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Save for Retirement With Tax-Free Earnings

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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

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.

Are my contributions tax deductible?

No, contributions cannot be deducted.

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.

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

 

Traditional IRA

Roth IRA

Income Limits

No income limits to make contributions.

Adjusted Gross Income (AGI) must be below certain limits.

Tax Status of Contributions

Contributions are tax-deductible, subject to certain conditions. 

Contributions can NOT be deducted from taxable income.

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.

Account Earnings

Account earnings are taxable when they are withdrawn.

Account earnings are tax-free when they are withdrawn.

Minimum Age for Withdrawing Money Without  Penalty


59 ½


59 ½

Minimum Age for Required Minimum Distributions (RMDs)


73


N/A

Learn more about a Traditional IRA