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With a Roth IRA, you pay taxes now for funds deposited in order to make tax-free withdrawals when you retire. Wings can help you structure your IRA around specific goals so your expenses and lifestyle are covered in retirement. Every individual situation is unique.
Tax Year. | Contribution Limit | Catch-up Limit | Total Limit for Age 50 and Over |
---|---|---|---|
2022 |
$6,000 |
$1,000 |
$7,000 |
The Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period. If you expect to be in a higher tax bracket when you retire, you may benefit more from a Roth IRA, since contributions are nondeductible and taxed in the year they are earned.
You may also choose between an IRA Certificate with a specific term, an IRA Share Account or an Investment Money Market Account.
You must be a member of Wings (with a Primary Share Account) prior to opening a Retirement Account. If you are not currently a member, open your account online or download a membership application.