contribute $4,000.00 for tax years 2005 through 2007. Members age 50 and older may contribute an extra $500.00 for tax year 2005 and an extra $1,000.00 for tax years 2006 and 2007. Every member is eligible to contribute until the year they reach age 70.5.

Tax Advantages:
All earnings are tax-deferred until they are withdrawn and contributions may be tax-deductible. After the member reaches age 59.5, withdrawals are penalty-free

Eligibility:
Any member who receives compensation, or files jointly with a spouse who earns compensation is eligible, with the following Modified Adjusted Gross Income (MAGI) of: up to $95,000.00 for single filers and up to $150,000.00 for joint filers. If you have a MAGI that exceeds these amounts, you may be eligible for partial contribution.

Contributions:
You may contribute $4,000.00 for tax years 2005 through 2007. Members age 50 and older may contribute an extra $500.00 for tax year 2005 and an extra $1,000.00 for tax years 2006 and 2007.

Tax Advantages:
Contributions to the Roth IRA may be withdrawn tax and penalty free. All earnings may be withdrawn tax-free only if the IRA has been opened for five tax years and the funds are withdrawn for a qualified purpose. Contributions to the Roth IRA are not eligible for tax-deduction, but may be eligible for tax-credit.