Individual Retirement Accounts

Is an IRA Right For You? Call one of our customer service representatives today at 508-867-7442.

What is an IRA?

The sole purpose of an Individual Retirement Account (IRA) is to help you save for retirement by maximizing the forces of compound interest and tax savings.

While all IRAs are designed to help you save for retirement, each one has unique benefits and eligibility requirements. Choosing the right IRA is simple once you understand what sets them apart.

  • Traditional IRA
  • Roth IRA
  • SEP IRA (Simplified Employee Pension)

We can help you decide what IRA best suits your needs.  Contact any of our branches to let us explain your options and ensure you get the maximum benefit from your IRA.

Easy to Save Features

We make saving for retirement easier with our flexible, convenient, and value-added features.

  • IRAs can be established with only $10
  • Direct deposit/automatic transfer is easily arranged
  • No annual plan fee

Benefits of an IRA

We have the products, choices, and answers you need.  With a wide variety of competitive, safe, and fully insured IRA investment accounts, we can help you reach your goals.

If you already have an IRA, you can make it easier to manage by transferring it from other institutions into one consolidated account.

Contributions to Your IRA

It’s up to you how you would like to invest your IRA. You may contribute any amount up to 100% of your compensation or contribution limit, whichever is less, to a traditional IRA (or aggregated between a traditional and a Roth IRA). But remember, you still benefit from making yearly contributions even if you can’t afford to contribute the maximum amount.

IRA Contribution Limits

Tax Year Under Age 50
Traditional & Roth IRA
Age 50-70 1/2
Traditional & Roth IRA
Over Age 70 1/2
Roth IRA
2014 $5,500 $6,500 $6,500
2015 $5,500 $6,500 $6,500

You can save on your present taxes with an IRA, by deducting your qualified contributions from your taxable income. Most Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service.

With an IRA, you also defer taxes by putting them off until you retire, when you may be in a lower tax bracket. The chart below shows you how much you may be able save each year. You may want to consult your tax adviser to review your particular situation on the tax deductible status of an IRA. Or for more general information, you can speak to one our IRA specialists. But, regardless of the amount you’ll be able to save on taxes, an IRA is a smart way for you to save for a secure retirement.

IRA Tax Savings Potential Chart

IRA Deductible Contribution Amount 15 % Tax Bracket Savings 28 % Tax Bracket Savings 31 % Tax Bracket Savings 36 % Tax Bracket Savings 39.6 % Tax Bracket Savings
$ 500 $ 75 $ 140 $ 155 $ 180 $ 198
$ 1,000 $ 150 $ 280 $ 310 $ 360 $ 396
$ 2,000 $ 300 $ 560 $ 620 $ 720 $ 792
$ 2,250 $ 337 $ 630 $ 697 $ 810 $ 891
$ 4,000 $ 600 $ 1,120 $ 1,240 $ 1,440 $ 1,584

If you’re changing employers, an IRA rollover makes sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.


Please read this important information about our service area. If you reside outside of the State of Massachusetts, please contact us so that we can evaluate whether we can adequately service your lending or deposit product needs.

The consumer should consult a tax adviser for further information regarding the deductibility of interest and charges.