Roth Individual Retirement Account | Union Community Bank

Roth IRA

If you’ve wisely chosen to start planning for retirement early, a Roth Individual Retirement Account may be the right choice for you. An account made up of your own contributions instead of a tax-subsidized gift, Roth IRA’s can offer the flexibility and growth you require.

When contributing to a Roth IRA, you pay taxes on the money as it goes into your account. Any future withdrawals you make are then free. This account can be ideal for young professionals and families. The Roth IRA might make more sense than the Traditional IRA if you expect your tax rate to be higher during retirement than your current rate. If you make the deduction now, you can benefit from decades of tax-free compound growth.

Union Roth Individual Retirement Account

  • A nondeductible retirement account featuring tax-free withdrawals, for you or your heirs, for certain distribution reasons after a five-year holding period
  • Beneficial if you expect to be in a higher tax bracket when you retire, as contributions are nondeductible
  • You or your spouse must have earned income, and modified adjusted gross income cannot exceed certain limits
  • Please consult your tax advisor

Union Roth IRA Statement Savings Plan

  • Open account with minimum deposit of $50
  • Add to your account weekly, monthly or anytime you choose
  • Choose any amount allowable by law to invest during the year
  • Accumulate $500 to qualify for the IRA Certificate of Deposit

Union Roth IRA Certificate of Deposit

  • Open account with minimum deposit of $500
  • Interest rates vary depending upon the term

Union Roth IRA Money Market

  • Competitive interest rates
  • A multiple-tiered variable-rate account*
  • Offers premium interest rates while maintaining investment liquidity
  • Unlimited number of withdrawals in person or at ATM
  • Minimum $1000 to open
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