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Financial Wellness Center
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Roth IRA
Contributions are not tax deductible. Qualified withdrawals are tax-free.
Earnings grow tax-deferred.
Withdraw contributions tax-free any time. Withdraw interest earned free of any IRS penalties after five years for qualified reasons or for any purpose after the age 59 1/2.
Contributions can be made after age 73 (if eligibile).
Unlike Traditional IRAs, distributions are not required at age 73.
Transfer funds from existing Traditional IRAs to a new Conversion Roth IRA (subject to taxation).
This is a fixed rate option.
Traditional IRA
Contributions may be tax deductible. Qualified withdrawals are taxable income.
Contributions to a Traditional IRA may be fully or partially deductible depending on your income level and whether or not you are considered an active participant in an employer-sponsored plan.
Earnings are tax deferred until withdrawn.
Withdrawals before age 59 1/2 may be made without penalty (if eligible)
Required Minimum Distributions at age 73.
Choose fixed or variable rate options.
IRA Contribution Limits per Year
Year
Age 50 & Below
Age 50 & Above
2025
$7,000
$8,000
(Source
www.irs.gov
)