A Roth IRA differs from a Traditional IRA: Contributors gain a tax benefit in retirement; a traditional IRA gives you most of your tax benefit when you contribute. Another difference is you can continue to fund your Roth IRA after you reach age 70½ and you can leave amounts in your Roth IRA as long as you live.
You can open a Roth IRA at any time if you have taxable compensation and your modified adjusted gross income falls within IRS guidelines. Contact us for details.
- Earnings and principal are 100% tax free upon withdrawal
- Contributions are not tax deductible
- $5,000 contribution limit per year, $6,000 if you are age 50 or older
- No mandatory distribution age
- Principal contributions can be withdrawn without penalty1
- Early withdrawals on interest subject to penalty2
At Cornerstone Credit Union, no setup or annual maintenance fees. Choose between an IRA Savings or IRA Certificate of Deposit.
Call or stop in today — and get started with your Cornerstone Credit Union IRA!
1 Subject to some minimal conditions. Consult with your tax advisor.