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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!
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.