*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 Contributions can be withdrawn at any time without penalty.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.
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