The Roth IRA may provide a significant tax advantage when you retire. All account growth and qualifying withdrawals from Roth IRAs are tax exempt. Roth IRAs give you security and flexibility in your investment options, and BB&T offers a variety of investment choices.
For 2013, single individuals with earned income and a Modified Adjusted Gross Income (MAGI) less than $112,000, and married couples with earned income and a MAGI less than $178,000 and filing jointly are eligible to participate in a Roth IRA.
Single individuals with a MAGI of $112,000–$127,000 and married couples with a MAGI of $178,000–$188,000 may make a partial contribution.
For 2013, individuals younger than 50 may contribute $5,500 or 100% of eligible compensation, whichever is less.
For 2013, individuals age 50 and older may contribute $6,500 or 100% of eligible compensation, whichever is less.
All contributions are nondeductible.