Retirement Savings Basics: Roth IRA
A Roth IRA is a type of retirement savings plan that offers a unique and flexible tax structure. While you don’t receive tax breaks for contributing to your Roth IRA now, you can withdraw money from your fund tax-free after you retire. This means it can be a valuable investment if you expect your tax rate to be higher after you retire than at the current date. The rules of a Roth IRA state that you can withdraw your money tax- and penalty-free after age 59.5. However, you can withdraw without taxes or penalties at a younger age for a variety of reasons, including death, disability, and the purchase of a first home. There is also no requirement that you ever withdraw from your Roth IRA account, and you can continue to contribute to your Roth IRA if you continue to work after retirement age.
Invest in your future with help from GCS Credit Union of O’Fallon, IL . Our credit union offers a variety of retirement and investment services in ten Illinois counties. Please call us today at (618) 797-7993 or click on our web contact form for more information about investing, saving, or checking with us.