Roth IRA
Sock money away now for retirement later with this specialized individual retirement account. The Roth IRA offers a different type of tax advantage than the traditional IRA. Contributions are non-deductible but the interest and earnings accumulate tax free. That means you pay taxes on your money now when you have an income, so you don't have to worry about it later, when you're more interested in enjoying your retirement!
- Summary
- Contributions are NOT tax deductible
- Interest and earnings accumulate tax free
- Contributions can be made at any age
- No annual maintenance fee
- $5,000 contribution limit per year
- $1,000 "catch-up" contribution for age 50 and up
- Principal can be withdrawn penalty-free at any time
- Early withdrawals of interest earnings subject to penalty*
- Withdraw earnings tax-free after 5 years
- No required distributions by age 70½
An account must be designated as a Roth IRA when it is opened in order to receive the special benefits it provides. Speak with one of our investment advisers to see if a Roth IRA is right for you.
Take a look at our current rates here.
*Certain exceptions apply, such as healthcare, purchasing first home, etc.
