IRA

Individual Retirement Account

The earlier you start saving for retirement, the better and Individual Retirement Accounts (IRAs) are a great way to save for your future. Whether you are just starting to save or want to supplement your current employer-sponsored retirement plan, an IRA is a great way to plan ahead and started saving for your future.

What is an IRA?
IRAs are a type of savings account designed to help you save for retirement and offers tax advantages.* We offer both traditional and Roth IRAs to help you plan for your future financial needs.

Why should I invest in an IRA?
Financial experts estimate that most people will need up to 85% of their current income in retirement. An employer-sponsored retirement plan, like a 401(k), might not be enough to get you to that level. Luckily, you can contribute to both a 401(k) and an IRA. 

What’s the difference between a Traditional and Roth IRA?
There are a few differences between these accounts, but the main difference has to do with the tax benefit. A Traditional IRA gives you a tax deduction on contributions for the year they were made but you’ll pay taxes on the distributions in retirement. A Roth IRA gives no tax deduction when you make contributions, but qualified distributions in retirement are not taxed. Please consult with your tax advisor for further clarification.

How do I open an IRA?
Stop in at any State Street Bank location and speak with the Branch Manager or Customer Service Representative.

Start saving for you future today! 

Summary:

  • Funds become available starting at age 591/2 

  • Contributions may be tax deductible*

  • Both Traditional or Roth Available 

  • Terms from 3 months to 60 months

  • $1,000 opening deposit

  • $25 annual administrative fee

*Consult your tax advisor.