A Roth IRA is an individual retirement account to which you contribute after-tax dollars. While there are no current-year tax benefits, your contributions and earnings can grow tax-free, and you can withdraw them tax and penalty-free after age 59½ and once the account has been open for five years.

Features of a Roth IRA include:

  • No Age Limit
  • Earned income at least equal to IRA contribution; income ceiling depends on filing status*
  • No distribution requirements; entire account can pass to heirs
  • Contributions are not tax-deductible
  • Earnings grow tax-deferred
  • Qualified distributions are tax-free
  • Max. Annual Contributions $6,000; $7,000 for workers age 50 and older

Need help?

For more information or questions, please contact us by phone at 1-800-388-4380 or email us at Fidelity@fddbank.com.

* If you participate in an employer-sponsored retirement plan, tax deferment of contributions to a Traditional IRA depends on your Modified Adjusted Gross Income (MAGI) and your tax-filing status.

For Modified Adjusted Gross Income (MAGI) Limits for Roth IRAs contact your Financial Advisor.

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