Home » Personal Banking » IRAs

• Printer Friendly Version

IRAs

At Northfield, we want to help you plan for your future financial needs by offering Individual Retirement Accounts. IRAs are deposit vehicles that permit individuals to set aside funds for a secure future and retirement. IRA account holders are afforded the benefits of tax-deferred earnings, and, possibly, income tax deductions for contributions*.

Traditional IRA

Individual Retirement Accounts (IRAs) are retirement savings vehicles which allow individual taxpayers to make contributions to an account where earnings accumulate tax deferred until withdrawn. Opening a Northfield IRA is easy. Talk to a Personal Banker at your local branch and we will give you the one-on-one attention you need and deserve. All deposits are FDIC insured (maximums may apply) allowing a safe way to save for retirement.

Roth IRA

The Roth IRA is a nondeductible account that offers tax-deferred earnings. Tax deferred earnings allow you to grow your retirement savings at a faster rate than taxable investments.

A Roth IRA also features tax-free withdrawals for certain distributions. This means that the money you withdraw does not need to be included as income at tax time.

Here are 5 reasons to consider a Roth IRA:

1. Tax Credits. You may be eligible for the Saver’s Tax Credit on your ROTH IRA even though contributions are not deductible. Tax credits are a dollar for dollar reduction in your taxes.
2. Tax Deferral. Your IRA investment earnings grow tax-deferred.
3. You’re in Control. You are always in control of when you make your contribution and where you will invest.
4. Tax-Free Income. The distribution rules for ROTH IRAs are very different from Traditional IRAs. When taking a distribution, you must withdraw all of your contributions first. Of course, you’re ROTH IRA contributions have already been taxed, so there are no taxes when they are withdrawn.

Realizing a secure retirement doesn't happen by accident. For most of us it takes a tremendous amount of planning and preparation. You worked hard most of your life, and you've earned the right to enjoy yourself. Speak to a Northfield representative today about opening an IRA today!

* Please ask the IRS or your tax advisor how the tax laws may affect you.