Phone: (618) 462-7000
Retirement in the Riverbend has a lot to offer, so let's make the most of it. The Roth IRA gives you flexibility in saving for your future. Choose from fixed-term interest rates, variable interest rates, and money market rates to fund a Roth IRA. It's easy to get started with as little as $250 up to $5,000 per year ($6,000 for those over 50).
A Roth IRA may be right for you if:
Maximum Annual Contributions:
The maximum annual contribution to a Roth IRA is:
Tax-free Retirement Income:
Contributions to a Roth IRA are not deductible, but withdrawals are generally tax-free under these circumstances, when you need the tax break the most:
* Withdrawals for this purpose are limited to a lifetime cap of $10,000.
Converting An Existing IRA to a Roth IRA:
If you already have an existing IRA, you may keep it or convert it to a Roth IRA. To be eligible for conversion, your MAGI must not exceed $100,000 and your tax filing status cannot be "married filing separately." Remember that the amount you convert will be subject to ordinary income taxes in the year of conversion.
Consider Your Reason for Converting:
If your answers to these questions are yes, conversion may still make sense. Be sure to consult your tax advisor for professional advice on the conversion's tax implications.