Create Tax-Free Retirement Income with a Roth IRA
When you save for retirement with a Roth IRA from PlainsCapital Bank, your earnings are sheltered from federal taxes. Better yet, qualified withdrawals are completely tax-free.
- Earnings are tax-free and penalty-free as long as the account is open for five tax years and funds are withdrawn for a qualified reason (age 59 1/2, death, disability, or first-time home purchase)*
- No required distributions at age 70 1/2
- CD terms available from one to five years with fixed rates
- Accepts rollovers from qualified retirement plans; consult your tax advisor first
- FDIC insured up the maximum amount allowable by law
- You must earn compensation (or your spouse must earn compensation if you file a joint tax return)
- Your modified adjusted gross income (MAGI) must be less than IRS limits
- Minimum deposit is just $100
- Contributors under age 50 may contribute up to $5,500 in 2013 and 2014
- Contributors age 50 or older may contribute up to $6,500 in 2013 and 2014
- Contributions cannot exceed compensation
Please consult your tax professional for tax rules regarding IRAs.
*Age 59 1/2, disability, death, or first-time home purchase. Lifetime limit for exemption on a first-time home purchase is $10,000.