An Individual Retirement Account (IRA/Coverdell Education Savings Account) from Eastern Savings Bank can be an important part of your overall financial plan. We offer a variety of Certificates of Deposit (CD) and Savings Account options to help you choose the account and timeframe that fits your needs.
We offer Traditional and Roth Retirement Plans, as well as Coverdell Education Savings Accounts.
Traditional or Roth IRA
A Traditional or Roth IRA contribution can be made by an individual that has earned income. Traditional IRA Contributions may be tax deductible and earnings are tax deferred. Roth IRA contributions are not tax deductible; however, qualified distributions are not subject to federal income tax.
How much may I contribute to a Traditional or Roth IRA?
| Year | Traditional IRA Under Age 50 | Traditional IRA Age 50+ | Roth IRA Under Age 50 | Roth IRA Age 50+ |
|---|---|---|---|---|
| 2023 | $6,500 | $7,500 | $6,500 | $7,500 |
| 2022 | $6,000 | $7,000 | $6,000 | $7,000 |
| 2021 | $6,000 | $7,000 | $6,000 | $7,000 |
Coverdell Education Savings Account
A Coverdell Education Savings Account can be the opportunity for you to make contributions up to $2,000 per year to an account for your child or grand-child up to age 18. However there does not have to be a family relationship between the contributor and the child. The contributor does not need to have earned income, and contributions are not tax deductible.
What is the deadline for making my IRA or Coverdell Education Savings Account contribution?
You must make your annual contribution no later than April 15th for the previous year.
How can I get more information and find out which plan is best for my child or me?
We suggest that you consult your tax advisor before beginning your Retirement or Education Plan to ensure that you choose the one that best meets your financial and retirement goals. For questions regarding Eastern Savings Bank’s account options, please contact our Customer Service Center, 9:00 am – 4:00 pm, Monday – Friday, at: 800.787.7ESB, or e-mail us at: information@easternsavingsbank.com.