If you’re looking for tax-free earnings and withdrawal flexibility, a Roth IRA might be the retirement savings account for you.
With a Roth IRA, your earnings grow tax-free and can be withdrawn without tax penalty if you’re 59 ½ or older and the money has been in your account for at least five years.
Who can contribute?
You can contribute to a Roth IRA is you, or your spouse filing jointly, has a taxable income and your modified adjusted gross income is below the set limit.
Are my contributions tax deductible?
No, your contributions cannot be deducted.
How much can I contribute annually?
$5,500 or $6,500 if you’re over the age of 50
When can I withdraw money?
You can make tax-free withdrawals if you’re 59 ½ or older and the money has been in your account for at least five years.
You can also continue to make contributions past the age of 70 ½, as long as you still have a taxable income.
We do not offer tax advice. You should always consult with a tax professional when it comes to your contributions and deductibility.
Please see our Truth-In-Savings Disclosure for full details and our Rates Page for the most current rates.