Roth IRA

Complement your total retirement strategy

Eligibility

A Roth IRA provides tax-free income

Earnings are tax-free when withdrawn after the age of 59 1/2.

  • You can participate at any age
  • The income you contribute must be earned the same year you make the contribution
  • Modified adjust gross income requirements vary from year to year

Roth IRA Contributions

Maximum contribution

If you're under the age of 50, you can contribute up to $7,000 per year.

Catch-up contribution

If you're between the ages of 50 and 70, you can contribute up to $8,000 per year.

No tax deduction

Your contributions are made with after-tax income so they're not tax deductible.

Roth IRA Withdrawals

No minimum required distribution

If you're over the age 59 1/2 and your account has been open for 5 years, all withdrawals are tax- and penalty-free.

Withdraw without penalty

Earnings can be withdrawn tax- and penalty-free after the age of 59 1/2 and the minimum 5-year holding period since the first contribution.

Penalty for early disbursements

If you withdraw any earnings before the age of 59 1/2, there's a 10% penalty fee.

Not sure where to start? Let us help you down the path to successful retirement.

Insights

A few financial insights for your life

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Your investments in securities, annuities and insurance are not insured by the FDIC or any other federal government agency and may lose value. They are not a deposit or other obligation of, or guaranteed by any bank or bank affiliate and are subject to investment risks, including possible loss of the principal amount invested. Past performance does not guarantee future results. Asset allocation, dollar cost averaging and diversification do not guarantee a profit or protect against loss. There is no guarantee that a strategy will achieve its goal.

First Citizens Wealth Management is a registered trademark of First Citizens BancShares, Inc. First Citizens Wealth Management products and services are offered by First-Citizens Bank & Trust Company, Member FDIC, Equal Housing Lender; First Citizens Investor Services, Inc., Member FINRA and SIPC, an SEC-registered broker-dealer and investment advisor; and First Citizens Asset Management, Inc., an SEC-registered investment advisor.

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