Plan for Your Future!

Contributions are made with after-tax dollars. Earnings may be withdrawn tax-free and penalty-free under a variety of conditions. Funds may be used for a first-time home purchase (lifetime limit of $10,000 per person).

Who Can Contribute

  • Anyone under the age of 70 ½ who has earned income up to $95,000 (single) or up to $150,000 (joint)
  • Single filers with up to $110,000 or joint filers earning up to $160,00 may make reduced contributions to a Roth IRA

Contribution Limits

  • Up to $6,000 if 50 years of age or older
  • Contributions cannot exceed earned income
  • Cannot exceed maximum contributions for both a ‘Roth’ and ‘Traditional’ IRA

Tax Advantages

  • Earnings are tax-deferred if account is opened for 5 years and withdrawn for qualified reason
  • Individuals can contribute for prior year up to April 15th of current year or the tax return due date
  • Unlike Traditional IRA’s you are not required to start withdrawals at age 70 ½, giving you more estate planning options


There are no penalties for withdrawing money from your Roth IRA for the following reasons:

  • You’ve reached age 59 ½
  • Qualified higher education expenses
  • First time home purchase with a $10,000 maximum withdraw
  • Disability
  • Qualifying medical expense exceeding 7.5% of adjusted gross income
  • Payment to beneficiaries upon owner’s death
  • Payment for health insurance premiums while unemployed for 12 weeks or longer

IRA Investment Options

  • Insured Certificates of Deposit offering a variety of maturities. IRA savings account with automatic payroll deduction or direct deposit contributions.
  • Click here for current IRA CD and IRA savings account rates.
  • Use our financial calculators to estimate your saving potential.

IRA Rollovers

When you change jobs or retire, you can make arrangements to roll your retirement plan over into an IRA at the Credit Union. Plans that may be rolled over include taxable distributions from Section 401 and 403 (b) plans as well as nontaxable voluntary employee contributions and distributions from governmental Section 457 plans.

The National Credit Union Administration insures IRAs to $250,000. This insurance protection is IN ADDITION to the insurance provided on your other deposits at MHS.

To speak with one of our friendly Member Service Representatives about opening an IRA call 248-334-0568, email us or stop in today!

This information is not intended as tax advice; please consult a tax professional.