Roth IRA accounts are a special type of investment that allow your earnings to grow tax-free. You can invest up to $5,500 per year in a Roth IRA account (or up to $6,500 per year if you are 50 or older).
You are eligible for tax-free earnings withdrawals from your Roth IRA once you are age 59½ or older and the money has been in the account for at least 5 years. There are no mandatory withdrawals, and you can continue to invest in a Roth IRA no matter your age as long as you have earned income and meet the income limits.
Features and Benefits:
- Awesome dividend rates — consistently among the best in the country
- No minimum balance requirement. No maintenance fees
- Ability to withdraw contributions any time without IRS penalty or taxes
- Earnings grow tax-free
- Invest no matter your age as long as you have earned income
- No required minimum distributions after age 70½
- No fees to transfer funds in and out of Element FCU
- Automatically reinvest dividends or receive monthly checks — it’s your choice
- Deposit is insured up to $250,000 by NCUA
Annual Contribution Limits
2018 – Under age 50 = $5,500
2018 – Age 50 and over* = $6,500
2019 – Under age 50 = $6,000
2019 – Age 50 and over* = $7,000
*Catch-up contribution eligibility begins on January 1 of the calendar year of contributor’s fiftieth birthday.
Visit the Internal Revenue Service website for more information.