Roth IRA Share
Another IRA option through HawaiiUSA, the Roth IRA features qualifying tax-free withdrawals of both contributions and any accumulated earnings once you reach age 59½. You’re never required to take distributions, making this savings plan an effective option for retirement and estate planning.
- Minimum opening deposit of $100
- Make contributions at any age (contributions are non-deductible)
- Withdraw contributions tax- and penalty-free at any time during the tax year
- Withdraw earnings tax-free if you have held the account for over five years and if you are age 59½ or older
- Penalty-free withdrawal exceptions prior to age 59½ include qualified:1
- First-time home purchase
- Higher-education expenses
- Medical expenses
- Military reservist
- Death/Beneficiary of a deceased IRA owner
- Roth IRA Certificates available
Individuals with taxable compensation and modified adjusted gross income (MAGI):
|Tax Year ||Married Filing Jointly ||Single or Married Filing Separately |
|2014 ||< $181,000 ||< $114,000 |
|2015 ||< $183,000 ||< $116,000 |
Maximum Annual Contributions & Deadlines2
|Tax Year ||Age 49 & Below ||Age 50 & Above ||Deadline to Open & Fund |
|2014 ||$5,500 ||$6,500 ||April 15, 2015 |
|2015 ||$5,500 ||$6,500 ||April 15, 2016 |
For more information, visit HawaiiUSA’s Investment and Insurance Services or consult a tax professional.
1 Taxes are still paid on the money you withdraw.
2 The annual contribution limit is an aggregate of the Traditional IRA and Roth IRA.