Bring your retirement into focus today. By launching one of MAX's tax-advantaged individual retirement accounts (IRAs) and making steady contributions, you'll put yourself in position to turn pleasant dreams into happy reality.
Traditional IRAs
- Contribute up to $6,000 per year ($7,000 if over age 50).
- Get a potential income tax deduction every year you make a contribution.
- Annual interest earnings and dividends grow tax-deferred.
- Standard withdrawals can start at age 59½. That money is taxed as regular income.
- Distributions taken before age 59½ may be subject to an IRS 10% early withdrawal penalty.
- Consult your financial advisor for more details.
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Roth IRAs
- Contribute up to $6,000 per year ($7,000 if over age 50).
- Annual interest earnings and dividends grow tax-free.
- Standard withdrawals can start at age 59½. That money is also tax-free.
- Unlike a Traditional IRA, there are no mandatory withdrawals from your Roth IRA, even when you reach age 72.
- Even after you retire, you can continue to make contributions. Any funds you don't need can be passed on to your heirs.
- Consult your financial advisor for more details.
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Important! Tax rules can be complicated. Before making any decisions, you should speak with a qualified tax advisor. View Disclosures
MAX Credit Union is a full-service financial institution serving Central and East Alabama, including Montgomery, AL; Auburn, AL; Opelika, AL; Prattville, AL; Wetumpka, AL; Tallassee, AL; and Troy, AL.