A Roth IRA is like a Traditional IRA in reverse (there are income limitations, however).  Contribution are not tax deductible.  Your earnings on your Roth, however, are not taxed if you meet the Roth's withdrawal criteria (in most cases, your IRA must be five years old and you must be age 59 ½ or older when you begin making withdrawals).

Contribution limits are changing over the next few years and are as follows:

• Up to tax year 2007 - $4000 ($5000 for those 50 & older)
• Tax year 2008 - $5000 ($6000 for those 50 & older)
• Starting in 2009, the limits will be increased for inflation in $500 increments.

Your contributions can actually be split between the two types of IRAs (Traditional or Roth), or all the funds may be placed in one or the other.

Our Savings and Retirement Center gives you more information on Roth IRAs.  You can even start the process of opening an IRA or service your existing IRA with First Financial through the Service Center.

Your credit union offers several Roth IRA investment options.  You can put your funds in a regular IRA savings account or in an IRA term share certificate.  CUE, your CU's investment partners, can also provide a variety of other investment alternatives.

Click here for our current IRA savings rate.

Click here for current IRA certificate rates.

Use our Savings Calculators to calculate the dividends you'll earn.  Or, figure out if you're on track for retirement at our Savings & Retirement Center.