Here's why a Roth IRA might be a good choice for you
Actively working
You or your spouse have earned income.
Staying in range
Your modified adjusted gross income (MAGI) does not exceed certain limits.
Being free and clear
You want tax-free earnings on qualified distributions.
Put the right retirement savings strategy in place
With a Roth IRA, you contribute money after taxes, which means you won't have to pay taxes when you take your distributions in retirement. Depending on where you are financially today and where you think you'll be in retirement, a Roth IRA from Point Breeze Credit Union can provide valuable tax benefits to help you get the most out of your retirement years. If you have any questions, please contact us or discuss your options with a tax professional.
- Contributions are nondeductible
- Grow your retirement savings at our competitive rates
- You can withdraw funds from your Roth IRA after a five-year holding period without incurring the 10 percent premature-distribution tax for specific reasons, such as reaching age 59 ½, disability and qualified medical expenses, certain higher-education expenses and a first-time home purchase
- Your total combined contribution for all of your IRAs cannot exceed the IRS' maximum contribution (plus the catch-up amount if you are age 50 or older)
- Funds are federally insured to at least $250,000 by the National Credit Union Administration
Point Breeze Credit Union is a full-service financial institution with locations throughout Maryland.
Individual Retirement Account Rate
| Account Type | APY | Compounded & Credited | Minimum Balance to Open |
|---|---|---|---|
| Individual Retirement (IRA) | 0.25% | Quarterly | $5 |
*APY=Annual Percentage Yield. Rates are subject to change without notice and may change after the account is opened. Early withdrawal penalties may apply. Consult with a tax professional about potential tax savings.