IRAs

Let’s face it, Social Security might not be enough to afford you the retirement of your dreams, so the friendly, professional team at Mid-Illini can help you plan for a solid financial future with an IRA.  And, because we are member-owned and not-for-profit, we can help you reach your goals faster by providing better rates than most of the other local financial institutions.

MICU’s IRAs Offer You

• Higher rates

• No service charges

• No set up fees

• No withdrawal fees (only IRS withdrawal penalties apply)

• Investments insured at no cost to members

• Easy account access

• Personal Service

There are three types of IRAs available to you:

Roth IRAs. A great savings tool that allows you to save for retirement even if you have a pension, 401k, or Keough where you work.  If you are younger than 50, you can contribute up to $5,000 per person per year.  Those aged 50+ can invest $6,000.

Traditional IRAs. These accounts are often tax deductible and tax deferred.  Money grows until retirement and is taxed when you withdraw it.  Annual contributions are only tax deductible if you are not covered by a pension, 401k, Keough, or other employee retirement plan.

Education IRAs. While not a retirement account, it works very similar to one.  This account helps you save for your children’s or grandchildren’s education.  You can contribute up to $2,000 per child per year (subject to income limitations).  Money goes into a custodial account for the child’s education expenses.  It can be spent not just for college but for elementary, middle, or high school costs as well.  Virtually any education-related expense is eligible --- tuition, fees, books, supplies, room and board, uniforms, etc. See your accountant for details --- but talk to us to secure your child or grandchild’s future.

Call the friendly, professional team at MICU today: 309.661.1166 or 800.527.2205.