Brokaw Credit Union has been providing loans, savings accounts and checking accounts in the Wausau area since 1952.
What makes a credit union different from a bank?
The difference can be seen in four key ways: how credit unions are governed, how they define their purpose, the benefits they offer their members and the values they bring to their communities. Become a member of Brokaw Credit Union today.
Brokaw Credit Union is conveniently located in the Wausau area. Our north branch is located just north of Wausau in the town of Brokaw and our south branch is located in Weston.
Facts About Roth IRAs
Individual retirement accounts (IRAs) aren't just for retirement anymore. Different types of IRAs will let you save for your first home or for higher education expenses—as well as for retirement. Let's take a look at the Roth IRA.
The Roth IRA allows you to contribute up to $5,500 a year in 2015 (those older than 50 can contribute up to $6,500).
Income limits do come into play. If you’re single, you can contribute to a Roth if your modified adjusted gross income is less than $131,000. Contributions gradually phase out as modified adjusted gross income reaches $116,000. Similarly, income limits run from $183,000 to $193,000 for married couples filing jointly.
Contributions to a Roth IRA are not tax-deductible. Instead, earnings grow tax-free and you pay no taxes when you withdraw the money—provided it's been in the account at least five years, and:
Another Roth IRA benefit is that you don't have to begin withdrawing money at age 70½, as is the case with traditional IRAs. Your earnings will continue to grow tax-free, for as long as you like.
You can convert funds from a regular IRA to a Roth IRA, but you should know that distributions are taxed in the year you convert the funds.
Another factor is tax liability. If you'll be in the same or higher tax bracket during retirement, the Roth IRA with its tax-free withdrawal is a good choice to consider. If you qualify for and need tax deductions now, you might do better with a traditional IRA.
Our IRA specialists would be glad to help you decide if a Roth IRA is a good investment vehicle for you. Stop by or call today.
300 Everest Ave
2006 Schofield Ave