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Roth IRA

Looking for a different option for your retirement savings? A Roth IRA from ProGrowth Bank can provide easier access to your funds and the potential for tax-free withdrawals!

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!

ProGrowth Bank Roth IRA features & benefits:

  • 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  • Qualified distributions may be withdrawn tax and penalty free1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.

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