Interested in more information about our IRA Savings Accounts? Please fill out the form below and we will contact you.
What is an IRA?
An IRA is a tax-advantaged account that helps individuals with taxable compensation save for retirement. The sooner you start, the longer your money has to grow.
Why invest in an IRA?
In retirement you may need as much as 100% of your current after-tax income (take-home pay) minus any amount you are saving for retirement each year. This makes it all the more important to start saving sooner rather than later, and an IRA can help you get more out of your hard-earned retirement.
Choose what works best for you:
The 2 most common types of IRAs are Traditional and Roth. Which one you choose (or qualify for) depends on your age, income, and financial goals.
Traditional IRA
A Traditional IRA is an individual retirement account where your contributions may be tax-deductible, and you pay taxes when you withdraw your money. Potential earnings grow tax-deferred until withdrawal.
Roth IRA
A Roth IRA is an individual retirement account where you contribute after-tax dollars, and you don’t have to pay federal tax on qualified distributions, including potential earnings, if certain criteria are met.
Open an IRA with Spring Bank
In retirement you may need as much as 100% of your current after-tax income (take-home pay) minus any amount you are saving for retirement each year. This makes it all the more important to start saving sooner rather than later, and an IRA can help you get more out of your hard-earned retirement.
Fully Insured Deposits at Spring Bank
Spring Bank is an FDIC-insured bank, so you can rest assured that all deposits up to $250,000 are fully covered by the FDIC.
If you wish to make a deposit larger than the FDIC insured amount, we have options for checking, CDs, and money market accounts that can cover multi-million-dollar deposits through the IntraFi network.
Schedule an Appointment
Our Spring Bank account representatives can help you prioritize your long-term investing and retirement goals.
We know that life is unpredictable. We’re here to help you adjust and make the most out of your long-term investments.
If you have a 401(k), you can continue contributing to your 401(k) even after opening an IRA account. You may also qualify to roll over your current 401(k) to an IRA. Speak to a Spring Bank representative to learn more by visiting our branches or calling (718) 879-5000.
Have any questions? Stop by a branch or call us at (718) 879-5000.
