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Roth IRAs

The Roth Individual Retirement Account (IRA) enables individuals to make nondeductible contributions that are taxed in the year they are earned rather than when they are withdrawn. If you or your spouse has earned income during the year and your modified adjusted gross income does not exceed certain limits, you may invest a prescribed amount in this account. A Roth IRA may be right for you if:

  • You or your spouse have earned income
  • Your modified adjusted gross income (MAGI) does not exceed certain limits
  • You want tax-free earnings on qualified distributions
  • You want to withdraw your contributions after a five-year holding period for any of the following reasons:
  • You have reached age 59 ½
  • You have a permanent disability or qualified medical expenses
  • You are making a first-time home purchase
  • You have certain higher-education expenses

With a Point Breeze Roth IRA:

  • Contributions are nondeductible
  • Qualified contributions may be withdrawn without IRS penalty
  • Get competitive rates
  • Funds are federally insured to at least $250,000 by the National Credit Union Administration
  • Your total combined contribution for all of your Traditional and Roth IRAs cannot exceed the (plus the catch-up amount if you are age 50 or older) maximum contribution

Stop by your local Point Breeze office or call us at 410.584.7228 to find the perfect retirement savings plan for you!

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