Individual Retirement Accounts (IRA) Benefits
- Choose the account that’s right for your goals: traditional IRA, Roth IRA or educational IRA
- Additionally, you can choose between an IRA certificate with a maturity date between one and five years or an IRA money market account
- Once you reach $500 in a IRA money market account, you can open an IRA certificate
- Initial $50 deposit to open
- Annual $15 IRA fee and certain penalties may apply for early withdrawal
- Available only to people who live in Massachusetts (nothing personal, Vermont)
Which type of IRA is right for you?
As mentioned above, we offer three different kinds of retirement accounts. Here’s what makes them different.
Make pre-tax contributions so that your investment grows tax-deferred. When you retire, you’ll pay income tax on your withdrawals.
Roth IRA *
Pay taxes on your contributions now so that all future withdrawals are tax-free. This makes sense if you think your taxes will be higher when you retire than they are now.
*We recommend consulting with a tax professional in order to choose the IRA that’s best for you.