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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 |
|---|---|---|---|
|
2020 |
$6,000 |
$1,000 |
$7,000 |
|
2021 |
$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.
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