Benefits of Roth IRAs
If you expect to be in a higher tax bracket at retirement, a Roth IRA can be a great option. You don't have to pay taxes on withdrawals from your Roth retirement account contributions, and setting one up is simple.
Here are some of the Roth IRA benefits:
- Invest in either a Variable- or Fixed-Rate CD (or both)
- Earnings grow tax-free
- Tax-free withdrawals, if certain conditions are met
- Annual contributions can be withdrawn anytime but are not tax-deductible
- Penalty-free withdrawals from Variable-Rate IRA CDs can begin at age 59 1/2 if the account has been open for five years
- Contribute at any age
Contact us to speak with an investment professional from Citizens & Northern Bank today.