Today, more than ever, assuring a comfortable retirement requires proper financial planning. Individual retirement arrangements (IRAs) are one of the most viable ways to assure your retirement goals are met. Whether you’re just starting out, accumulating assets, or you’re preserving the assets you have accumulated, Eastern Connecticut Savings Bank offers a variety of ways to help you meet your specific goals. Because it matters to you, it matters to us.
Deductible and non-deductible contributions made to an IRA account earn tax-deferred interest.
The Roth IRA gives you the ability to invest your after-tax dollars today, let the investment grow tax-deferred, and take qualifying withdrawals tax-free. Unlike the Traditional IRA, there is no 70 ½ age limit on making contributions and required minimum distribution rules do not apply.
This is a simple and easy way for a business to establish a retirement plan. Contributions deposited into SEP IRAs are tax deductible for the employer and interest earned can be tax-deferred by the employee.
If you are changing jobs, or are retiring and anticipate receiving a distribution from your employer’s retirement plan, you’ve got some important decisions to make regarding your retirement nest egg. You may find yourself in a tax bind if you do not rollover your distribution into an IRA or another qualified plan within 60 days.
It’s always a good idea to re-evaluate your current retirement plan investments to make sure you’re on track to meet your goals. We urge you to speak with your tax advisor or financial planner about your retirement options.
Please visit any of our branch locations or call us at 860.889.7381 to learn more.