Roth IRA

We have the Right IRA Account for You

Earnings grow tax-free: tax year contributions and earnings accumulate tax-free
Qualified tax-free withdrawals: withdrawals are tax and penalty free if qualifying conditions are met: (age 59 ½ or older and the account is opened for 5-years)
Unrestricted withdrawals of contributions: allowing to withdraw original contributions at any time tax- and penalty-free
No age limits for contributions
No required minimum distributions

Eligibility	Must have earned income to contribute
Age Limits	No age limits
Income Limits	2023 Single filers: Phase-out starts at $138,000; ineligible at $153,000 Married filing jointly and qualifying widow(er) fillers: Phase-out starts at $218,000; ineligible at $228,000 Married, filing separately: Phase-out starts at $0; ineligible at $10,000 2024 Single filers: Phase-out starts at $146,000; ineligible at $161,000 Married filing jointly and qualifying widow(er) fillers: Phase-out starts at $230,000; ineligible at $240,000 Married, filing separately: Phase-out starts at $0; ineligible at $10,000
Contributions	Are not tax deductible
Maximum Contributions	2023 Up to age 50: $6,500 Age 50 + $7,500 2024 Up to age 50: $7,000 Age 50 + $8,000
Earnings	Grows tax-free
Distributions:	Depends on the “type” of money that is being withdrawn: Tax year contributions (not earnings) can be withdrawn for any reason, without taxes or penalties Earning Portion: free from federal income tax when: You are age 59 ½ or older, and The Roth IRA account has been opened for at least 5 years
Required Minimum Distributions	Not required

Before deciding to contribute to and open a Roth IRA account, consult your tax advisor.

Please follow the link below to see our current IRA rates.

To open an IRA account, please visit one of our branch locations, or contact our Member Services Center at 1.855.PSFCU.4U.