Roth IRA

personal banking

May be a good choice if you are seeking tax-free withdrawals in retirement, want to avoid required minimum distributions beginning at age 70 1/2, or feel you will be in the same or a higher tax bracket in retirement.

  • Roth IRAs offer you an opportunity to create tax-free income during retirement.
     
Benefits –
  •  Tax-deferred growth and qualified distributions are tax- and penalty-free in retirement. Distributions are qualified after five years and age 59 ½, or as a result of your death, disability, or if using the qualified first time homebuyer exception
  •  The ability to withdraw your contributions at any time, without tax or penalty, if you need the money
  •  No RMDs at age 70 ½ § Things to consider
  •  Your Modified Adjusted Gross Income (MAGI) determines your eligibility to contribute
  •  You’re not able to deduct your contributions on your taxes, as they’re made with after-tax savings
  •  Non-qualified distributions of earnings may be taxed and you may owe the 10% IRS tax penalty (some exceptions apply).
     

Contact us today for more information.
Toll Free Number 1-844-350-8512
E-Mail info@thecitizensbank.net