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Traditional IRA Roth IRA Simplified Employee Pension IRA

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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

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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  • Earnings are tax-deferred until withdrawn after age 59 ½, at which time taxes are based on your current tax rate
  • Contributions and earnings may be withdrawn without penalty after age 59 1/2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  • Earnings are tax-free if withdrawn after 59 ½ as long as the account has been open for five or more years
  • Contributions may be withdrawn tax-free and penalty-free at any time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.

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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.

Additional Resources
Personal Deposit Rates & Fees
FDIC Insurance Estimator
Important Information about Opening Accounts