Individual Retirement Accounts (IRA)
Save for Tomorrow with Today's Best Rates
Whether you are just starting to think about your retirement savings or are getting ready for your next life chapter - you want to ensure you are getting the best savings growth with a secure financial partner. Northeast Bank is here to help you do just that.
Types of IRAs
If you are ready to discuss your IRA options Contact Us or Book an Appointment with one of our bankers.
- Contribute pre-tax dollars to reduce your current taxable income.
- Withdrawals during retirement are taxed at your regular income tax rate.
- Ideal choice if you expect your tax rate to be lower in retirement.
- Required withdrawals after age 72 (or 73 if you turn 72 after Dec. 31, 2022).
- Under age 50 | $7,000
- Over age 50 | $8,000
- Funded with after tax dollars.
- Contributions grow tax-free.
- Withdrawals during retirement are not taxed.
- No mandatory withdrawals.
- Ideal choice if you expect your tax rate to be higher in retirement.
- Under age 50 | $7,000
- Over age 50 | $8,000
- Designed for self-employed individuals and small business owners.
- Tax dedutible contributions.
- Higher contribution limits.
- Employees can participate if an employer sets up the plan.
SEP IRA contributions are limited to 25% of an individual's compensation with a maximum contribution of $69,000.
Contact a tax advisor to determine your contribution and tax deductibility.
Grow Your Nest Egg
You want to make the most of your retirement savings. Our IRA eligible CDs allow you to lock in your savings rate.
Secure Your Savings
Tired of having to manage your retirement funds at multiple banks to ensure your money is secure? We offer Extended FDIC Insurance on deposits over $250,000.
Personalized Service
When planning for your future it's important to partner with someone you trust. Our bankers are here to help you build a banking relationship that works for you.
