A Roth IRA allows you to contribute after-tax income to your retirement account, providing a sound option for retirement savings.
Our Roth IRA accounts offer a non-deductible way to start your retirement savings. If held for at least five years, distributions from a Roth IRA are tax free when used for a qualified purpose.*
Account Types
To fit your needs, you can open a Roth IRA Savings or Certificate account.
Contribution Limits (Roth)
Catch-Up Contributions
Individuals who turn age 50 and older can make a catch-up contribution of $1,000 per tax year in addition to regular contributions. This catch-up contribution may also be made to an IRA for a non-working spouse.
Rollovers From Traditional IRAs
Traditional IRAs may be rolled into Roth IRAs. This allows depositors to gain the advantage of tax-free distributions in the future.
Tax-Free Distributions
Traditional IRAs only allow tax deferral, the government collects tax at the time of distribution. Distributions from a Roth Individual Retirement Account are tax free if used for a qualified purpose.*
Qualified Distributions
Tax-free distributions include: higher education, buying a first home (up to $10,000), age 59½, death, and disability. In order to qualify, the five-year holding period requirement must also be met.
Eligibility
Roth IRAs are available to married couples with incomes $230,000-$240,000 and single filers with incomes $146,000-$161,000 for 2024. In addition, individuals must have earned income to be eligible.
Visit the branch nearest you, or call (800) 341-4333 ext. 6780.
*Consult your tax advisor.
Please refer to the Internal Revenue Service (IRS) for further information concerning deductions and general tax information.