Roth IRAs offer you an opportunity to create tax-free income (contact your tax advisor) during retirement and can be a good way to diversify your future retirement income. The sooner you start, the longer your money can grow.
- Contributions are non-deductible but all withdrawals, including earnings, are tax-free if the account has been open for five years and the account holder is 59 ½ or older.
- IRA allows penalty-free and tax-free withdrawals at any time (until total distributions from all Roth IRAs exceed the contribution amount - no distribution is subject to either taxation or penalty).
- Transferring money from a traditional IRA to a Roth - a procedure known as converting. Anyone willing to pay the income taxes due upon making such a move will be able to funnel retirement savings into a Roth, where it can grow tax-free.
Contribution Limits for the 2020 Tax Year
- $6,000 for individuals, $12,000 for married couples
- Catch up contributions for IRA owners 50 years or older is an additional $1,000
Retirement Certificates of Deposit
Rates as of April 2, 2020
* Rates are subject to change without notice; fees and withdrawals could reduce earnings on accounts. Fees are subject to change. A penalty may be imposed for early withdrawal from a certificate of deposit (CD) account.
**13 Month CD will automatically roll into the then 12 Month CD rate and term upon maturity.
^14 Month CD will automatically roll into the then 18 Month CD rate and term upon maturity.
***16 Month CD will automatically roll into the then 18 Month CD rate and term upon maturity.
****19 Month CD will automatically roll into the then 18 Month CD rate and term upon maturity.
^^25 Month Bump-Up CD will automatically roll into the then 24 Month CD rate and term upon maturity.