A retirement plan and determination will take you where you want to go – traveling, golfing, or relaxing by the lake. Whatever you have in mind for your golden years, a Ouachita Valley individual retirement account (IRA) is a safe harbor for your retirement funds. There are now more IRA types and maturity options at Ouachita Valley than ever.
A Roth IRA allows your assets to grow federally tax free. Contributions can be withdrawn at anytime penalty and tax free, subject to credit union penalty. Contributions are not tax-deductible.
Roth IRA Key Features:
You may contribute at any age as long as you have earned compensation subject to income limits
Federal tax free growth
Maximum annual contributions
2018 – $5,500
Catch-up contributions for workers 50+
2018 – $1,000
Contributions are not tax deductible
Contributions may be withdrawn at any time without paying taxes or penalty.
Earnings may be withdrawn federal tax free if the five year aging requirements and other conditions are met
10 % penalty on earnings withdrawn if you are under 59 1/2 and the withdraw does not qualify as:
Qualified higher education expenses
Qualified first home purchase (lifetime limit of $10,000)
Certain major medical expenses
Certain long-term unemployment expenses
Substantially equal periodic payments
There are no mandatory distributions
Your tax situation may vary. Consult with a tax advisor for full details on deductibility of contributions, earnings, and early withdrawal penalties.