Traditional IRA | Machias Savings Bank

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Traditional IRA

Traditional IRA

Save for tomorrow—and today. A traditional IRA retirement plan saves you money now by helping you pay fewer taxes on your earnings. The money you put in is pre-taxed, allowing you to claim your yearly contribution (up to a certain amount) as a tax-deduction at the end of the year, saving you money today—and for tomorrow.

Details

  • A great way to start or sustain your retirement savings
  • Available to any individual under the age of 70 1/2 with earned income
  • FDIC Insured (within guidelines)
  • Your earnings grow tax-deferred and, if eligible, the money you put in may be tax-deferred*  
  • Contribute up to the lesser of 100% of compensation or $5,500 if you are under age 50 or $6,500 if you are age 50 or older
  • You can rollover your 401(k) or employee-sponsored retirement plan to consolidate your retirement funds
  • Flexible terms from 3 months to 60 months  

 Rates Disclosure

*Consult your tax advisor for more information.

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