Instead of providing deductions for contributions, the Roth IRA provides a benefit that isn't available for any other form of retirement savings: if you meet certain requirements, all earnings are tax free when you or your beneficiary withdraw them. Review the websites listed on the right, for details on whether a Roth IRA is right for you.

To Apply, Become a Member!

Existing CTCU members can open a Roth IRA by visiting any CTCU branch office.

Member Benefits

• Save money with tax-free earnings.
• Open as a share certificate or share savings account.
• Peace of Mind with risk-free investment.
• Convenient options to choose from for investment needs.

Requirements

• CTCU membership.
• Variable rate IRA minimum deposit: $10.
• IRA certificates minimum deposit: $500.
• There is a 90 to 180 day penalty for early withdrawal of IRA certificates.
• Maximum contribution for 2008 is $5,000 if under age 50, and $6,000 if age 50 or over.
• Contributions can be made for 2007 until April 15, 2008. Maximum contribution for 2007 is $4,000 if under age 50, and $5,000 if age 50 or over.
• The Internal Revenue Service (IRS) assesses a 10% penalty if a withdrawal is made from an IRA before the age of 59½. See IRA disclosure for full description of benefits and regulations.
• Consult a tax advisor concerning tax savings, penalties and deposit/withdrawal limitations and requirements.

To Apply, Become a Member!

Existing CTCU members can open a Roth IRA visiting any CTCU branch office.