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IRAs

Roth IRA

The Roth IRA was named after former Senate Finance Committee Chairman William Roth. Although Roth IRA contributions are not tax-deductible, they do offer a potentially greater tax benefit. All contributions and earnings left in the Roth IRA for at least five years and withdrawn after age 59 will not be taxed, no matter what your tax bracket or income level. And, unlike the Traditional IRA, you do not have to start withdrawing money when you reach age 70.


You may qualify to contribute up to $5,500 per year to a Roth IRA if your total income does not exceed $129,000 if single or $191,000 if married and filing a joint tax return. If you are age 50 or older, you may contribute an additional $1,000 in 2014 under the catch-up provision.


Roth IRA Features:
  • Individuals with an Adjusted Gross Income (AGI) of $129,000, and married individuals with an AGI over $191,000, are not eligible to contribute to a Roth IRA.
  • Married individuals filing a separate tax return, with a modified AGI greater than $10,000, are not eligible for a Roth IRA.
  • Contribution limits - 100% of your Annual Gross Income or $5,500 in 2014, whichever amount is less
  • Additional IRA catch-up contributions of $1,000 per year in 2014 will be allowed for those age 50 or older
You can potentially maximize your tax savings by selecting the IRA that is right for you. As with any retirement plan, we encourage you to check with your tax advisor or discuss your retirement needs with one of our financial advisors.

*Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with SchoolsFirst Federal Credit Union to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.

CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.





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