Roth IRA offers fantastic tax-free* advantages. Individuals may contribute up to $5,500 per year and couples up to $11,000, even if only one spouse works. If you are aged 50 or older you may contribute an additional $1,000 per year. Contributions may be made, even if you are currently enrolled in a qualified employee pension plan.
- Terms from 6 months to 5 years
- Contributions from earned income may be made at any age
- Annual contributions are not tax deductible
- Distributions are tax and penalty free* once you've reached age 59 1/2 and have been in the plan for at least 5 years
* Certain restrictions may apply. Consult your tax advisor