Roth IRAs
Interested in opening a Roth IRA?
Get started saving today.
Keeping You Moving Forward
Roth IRAs are a powerful retirement savings tool to add to your portfolio. Funded with contributions made after-tax, your Roth IRA funds have the potential to grow and provide tax-free income during your retirement.
Advantages of Roth IRAs
Anyone with income within can open and contribute to a Roth IRA 鈥� including teenagers working their first jobs, self-employed contractors or freelancers.
As long as your Roth IRA is at least five years old and you are at least 59陆, you can withdraw your premium and your earnings without paying taxes or penalties. You can also withdraw money penalty鈥揻ree if you鈥檝e become permanently disabled or meet the requirements for a first鈥搕ime home purchase.
Roth IRAs allow you to choose from a variety of investments, such as stocks, bonds, CDs, mutual funds and ETFs. You can find a mix that works for your timeline and goals.
Traditional IRAs have Required Minimum Distributions (RMDs) that mandate owners to withdraw a certain amount each year. Roth IRAs do not have RMDs, meaning you have more flexibility regarding when to access your money.
Contributing to a Roth IRA
Your contribution limit is determined by your modified adjusted gross income (MAGI) and your tax return filing status. Those over 50 can also make 鈥渃atch-up contributions.鈥� Talk with an advisor about what those limits are for you and how you can maximize the benefit of your retirement savings tools.
You May Also Like
-
Could Tax-Loss Harvesting Save You Money?
Apr 042 minute read -
4 Tips for Becoming a Super Saver for Retirement
Mar 291 minute read -
Your Guide to Fixed-Income Investing
Mar 221 minute read -
Is It Time to Increase Your 401(k) and IRA Contributions?
Mar 181 minute read