Roth IRAs allow only nondeductible contributions but feature tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, they may be beneficial for people who expect to be in a higher tax bracket when they retire.
To be eligible to open and contribute to a Roth IRA, individuals and their spouses must meet a set of requirements for modified adjusted gross income for a given tax year. For information about these requirements, please call our Personal Assistance Line to request further information. You may open your Roth IRA either as a certificate or in a floating rate account.