Roth IRA
Grow your money, while you grow older.
The money you earn today can work even harder for you in retirement when you get a tax-advantaged CRCU Roth IRA*. Grow your money tax free to make your golden years brilliant.
Why it’s great
- You contribute with money you’ve already paid taxes on, and withdrawals may be tax free and penalty free*
- No monthly service fee
- Available as an IRA Certificate of Deposit
- Federally insured up to $250,000 by NCUA
What to know
- Interest is compounded and credited monthly
- $100 opening deposit
- Maximum yearly contribution limits and spousal IRA rules apply
- Contact us for transfer and rollover options
Frequently Asked Questions
Can I contribute to a Roth IRA?
Yes, if you have taxable compensation and your Modified Adjusted Gross Income is below a certain amount. For IRA purposes, compensation generally is defined as what you earn from working and includes wages, salary, tips, commissions, bonuses, and self-employment income, but not investment or pension income. Consult your tax advisor for details.
What is an IRA?
It is a tax-advantaged account that is designed to help you save for retirement.
What is a modified Adjusted Gross Income?
See your tax consultant to get your personal MAGI amount.
What how can I invest my money at CRCU in an IRA?
We offer savings and CDs in both Traditional and Roth types of IRAs.
What is the difference between a Traditional and a Roth IRA?
The main difference is the type of tax advantages each offers.
Do I have to take Required Minimum Distributions like with a Traditional IRA?
No.
Savings Accounts
- Ideal for short-term savings goals
- No monthly service fee
- Can be accessed anytime to make deposits or withdrawals without penalties
- Provides Overdraft Protection for checking accounts
- Free debit card
Open Your IRA Account Today!
Schedule an appointment to meet with a member representative at your nearest branch.
*Earnings (interest you earn) are tax-deferred until you start withdrawing funds. Contributions to a Roth and/or Traditional IRA are limited to a combined $6,000 per year, including contributions for a non-working spouse (or, if you're 50 or older by the end of the year, you may add another $1,000). Contributions may be fully or partially tax-deductible. Consult your tax advisor about IRA eligibility, contribution qualifications and earnings.
Qualifications
Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following MAGI - Modified Adjusted Gross Income:
- Up to $95,000 (single filers)
- Up to $150,000 (joint filers)
Reduced contributions are allowed for higher incomes (up to $110,000 for single filers and $160,000 for joint filers).
Contributions (not earnings) can be withdrawn at any time tax-free. Contributions to a Roth and/or Traditional IRA are limited to a combined $5,500 per year, including contributions for a non-working spouse (or, if you're 50 or older by the end of the year, you may add another $1,000). Contributions are not tax-deductible. Consult your tax advisor about IRA eligibility, contribution qualifications and earnings.