Save for Retirement With Tax-Free Earnings
It’s Never Too Late to Start Saving With a Roth IRA
Did you know a Roth IRA offers tax-free earnings and withdrawal flexibility? If you’re 59 ½ and the money has been in your account for at least 5 years you can make annual withdrawals for as much as you want without a penalty!
Saving for retirement has never been easier!
Stop by any of our branches or call us at 800.761.2400 to open an account today.
Roth IRA 101
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Who can contribute to a Roth IRA? |
You can contribute to a Roth IRA if you or your spouse filing jointly has taxable income and your modified Adjusted Gross Income is below the set limit. |
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Are my contributions tax deductible? |
No, contributions cannot be deducted. |
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How much can I contribute annually? |
$7,000 for those under 50, and an additional $1,000 catch up contribution for those 50 and older. |
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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 5 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.
Traditional IRA v. Roth IRA
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Traditional IRA |
Roth IRA |
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Income Limits |
No income limits to make contributions. |
Adjusted Gross Income (AGI) must be below certain limits. |
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Tax Status of Contributions |
Contributions are tax-deductible, subject to certain conditions. |
Contributions can NOT be deducted from taxable income. |
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Annual Contribution Limits |
$7,000 for those under 50, and an additional $1,000 catch up contribution for those 50 and older. |
$7,000 for those under 50, and an additional $1,000 catch up contribution for those 50 and older. |
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Account Earnings |
Account earnings are taxable when they are withdrawn. |
Account earnings are tax-free when they are withdrawn. |
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Minimum Age for Withdrawing Money Without Penalty |
59 ½ |
59 ½ |
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Minimum Age for Required Minimum Distributions (RMDs) |
73 |
N/A |