The road to retirement starts with a smart savings plan.
Looking ahead to retirement, it's easy to focus on the exciting - or relaxing - things you can do with your free time. But it's important to understand that you won't be free of everyday expenses. The sooner you open a Market USA Individual Retirement Account, the more money you can set aside, the more dividends you can earn, and the more you can benefit from built-in tax advantages.
Contribute up to $6,500 per year (up to $7,500 if you're over age 50)
It's no secret that education costs can strain a family's finances. With Coverdell ESAs, you can save money over the years to cover college or private elementary and secondary school expenses.
Contribute up to $2,000 per student per year
*PREFERRED APY: The Preferred APY includes a 0.35% premium. Direct Deposits and e-Statements are required to receive this premium.
**PREFERRED APY: 10 Month Special - APY includes a 0.10% premium. E-Statements are required to receive this premium.
Rate Disclosures
Market USA Federal Credit Union is a full-service financial institution with locations in Maryland and South Carolina as well as nationwide locations through the Shared Branch Network.
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A Traditional IRA allows individuals to make tax-deductible contributions, and earnings grow tax-deferred until withdrawals are made during retirement. Taxes are paid on withdrawals, typically at retirement age when the individual's tax rate is potentially lower.
A Roth IRA allows individuals to contribute after-tax income, and qualified withdrawals (including earnings) are tax-free during retirement. Contributions can be withdrawn at any time without penalty.
Yes, individuals can have multiple IRAs, including different types (Traditional, Roth, etc.). However, annual contribution limits apply collectively across all IRAs of the same type.
Withdrawals from a Traditional IRA before age 59½ may be subject to a 10% early withdrawal penalty in addition to ordinary income tax unless an exception applies. Roth IRAs have more flexibility, allowing penalty-free withdrawals of contributions (but not earnings) at any time.
Required Minimum Distributions (RMDs) from Traditional IRAs must begin by April 1st of the year following the year you turn 72 (for individuals who turned 70½ before January 1, 2020, it was 70½). Roth IRAs do not require RMDs during the account holder's lifetime.
Earn one of the highest rates nationwide with no monthly maintenance fees.
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Earn a competitive yield while enjoying access to your funds.
No annual fee, balance transfer fee or cash advance fee.