Roth IRA

Roth IRAs
Looking for a different option for your retirement savings? A Roth IRA from ProGrowth Bank can provide easier access to your funds and the potential for tax-free withdrawals!

A Roth IRA from ProGrowth Bank provides another level of financial flexibility for retirement savings. With a Roth IRA you can contribute income that has already been taxed. That means that fund growth and withdrawals may be tax-free. In 2020, you can contribute up to $6,000 of your earned income, tax-free and $7,000 if you’re 50 or older. Plus, you’re not required to take distributions at 72 with a Roth IRA. Your ProGrowth Bank IRA specialist can tell you more!
 

ProGrowth Bank Roth IRA features & benefits:

  • Contribute up to $6,000 of earned income tax-free1 (Exact amounts are subject to change each year)
  • If over 50, contribute up to $7,000 of earned income tax-free1 (Exact amounts are subject to change each year)
  • Contributions are not tax-deductible
  • Earnings can grow tax-free
  • Contributions can generally be distributed tax-free at any time
  • Earnings can be distributed tax-free if the first contribution was made at least 5 years ago and one of the following occurs:
    • Attaining age 59 ½
    • Incurring a disability
    • Purchasing first home
    • Death (payment to beneficiaries)
    • Distributions are NOT required to be taken at age 72
  • Conversion of existing IRA to Roth IRAs possible with possible tax implications1
  • Fund withdrawals without penalty at age 59 ½ as long as your Roth IRA has been open for at least 5 years
  • Fund withdrawals before age 59 ½ subject to 10 percent penalty and additional fees. Some exceptions available.2
  • Qualified distributions may be withdrawn tax and penalty free1

Open an Account Today

Visit a ProGrowth Bank branch location or call 1-888-244-3490.