Save for retirement with your after-tax dollars.
Retire your way, on your plan. As you prepare for retirement, you control when, how much and how you often you access Roth IRA funds.
What to Know About Roth IRAs
- Contribute up to $6,000 to your retirement plan annually, after-tax
- Annual income limits determine eligibility
- Potential tax-free withdrawals after age 59½, and after you have had the account for at least five years
- No minimum distributions required
- Use tax-free earnings, up to $10,000 from the account, for first-time home purchase after you have had the account for at least five years
- Generally, prior to age 59½ withdrawals of contributions are IRS penalty-free; income taxes and penalties may apply to earnings
- Contribute up to an additional $1,000 "catch-up" contribution per year, beginning in the year you reach age 50, if you wish
- If you reached the age of 70½ in 2019 the prior rule applies, and you must take your first RMD by April 1, 2020. If you reach age 70½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72
Choose from FDIC-Insured or Brokerage IRA Options:
With these IRAs, you save in various money market accounts or CDs.
Brokerage IRAs (Non-FDIC Insured)
These IRAs let you diversify your retirement savings and work with Key Investment Services to choose from a wide selection of non-FDIC-Insured investment options.