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About IRAs
Whatever your age, finances or saving experience, now is the time for you to get started. Prepare for a comfortable retirement, with the help of an Individual Retirement Account from Metro Federal Credit Union.
Traditional IRA
Traditional IRA accounts are a special type of retirement savings account that allow your earnings to grow tax-deferred.
Deposits & Contributions
You can invest up to $7,500 per year for 2026, or if you're 50 or older, you can deposit up to $8,600 for 2026 based on your earned income. Contributions and earnings grow tax-deferred.
| Year | Under age 50 | Age 50 and over |
|---|---|---|
| 2025 | $7,000 | $8,000 |
| 2026 | $7,500 | $8,600 |
Withdrawals
You are eligible for penalty-free withdrawals from your Traditional IRA starting when you reach age 59 1/2. Once you reach age 73, you must begin taking a required minimum distribution (RMD) every year.
Tax Advantage
Your contributions and earnings grow tax-deferred, meaning you only pay tax when you make a withdrawal. Contributions may also be tax deductible based on your income.
If you want to reduce your current tax liability, a Traditional IRA may be the right option for you.
