Roth IRA Accounts

With a Roth IRA, your contributions are not tax deductible, but your earnings are tax exempt. Minimum balances are $5 for an IRA Share Savings account and $500 for an IRA Share Certificate account. Funds are insured separately from regular savings, up to $250,000 by NCUA, and there are no maintenance fees.

Contributions

• Allowed at any age
• Must be from earned income
• Funds may remain on deposit past age 70 1/2
• Limits are set by the IRS and reviewed each year
• Savers age 50 and over may make catch-up contributions

Withdrawals

• Flexible withdrawal options
• Contributions may be withdrawn without penalties or tax liability
• Earnings may be withdrawn after five years if one of the following conditions apply:
  • Qualified higher education expenses
  • First-time home purchase
  • Disability
  • Payment of health insurance premiums while unemployed for 12-weeks or longer
  • Payment to beneficiaries upon owner's death
     

  Please note: Contribution limits and penalties are governed by federal law. Your tax professional is the best source of information about your individual situation.