Personal Retirement¹

Smart planning for the years ahead.

Whether you’re looking to save on your own or perhaps supplement your employer’s retirement plan, we’ve got you covered. Our IRAs offer:

- IRA Certificate of Deposit
- Competitive interest rates
- No annual IRA maintenance service fees
- Low minimum opening balance requirements
- A variety of terms to choose from
- FDIC insurance as allowed by federal limits

Traditional IRA

Make tax-deductible contributions while allowing your earnings to grow tax-deferred until withdrawal in retirement.

Anyone who has earned income equal to or greater than the IRA contribution is eligible
Earnings are tax-deferred until withdrawn after age 59 ½, at which time taxes are based on your current tax rate
Contributions and earnings may be withdrawn without penalty after age 59 1/2
Annual contribution amounts are regulated by the IRS and are based on age and income
Owners must take required minimum distribution at age 73 to avoid penalties.

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Roth IRA

Roth IRAs offer greater tax savings and withdrawal flexibility for the person who is not close to retirement age.

Eligibility is based on your Modified Adjusted Gross Income (MAGI)
Contributions may be made regardless of your age if you have earned income
Earnings are tax-free if withdrawn after 59 ½ as long as the account has been open for five or more years
Contributions may be withdrawn tax-free and penalty-free at any time
No minimum distribution is required at age 73

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Simplified Employee Pension IRA (SEP)

Business owners may establish a Simplified Employee Pension (SEP) retirement plan and contribute a certain percentage of each eligible employee’s compensation directly to the employee’s traditional IRA each year.

A business of any size—including self-employed—can establish a SEP.
Requires separate IRA plan for each employee
An employer may contribute up to 25% (or as determined by IRS) of an employee’s compensation
A SEP is funded solely by employer contributions, which are generally deductible for the business owner
SEP/IRA owners must take required minimum distribution at age 73 to avoid penalties.

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Retire Wiser. Let
Salem Co-op Help.

Retirement planning doesn’t have to be confusing. Just give us a call, and we’ll help determine which course of action is best for you.

Additional Resources

Personal Deposit Rates and Fees | FDIC Insurance Estimator | Important Information about Opening Accounts | FDIC Video

¹ Salem Co-operative Bank does not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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