Save for Retirement… the Flexible Way
Roth IRAs are often more attractive to people than traditional IRAs because of their tax-free growth and more flexible withdrawal rules.
- 0.80% APY
- Allows you to withdraw earnings tax free if they remain in the Roth IRA for at least 5 years and you are 59½ or older
- Contributions are non-deductible and may be withdrawn anytime without penalty or taxation
- You can make contributions up to the maximum limit or your earned income, whichever is less
- You can continue to make contributions even after you reach age 70½ and have earned income
- Distributions are not required after age 70½
Some facts about Roth IRAs:
- If you are employed and have earned income, you can make contributions to a Roth IRA, even after turning age 70½.
- Unlike a traditional IRA, a Roth IRA doesn't require you to take required minimum distributions when you turn age 70½.
- Participation in an employer-sponsored retirement plan has no bearing on your eligibility for a Roth IRA.
- Since no annual required minimum distributions apply during your lifetime, you can let your savings accumulate tax free much longer — and on your schedule.
- You must meet income limits to make contributions
APY = Annual Percentage Yield. View Disclosures
Effective April 1, 2006 the National Credit Union Administration (NCUA) increased the share insurance to $250,000 on retirement accounts such as Traditional and Roth Individual Retirement Accounts (IRAs) and SEP IRA accounts.
This change provides greater protection and peace of mind for you, as you save for your retirement. For more information, visit www.ncua.gov.
Please note that retirement accounts are insured separately from other types of share accounts, such as savings and checking accounts.
Frequently Asked Questions
Where do I send checks for deposit to my Alliant IRA Account?
Alliant Credit Union
Attn: IRA/HSA Dept.
P.O. Box 66945
Chicago, IL 60666-0945
Alliant Credit Union
Attn: IRA/HSA Dept.
11545 W. Touhy Avenue
Chicago, IL 60666
Can I make withdrawals of my annual contributions without penalty from my Roth IRA?
Unlike a traditional IRA, you can make tax-free and penalty-free early withdrawals up to the total amount of your annual contributions — at any time and for any reason.
What are the maximums that I can contribute to my Roth IRA?
Your annual Roth contributions cannot exceed your annual compensation or IRS limit whichever is less. Also, any contributions you make to one type of IRA will reduce what you can deposit into another type of IRA. See a tax professional for more detailed tax advice.
Are there qualifications for withdrawals?
Yes, to qualify for tax-free withdrawals of earnings, your Roth IRA must be open for at least five-years. In addition, you must meet at least one of the following criteria:
- You intend to use these funds for a first-time home-buying expense for you, your spouse, your children or grandchildren — up to a lifetime limit of $10,000
- You've reached age 59½
- You are permanently disabled (under the IRS definition)
- Your beneficiary may withdraw funds after your death
How do I know which IRA is right for me?
Everyone has different concerns when it comes to their hard earned money. You might be looking for a conservative approach, one with growth potential or a combination of the two. Alliant Retirement and Investment Services representatives can help you determine which IRA is right or you. Ensure that your retirement savings are on track with a professional no-cost, no-obligation retirement savings analysis.
Is there a limit on the number of rollovers that can be done?
Yes, there is, and effective Jan 1, 2015, the IRS will be imposing the new IRA Rollover rule which means that an IRA owner may complete only one IRA to IRA rollover per 365 days, regardless of how many IRAs you own without differentiating between Traditional, Roth, and SEP IRAs.
This change of only one Rollover per year will only affect Rollovers, and will not have any impact on Trustee-to-Trustee Transfers.
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|• Not NCUA Insured||• No Credit Union Guarantee||• May Lose Value|
Alliant Credit Union and Alliant Retirement and Investment Services are not registered broker/dealers and are not affiliated with LPL Financial.
*CFP®=CERTIFIED FINANCIAL PLANNER™ The financial consultants of Alliant Retirement and Investment Services are registered representatives of LPL Financial.
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