If you'd rather pay taxes on your retirement income now rather than later, consider a Charleston Area FCU Roth IRA.
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Accrue tax-free earnings if you meet certain conditions
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Deposit money after taxes
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Open a Roth IRA Certificate with a $1000 minimum deposit
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Open a Roth IRA Savings Account with no minimum deposit
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Withdraw the entire amount tax-free after five years if:
What are the contribution limits?
For 2008, the maximum contribution limit has increased to $5000 and if you are over 50, you can contribute up to $6000.
What are the tax advantages?
Earnings are tax-free if the account is open for five tax years and withdrawn for a qualified reason (age 59 1/2, disability, death, or a first-time home purchase*).
You are not required to start withdrawals at age 70 1/2.
*Lifetime limit for exemption on first time home purchase is $10,000.
How can I contribute?
Call or stop in and speak with one of our IRA specialists and they will be eager to help you get started.
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