Description

Roth IRA accounts are a special type of investment that allow your earnings to grow tax-free. You can invest up to $5,500 per year in a Roth IRA account (or up to $6,500 per year if you are 50 or older).

You are eligible for tax-free earnings withdrawals from your Roth IRA once you are age 59½ or older and the money has been in the account for at least 5 years. There are no mandatory withdrawals, and you can continue to invest in a Roth IRA no matter your age as long as you have earned income and meet the income limits.

Features and Benefits:

• Awesome dividend rates — consistently among the best in the country
• No minimum balance requirement. No maintenance fees
• Ability to withdraw contributions any time without IRS penalty or taxes
• Earnings grow tax-free
• Invest no matter your age as long as you have earned income
• No required minimum distributions after age 70½
• No fees to transfer funds in and out of Element FCU
• Automatically reinvest dividends or receive monthly checks — it’s your choice
• Deposit is insured up to $250,000 by NCUA

Annual Contribution Limits
2018 – Under age 50 = $5,500
2018 – Age 50 and over* = $6,500
2019 – Under age 50 = $6,000
2019 – Age 50 and over* = $7,000
*Catch-up contribution eligibility begins on January 1 of the calendar year of contributor’s fiftieth birthday.

Visit the Internal Revenue Service website for more information.