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: roth Ira :

The Roth IRA offers a different type of tax advantage. Contributions are not tax deductible, but the interest and earnings accumulate tax-free!

An account must be designated as a Roth IRA when it is opened to receive the special benefits. Roth IRAs are subject to income limitations for the maximum contribution. Joint filers with Adjusted Gross Income (AGI) less than $150,000 and single filers with an AGI less than $95,000 are eligible for the maximum contribution of $3000 in tax year 2002. Generally speaking, withdrawals may begin on the date an individual becomes 59½. In order for earnings to be withdrawn tax-free, the funds must have been in the account for at least 5 years. Prior to age 59½, original contributions (not interest or earnings) may be withdrawn without penalty or income tax.

Withdraw money at retirement and pay no income taxes on earnings if you take qualified distributions. Make tax-free and penalty-free withdrawals after five years for the following reasons:

• $10,000 towards a first time home purchase
• Qualified higher education expenses
• Disability
• Death
• Attainment of age 59½
• Click here to find out what your can earn for a given period of time at a given interest rate.
• Click here to check rates.

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 $3000 in any year.