To open a Roth IRA your income must be less than $95,000 annually ($150,000 for married couples). While you can't deduct contributions with a Roth IRA, your earnings are completely tax free upon withdrawal. Another advantage is your principal contributions (but not the interest) may be withdrawn without penalty.
- Earnings and principal are 100% tax free upon withdrawal*
- Contributions are not tax deductible
- $5,500 contribution limit per year
- Additional "catch-up" contributions of $1,000 per year are allowed for ages 50+
- No mandatory distribution age
- Principal contributions can be withdrawn without penalty*
- Early withdrawals on interest subject to penalty**
- Funds are federally insured to $250,000
- Visit the Online Retirement Center to learn more and get started.
- See more financial planning options.
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*Consult your tax advisor for details. Subject to some minimal conditions.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.