For many people, the Roth IRA is the best way to save for retirement. In fact, it is so flexible that you can use it to save for a home or adapt it to other major financial goals. Imagine tax- free earnings on your investment...
- You can contribute up to $5,000 a year or 100% of your earned income, whichever is less. If you are married, you can contribute up to $10,000 or 100% of your combined income, whichever is less, between each spouse's IRAs.
- If you are married with adjusted gross income (AGI) below $159,000, or single with AGI below $101,000, you can make annual contributions – up to $5,000.
- If your AGI is under $100,000, you can roll your existing IRAs, deductible and non-deductible, into a Roth IRA without penalty. However, if you do, you will owe income tax on all previously untaxed contributions and earnings.
- Hanover Community Bank's Roth IRA offers tax-free growth when you hold it for at least five years and take distributions after you reach 59-1/2. Unlike traditional IRAs, you can keep your account beyond the age of 70-1/2 and can make contributions.1
Roth IRA Calculator - Use this calculator to compare the Roth IRA to an ordinary taxable investment.
1 Please consult a tax advisor to determine how federal, state, and local tax laws affect IRA deductibility for you and whether a Traditional or Roth IRA is best for your situation.
All Individual Retirement accounts held at Hanover Community Bank are added together and the total is insured by the FDIC for up to $250,000.