Roth IRA

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.


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 2010 is $5,000 if under age 50, and $6,000 if age 50 or over.
  • Contributions can be made for 2010 until April 15, 2011.
  • 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.

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