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Individual Retirement Savings Account

Saving for retirement is important. The earlier you start, the better off you are, but it is never too late to open an IRA at DMCU, where we offer a great return on your investment.

Open your account by depositing a minimum of $50, then schedule regular contributions via direct deposit, U.S. mail, or simply come into any of our four branches in person. Our Retirement Central portal allows you to monitor and manage your account online anytime. Plus, you never have to worry about whether your IRA at DMCU is secure — all IRAs here are insured up to $250,000.

What Kind of IRA is Right for Me?

Depending on your individual financial circumstances, you may be better off opening a traditional IRA or a Roth IRA.*

Traditional IRA:

This type of IRA has a tax-deductible component, so you may qualify to pay less in taxes at the time of funding.

Roth IRA:

With a Roth IRA, you make contributions with after-tax dollars, so when you start drawing on your account, it’s tax-free.

For more information about opening an IRA at DMCU, call (313) 568-5000 or visit one of our branches.

Planning for Retirement

Most people look forward to the day they can retire. Even if you enjoy the work you do now, you want to be able to retire when you are still in good health and able to pursue the hobbies and interests you didn’t have much time for when you were out in the work world every day.

But your chances of being able to do this depend on your retirement-planning abilities. You don’t need to be a financial whiz, but you need to have the discipline to open the account and make regular contributions to it. The better you are at this, the more secure your future will be.

Below are some points to consider when planning for your retirement

Should I Put Off Retirement?

Waiting to retire can mean a bigger payoff. Currently, the retirement age to collect full Social Security benefits is 66, but this is scheduled to increase to 67. If you opt to take early retirement at 62, your Social Security benefit would be $1,030 per month, but if you waited until 67, it would be $1,577. By waiting until age 70, you would get $1,995. Visit the Social Security Administration’s website to learn more about benefits and retirement age.

Long-Range Planning

Retirement and life expectancy are closely related. Although Americans’ life expectancy continues to get longer, a Bureau of Labor Statistics report shows that we retire earlier now than we did in the 1950s. That means we have to fund many more years of living without working.

To guard against running out of money in your retirement, many financial experts suggest:

Withdraw only 4% or 5% annually from your retirement accounts.
Look into buying a long-term care insurance policy, which covers nursing home and other related expenses.
Continue to invest in stocks for their long-term growth potential.³
Consult a financial advisor.

*Minimum deposit of $50 to open the account. **APY = Annual Percentage Yield
1. Society of Actuaries, “2009 Risks and Process of Retirement Survey Report,” February 2011.
2. Social Security Administration, Benefit Estimates Quick Calculator.
3. Investing in stocks involves risks, including loss of principal. Past performance is not a guarantee of future results.

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