COVID-19 Update: Due to the recent uptick in cases in the immediate area, we’re taking the initial precaution of closing our Danbury Branch lobby and will only be assisting members at that location via our drive-up until further notice.
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With a Roth IRA, your earnings grow tax-free and can be withdrawn without tax penalty if you’re 59 ½ or older and the money has been in your account for at least five years.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?
$6,000 or $7,000 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.
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.