A Roth IRA is an individual retirement account that requires you to make contributions from your post-tax dollars and this means your future withdrawals are tax-free. Another benefit of a Roth IRA is that you can withdraw your contributions and earnings five years after you open the account and you are at least 59 ½ years old.
Roth IRAs may offer greater tax savings and withdrawal flexibility than a Traditional IRA. While contributions are not tax deductible, contributions and earnings can be withdrawn tax-free on qualified distributions, meaning that you’re at least age 59 ½ and have had your Roth IRA fro at least 5 years.
*Christmas Club account maximum deposit is $300 per month. Early withdrawal fee of 60 days of dividends of the amount withdrawn apply or $5.00 minimum.
A Roth IRA is a smart retirement savings choice if you want to pay taxes on your contributions now and enjoy tax-free withdrawals later.
A Traditional IRA may be better if you think your income bracket will be lower in the future, so you want to enjoy tax deductions on your contributions now and pay taxes on your withdrawals later.
When it comes to withdrawals, a Roth IRA lets you withdraw contributed funds at any time and earnings without penalty five years after you open the account and if you’re 59 1/2.
A Traditional IRA is better for long-term savings as you need to wait until you're 59½ to make penalty-free withdrawals.
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Roth and Traditional IRAs feature both similarities and differences:
Depending on your modified adjusted gross income and filing status, you may be able to open either type of account even if you have a 401(k) or another type of employer-sponsored retirement plan or are covered by a retirement plan at work.
You can usually withdraw funds from a Roth IRA more easily than from a Traditional IRA.
There are a few key age guidelines to be aware of:
Yes, you need to join the credit union, and becoming a member is easy! You simply need to meet these criteria: