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Retirement Accounts

Roth IRA

A Roth IRA allows your contributions to grow tax-free until you retire. Unlike a Traditional IRA, you will pay taxes up front on the contributions you put into a Roth IRA. There are limits on how much you may contribute to a Roth IRA (depending on your income) and when you can make penalty-free withdrawals, so be sure to consult with a financial advisor about your retirement plans.

Eligibility: Taxpayers who have earned income

Nonworking spouses of any age
Investment Minimum: $2,000
Contribution Limit: $5,500 per year

$6,500 per year, if over 50 years old
Income Restrictions: Phase-out is $178,000 to $188,000 for joint-filing contributors

Phase-out is $112,000 to $127,000 for single-filing contributors

If you fall in-between the lower and upper limits you will only be able to contribute a reduced ammount.

(Your financial provider can provide additional details)
Tax Considerations: Earnings grow tax free
Contributions are made with after-tax dollars
Withdrawal Restrictions: Generally for retirement purposes only

Consult your tax advisor regarding withdrawal provisions
Control of Account: Account holder