Roth IRA is a unique savings plan that helps you prepare for retirement. This plan allows you to contribute to your account after taxes are paid. Your contributions are not tax deductible; however, all withdrawals including earnings are tax-free if your account has been open for at least five years and you are at the age of 59 1/2 or older.
Viriva members can open Term IRA Share Certificate of Deposits (CDs) to earn a higher interest rate than a regular savings account, and it can give you the ability to benefit from tax advantages. The minimum balance to open an IRA Share Certificate is only $500.
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For 2020, your total contributions to all of your Traditional and Roth IRAs cannot be more than $6,000 ($7,000 if you’re age 50 or older), or your taxable compensation for the year, if your compensation was less than this dollar limit.
For 2015, 2016, 2017, and 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than $5,500 ($6,500 if you’re age 50 or older), or your taxable compensation for the year, if your compensation was less than this dollar limit.
For more information about IRA limits, Visit the IRS Website.