CO-OP Shared Branch


Grossmont Schools Federal Credit Union

It's not too late to open a Roth IRA for 2012!

The 2012 Roth IRA contribution limit is $5,000 and you have until April 15, 2013 to make your 2012 contribution. However, if you are age 50 or older, you can contribute an additional amount to your Roth IRA. This is commonly referred to as a catch-up contribution for investors nearing retirement. For 2012, the Roth IRA catch-up contribution is an additional $1,000 over the standard annual maximums!

Contributions that you make to a Roth IRA are after tax, meaning that you've already paid taxes on them. As a result, you do not have to pay taxes on them ever again. This includes distributions when you withdraw the funds in retirement. This can be advantageous because many people predict that they will be taxed higher in retirement than they currently are. Also, some people want to lower their taxable income or pass off their IRA to their heirs, tax free.

Withdrawals of both contributions and earned dividends are tax-free after age 59�, and are permitted prior to age 59 � for disability and/or first-time home purchases (up to a lifetime limit of $10,000. And unlike Traditional IRAs, the Roth IRA allows you to make contributions after the age of 70�, and your Roth IRA does not require mandatory minimum distributions once you reach age 70�.

Don't Delay�. Open your Roth IRA at Grossmont Schools Federal Credit Union Today!

2012 Roth IRA

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*Members should consult their tax advisor.


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