Michigan Schools & Government Credit Union
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Individual Retirement Account (IRA)

It’s never too early to start planning for retirement! No matter what age you are, we can help you plan for the future with our Individual Retirement Account (IRA). Having a secure future stems from setting your finances right today.

  • Traditional, Roth, and Coverdell Education Savings Accounts
  • Members may make contributions to a Simplified Employee Pension Plan (SEP) up to 25% of their taxable compensation (18.47% of the self-employment income of an owner-employee)
  • Share and Certificate of Deposit Accounts available
  • Unlimited use of Online Banking

 

Individual Retirement Account (IRA)
APY*Interest Rate
0.300% 0.300%

*APY = Annual Percentage Yield. No Minimum Balance Required.

Traditional and Roth IRA
Member Age2016 Annual Contribution Limit2017 Annual Contribution Limit
Up to Age 49 $5,500 $5,500
50 and Older $6,500 $6,500

Coverdell Educational Savings Account
Member Age2016 Annual Contribution Limit2017 Annual Contribution Limit
Child up to Age 18 $2,000 $2,000

 

 

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