Roth IRA

A Roth IRA from ProGrowth Bank provides another level of financial flexibility for retirement savings. With a Roth IRA you can contribute income that has already been taxed. That means that fund growth and withdrawals may be tax-free. In 2024, you can contribute up to $7,000 of your earned income, tax-free and $8,000 if you’re 50 or older. Plus, you’re not required to take distributions at 73 with a Roth IRA. Your ProGrowth Bank IRA specialist can tell you more!

• Contribute up to $7,000 of earned income tax-free¹ (Exact amounts are subject to change each year)
• If over 50, contribute up to $8,000 of earned income tax-free¹ (Exact amounts are subject to change each year)
• Contributions are not tax-deductible
• Earnings can grow tax-free
• Contributions can generally be distributed tax-free at any time
• Earnings can be distributed tax-free if the first contribution was made at least 5 years ago and one of the following occurs:
  • Attaining age 59 ½
  • Incurring a disability
  • Purchasing first home
  • Death (payment to beneficiaries)
  • Distributions are NOT required to be taken at age 73
• Conversion of existing IRA to Roth IRAs possible with possible tax implications¹
• Fund withdrawals without penalty at age 59 ½ as long as your Roth IRA has been open for at least 5 years
• Roth IRA withdrawals before age 59 ½ may be subject to 10 percent penalty and additional fees – with some exceptions.²
• Qualified distributions may be withdrawn tax and penalty free¹

ⁱ¹ Consult with your tax advisor. Certain qualifications apply.
² You may be able to avoid a penalty if your withdrawl is for a qualifying first-time home purchase, qualifying medical and education expenses, disablity or death to name a few.

Visit a ProGrowth Bank branch location or call 1-888-244-3490.