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Roth IRA

A Roth IRA is intended to be a retirement plan for use by people who wish to save for retirement and receive tax FREE earnings and do not need a tax deduction.

To be eligible for a Roth IRA you must have earned income.  You may contribute up to 100% of your earned income up to $5,000 for individuals under the age of 50 or $6,000 for individuals 50 and older during any tax year. Contributions cannot exceed the maximum to an IRA including the Traditional.  If you contribute to a Traditional IRA, that contribution must be deducted from the Roth contribution.  You may continue making contributions beyond the age of 70 ½ provided that you have earned income.

You may always take the principal of the Roth (except for conversions) at any time and it is not subject to penalties. You may not take the interest before five (5) years without paying taxes and penalties.  Please speak with a new accounts representative for other details.

Please consult your tax advisor for your own tax implications.