Roth IRA

Invest in your future with a savings vehicle built to make retirement easier. Many people find a Roth IRA is a better solution for their long-term investment plans. Unlike a traditional IRA, your contributions are not tax deductible, but the earnings accumulate tax-free, which can be very beneficial when you're retired and living on a fixed income.

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Roth IRA
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Summary

Roth IRA's differ from Traditional IRA's in that contributions are not tax-deductible, but the interest and earnings accumulate tax-free!

Roth IRA Benefits

  • Save money for retirement
  • Available to anyone age 18 to 70½
  • Dividends compound monthly
  • Add to your IRA with automatic payment deposits
  • Roll over existing retirement funds to your IRA
  • No annual maintenance fee
  • No mandatory distribution age
  • After 5 years, earnings and principal can be withdrawn 100% tax free
  • $1,000 "catch-up" contribution for age 50 and up
  • Principal can be withdrawn penalty-free at any time**

Roth IRA Requirements

  • Joint filers income must be less than $176,000 annually to open*
  • Single filers income must be less than $105,000 annually to open*
  • Contributions are not tax deductible
  • Maximum $5,000 contribution limit per year
  • Withdrawals may begin at age 59½
  • Early withdrawals of earnings subject to penalty***
  • $10 minimum deposit to open

There are no requirements to begin taking distributions by age 70½. Members may contribute to either traditional or Roth IRAs or both, but aggregate contributions between the two types of accounts may not exceed $5,000 in any year. An account must be designated as a Roth IRA when it is opened to receive the special benefits.

Take a look at our current rates here.

*Maximum $150,000 for married couples. Consult with a tax advisor about this and other aspects of IRAs.

**Subject to some minimal conditions.

***Certain exceptions apply, such as healthcare, purchasing first home, etc.

NCUA insured up to $250,000

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