All BMO Harris branch location ATMs are also available free of charge to Park Bank customers!
A Roth IRA is funded with after-tax dollars. While there are no current-year tax benefits, your contributions and earnings can grow tax-deferred, and can be withdrawn tax- and penalty-free after age 59½ if the account has been open for five years. A Roth IRA can be a good savings option for those who expect to be in a higher tax bracket in the future, making tax-free withdrawals even more advantageous.
Additional features include:
There are no contribution age restrictions, nor do you have to take Required Minimum Distributions (RMDs)
There are income limitations to open a Roth IRA, so not everyone will be eligible for this type of retirement account.
The IRA must be open for at least five years prior to withdrawals being taken
Draw on our experience to find the right approach for pursuing your long-term goals. Contact an advisor with Park Financial Advisors to begin the conversation.
Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.