Roth IRA
The Roth IRA is an individual retirement account that allows you to invest after-tax income, up to a specified amount each year. The Roth IRA is a secure way to save for retirement as your savings grow tax-free.
- Allows for tax-free qualified distributions after reaching 59 ½
- Taxes are paid on money contributed
- Must have earned income (compensation) to contribute to a Roth IRA
- May make contributions after reaching 70 ½
- Roth IRA owners are not subject to RMD rules
- Competitive rates
Traditional/Roth Contribution Limits
Year
Standard Contribution
Catch-Up Contribution
(for ages 50 or older)
2023
$6,500
$1,000
2024
$7,000
$1,000
2025 and on
Indexed with Inflation
