This plan provides a personal savings plan for the future. MNB offers several retirement account options, from MMIRA to Certificates of Deposit, each designed to meet individual needs and lifestyles. Contributions may be fully or partially tax deductible. Earnings are tax deferred until withdrawal.
This plan is available to married couples and single filers. Non-deductible contribution limits phase out based on Adjusted Gross Income.
Non-deductible contributions are withdrawn tax-free. Withdrawals of earnings are tax-free when held in the account at least five years and you are over age 59 1/2. Required distributions based on age do not apply. With taxable compensation, contributions are allowed after age 70 1/2.
This plan is a great way to save for a child's education. The non-deductible annual contribution can not exceed IRS limits and distributions for qualified purposes are tax-free. This plan is being offered with no annual fees. Funds can be invested in either money market or certificate products.