Choosing to build your retirement savings with a Roth IRA means you pay taxes on your contributions up front by using after-tax dollars. This means you'll pay no taxes when you take distributions, which you may begin to take penalty-free distributions at the age of 59½.
General Contribution Limit
For 2013 and 2014, the most an individual can contribute to a Roth IRA is generally the smaller of:
- $5,500 ($6,500 if the individual is age 50 or older), or
- The individual's taxable compensation for the year
You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.
Already have an IRA?
If you need to make a change or transfer and IRA, click on the appropriate form below.
- Start a new Roth IRA - If you have recently retired or need to move a 401k account, use this form.
- Rollover Form - If you have recently retired or need to move a 401k account, use this form.
- Transfer Form - Use this form to consolidate all your retirement funds to Security Service.
Apply 24/7/365 by Calling 1.800.451.2543
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