Experience all of the joy retirement can offer.
The key to a great retirement experience is making a plan for the lifestyle you want to live. Start saving as early as possible, and set up an Individual Retirement Account (IRA) with potential tax breaks that help you get the most out of every dollar.
Individual Retirement Accounts
A Traditional IRA offers tax deferred contributions with no income limitations. Instead of paying taxes up front, funds are only taxed once they are withdrawn. With potential reductions in yearly income tax and larger up front contributions, Traditional IRAs offer both short term and long term benefits to those saving for their golden years.
Unlike a Traditional IRA, Roth IRA contributions are taxed before being deposited. While this means it can take longer to accumulate when compared to a Traditional IRA, deposited funds are not subject to taxation upon withdrawal. Additionally, with Roth IRAs, there is no required withdrawal date. Leave your money in a Roth IRA and let it grow tax-free as long as you live.
Coverdell Education Savings Accounts (ESA)
Want to begin saving for your child's education? A Coverdell Education Savings Account is a great tool that allows funds deposited to grow alongside the stock market. Assuming these funds are used for qualifying educational expenses once your child attends college, earnings can be withdrawn tax free.
With lower minimum deposits, Variable IRAs can be opened with less money up front compared to a Traditional or Roth IRA. While Traditional and Roth IRAs have pre-determined dividends, a Variable IRA's dividends change alongside the state of the economy. A growing economy can translate to higher returns compared to a Roth or Traditional IRA, while a shrinking economy may lead to lower comparative earnings.
Michigan First is a full-service credit union with branches that are easily accessible around Metro Detroit, Grand Rapids and mid-Michigan.
Michigan First Credit Union Offers Peace of Mind with $500,000 Coverage!
At Michigan First, we go the extra mile for our members by making sure your money is protected. Deposits at Michigan First Credit Union are federally insured up to $250,000 by the National Credit Union Administration (NCUA). To further protect your deposits, Michigan First provides additional coverage through Excess Share Insurance (ESI), creating a combination of federal and private share deposit insurance that protects your deposits for a total of $500,000 — including savings accounts, checking accounts, money market accounts, and certificate accounts.
This combination of NCUA and ESI coverage ensures that:
- All individual savings, checking and certificate accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI.
- All joint accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI.
- All IRA accounts held by the same person are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI.
Both ESI and NCUA offer coverage payable upon failure and liquidation of the credit union. In order to continue providing the expanded protection, Michigan First adheres to strict underwriting criteria and reports monthly to ESI. If you have questions regarding this valuable member benefit, please call 800.664.3828.