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COVID-19 UPDATE: MSCU's Danbury and Norwalk branch lobbies are temporarily closed, but their drive-thrus remain open. Our Shelton, Stratford and Watertown branch continue to operate by appointment only, please call us at (800) 761-2400. Members can access and manage all their accounts 24/7 by signing into Digital Banking or by downloading the MSCU Mobile app.

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Roth IRAs

Take advantage of tax-free retirement savings.

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Tax-Free Flexibility

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With a Roth IRA, your earnings grow tax-free and can be withdrawn without tax penalty if you’re 59 ½ or older and the money has been in your account for at least five years.


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Roth IRA 101 

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.

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