Retirement Accounts
Your plan for a care-free retirement.
To help plan your retirement stratergy, we offer the expertise of Kathie Rhodes, a retirement specialist with over 25 years experience in the South Coast community.
| Call Kathie Rhodes Citizens~Union Savings Bank 95 William Street New Bedford, MA 02740 Phone:508-742-4712 or 888-806-2872 Toll Free |
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IR As and SEPs
The following retirement accounts are available at any of our branch locations in Fall River, Somerset, Swansea and Seekonk.
Individual Retirement Accounts (IRAs)
- Traditional IRAs
- Tax-deferred earnings.
- Tax deductible contributions for those who qualify.
- Roth IRAs
- Contributions are non tax deductible.
- Regular contributions withdrawn any time for any reason are free from both Federal income tax and the 10% premature distribution tax.
- Tax-free withdrawal of earnings if qualified.
With Traditional and Roth IRAs, you can choose either a variable or fixed rate.
| Current Rates | ||
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Rate | APY |
| Variable IRA | 2.10% | 2.11% |
|
Rate = Interest Rate APY = Annual Percentage Yield | ||
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Variable-Rate IRA:
The minimum balance to open the account is $100. You must maintain a minimum balance of $10 in the account each day to obtain the disclosed APY. Interest paid can change monthly.
Fixed-Rate IRA:
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Follows our Certificate of Deposit terms and minimums. The interest rate is fixed for the term when the account is opened and is paid monthly. |
Simplified Employee Pensions (SEPs)
- Business retirement plan for any type of employer including self-employed individuals with no employees.
- Contributions are made to your IRA.
- Full deductibility.
- Higher contribution limits.
- No age limit.
- Contributions to the plan must be made on or before employer’s tax filing deadline plus extensions.
Savings Incentive Match Plan For Employees (SIMPLE)
- Retirement plan for small businesses with 100 or fewer employees.
- Salary deferral contributions prior to Federal and State Taxes.
- Tax deferred until distribution.
- Contribution limits adjusted annually by cost-of-living adjustments.
- Calendar year contributions.
Coverdell Education Savings Account (CESA)
- Nondeductible contributions for education expenses.
- Tax free earnings when withdrawn for education purposes.
- Education expenses can be for Elementary, Secondary or Higher education.
- No compensation requirements or age restrictions.