If you have a question or would like to know more about a certain product, service or banking term, please contact us and we will be happy to respond. Plus, we could add your question to our list to help future site visitors!
You Are Here: Roth IRA: What's special about a Roth IRA?
Roth IRA: What's special about a Roth IRA?
A Roth IRA provides potentially tax-free savings and distributions. Unlike a traditional IRA, you don't get a deduction for your contributions. The savings grow inside of the IRA without needing to pay any taxes on the earnings and growth. Distributions from a Roth IRA are completely tax-free, as long as you meet certain conditions. You can contribute to a Roth IRA even if you are covered by a retirement plan at work. But, Roth IRAs do have income limitations. To learn more about Roth IRAs, please read IRS Publication 590.
It's also a good idea to contact your financial advisor to determine the best retirement plan for your tax situation and income.