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An Individual Retirement Account (IRA) from Eastern Savings Bank can be an important part of your overall retirement plan. We offer a variety of Certificates of Deposit (CD) and Savings Account options to help you choose the account and timeframe that fits your needs.

We offer Traditional and Roth Retirement Plans, as well as Coverdell Education Savings Accounts.

 

 
  Traditional or Roth IRA  
 

A Traditional or Roth IRA contribution can be made by an individual that has earned income. Traditional IRA Contributions may be tax deductible and earnings are tax deferred. Roth IRA contributions are not tax deductible; however, qualified distributions are not subject to federal income tax.

If you choose to contribute to a Traditional IRA you must begin taking Required Minimum Distributions (RMD) beginning April 1 st after the year in which you have reached age 701/2. If you choose to contribute to a Roth IRA , you never have to take a RMD regardless of your age.

 
     
     
  Coverdell Education Savings Accounts  
  A Coverdell Education Savings Account can be the opportunity for you to make contributions up to $2,000 per year to an account for your child or grand-child up to age 18. However there does not have to be a family relationship between the contributor and the child. The contributor does not need to have earned income, and contributions are not tax deductible.  
     
     
  How much may I contribute to a Traditional or Roth IRA?  

Year

Traditional IRA
Under Age 50

Traditional IRA
Age 50 - 70 1/2

Roth IRA
Under Age 50

Roth IRA
Age 50+

2017

$5,500

$6,500

$5,500

$6,500

2016

$5,500

$6,500

$5,500

$6,500

2015

$5,500

$6,500

$5,500

$6,500

  What is the deadline for making my IRA or Coverdell Education Savings Account contribution?  
  You must make your annual contribution no later than April 15th for the previous year.  
     
     
  How can I get more information and find out which plan is best for my
child or me?
 
 

We suggest that you consult your tax advisor before beginning your Retirement Plan to insure that you choose the one that best meets your financial and retirement goals. For questions regarding Eastern Savings Banks account options, please contact our Customer Service Department 9:00 am 4:00pm Monday Thru Friday at 1-800-787-7ESB, or e-mail us at information@easternsavingsbank.com.

 

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