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Roth CD IRAs
A Roth CD IRA from Central National Bank is an interest-bearing retirement account for individuals who wish to build a fund to supplement retirement income. Roth IRAs are funded with money that has already been taxed so individuals can take advantage of earnings that are tax free upon a qualified withdrawal. Unlike Traditional IRAs, contributions to Roth IRAs are never deductible and distributions are not required to be taken by age 70 ½. Maximum contributions vary each year. Ask a retail banker for the current contribution limits.
- Roth IRA principal distributions can be taken tax free and without penalty at anytime.
- Earnings can be distributed tax-free if the Roth IRA holder first made a Roth IRA contribution at least five years ago AND one of the following events occurs:
- Attain the age of 59½
- Become disabled
- Purchase a first home
- Death (payments to beneficiaries)