Roth IRAs

The Roth IRA is an excellent choice for Credit Union members between the ages of 16 and 40 who have earned income.

The major advantage of this IRA is that you pay taxes on your yearly contributions, but long-term accumulation and future withdrawals are tax free. This IRA also offers some estate advantages.

Some key elements of the non-deductible Roth IRA are:

• Penalty free withdrawals after 5 years
• Tax free earnings after age 59¹/2
• Contributions allowed after age 70¹/2 when employed
• No required distribution at age 70¹/2 or in your lifetime
• Tax-free if used for first home purchase (up to $10,000) or education
• Tax-free if disabled, have qualifying medical expenses, or upon death

Eligibility

Your eligibility is based upon Adjusted Gross Income (AGI):

• Single Taxpayer up to $4,000 maximum yearly investment
• Married Taxpayers (filing joint tax returns) up to $8,000 maximum yearly investment

Talk to your accountant or tax advisor about your Roth IRA options, then come and see us. 

Truth In Savings Disclosure

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