Individual Retirement Accounts

An Individual Retirement Account is a sound way to reduce your taxes and build a secure future. Our experienced team of knowledgeable and friendly professionals is here to help you choose the products and services that best suit your retirement needs. Whether retirement is still a few years away or something you're ready for today, we can help you determine which products are most appropriate for your life stage and financial goals. Plus at Maspeth Federal, all IRA's are insured up to FDIC limits.

TRADITIONAL IRA*

The Traditional IRA is an account which allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which they are made and tax laws provide for penalty-free distributions for qualified first-time home buyers and for a child's qualified higher education. Eligible individuals 50 years of age or older are permitted to make "catch-up" contributions that exceed standard contribution maximums.

ROTH IRA*

The Roth IRA is a non-deductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. You pay no taxes on any of the interest earned. There are two requirements to be eligible to contribute to a Roth IRA: (1) You or your spouse must have earned income and (2) Your modified adjusted gross income cannot exceed certain limits. With a Roth IRA you are also not subject to the age 70 ½ minimum distribution requirements.

Eligible individuals 50 years of age or older are permitted to make "catch-up" contributions that exceed standard contribution maximums.

COVERDELL EDUCATION SAVINGS ACCOUNT*

Formerly known as Education IRAs, a Coverdell Education Savings Account (CESA) is a non-deductible account offering tax-free withdrawals for your child's education expenses. Funds can be withdrawn tax-free from federal income tax and penalty-free for your child's qualified elementary, secondary & higher education expenses.

WILD CARD (LOWER MINIMUM BALANCE) IRA CERTIFICATE OF DEPOSIT*

Our Wild Card IRA is an IRA with an 18 month term. It can be either a Traditional IRA, Roth IRA or Coverdell Education Savings Account. It differs in that the minimum to open a Wild Card IRA is only $40.00 and you can make multiple deposits throughout the year.

* All IRAs/CESAs have specific eligibility requirements, modified adjusted gross income limits, contribution and deductibility limits and possible IRS and Association penalties for early withdrawal. It is recommended that you consult with a tax professional to discuss your eligibility and own personal tax liability with regard to federal, state and local income tax implications.