Individual Retirement Accounts (IRA)
Save now for the future with a Stoneham Savings Bank Individual Retirement Account (IRA). Over time, you can build-up your retirement fund by rolling over existing IRA CDs and adding new ones. IRA CDs, like Certificates of Deposit, provide a guaranteed rate over a specified period. Stoneham Savings Bank offers short- and long-term: Traditional IRA CDs and Roth IRA CDs. We also offer Coverdell Education Savings Accounts. See descriptions below.
Traditional IRA
A Traditional IRA is a great way to save for retirement, while providing tax-deferred earnings and yearly tax deductions for those who qualify.
You may be eligible for this IRA if you are:
- An individual under age 70 ½ with earned income
- A non-working spouse
- An individual who is covered by an employer-sponsored qualified plan
(must meet IRS rules regarding modified adjusted gross income)
Contributions allowed per participant:
| Tax Year |
Under Age 50 |
Age 50 or greater |
| 2011 |
up to $5,000 |
up to $6,000 |
Roth IRA
A Roth IRA provides earnings that grow tax free.
You may be eligible for this IRA if you are:
- Single with a modified adjusted gross income of less than $122,000 (2011)
- Married couples filing jointly who have a modified adjusted gross income of less than $179,000 (2011)
- An individual who is covered by an employer-sponsored qualified plan
(must meet IRS rules regarding modified adjusted gross income)
Contributions allowed per participant:
| Tax Year |
Under Age 50 |
Age 50 or greater |
| 2011 |
up to $5,000 |
up to $6,000 |
Coverdell Education Savings Account
It's never too early to start savings for your child's college education. With a Coverdell Education Savings Account, interest earned is tax-free!
For more details and contribution limits, visit www.irs.gov Consult a tax advisor for eligibility and potential tax benefits.
Complement your investment portfolio with a Stoneham Savings Bank IRA or Coverdell Education Savings Account. View our current IRA CD rates. To open an account, visit the Stoneham Savings Bank branch near you.
At Stoneham Savings Bank, your deposits are insured in full by the FDIC and DIF.
|