Individual Retirement Accounts (IRAs)
At Manasquan Savings Bank, we understand the necessity of saving for your children’s education as well as your own retirement. That’s why we offer Traditional IRAs, Roth IRAs and Coverdell Education Savings Accounts (formerly Education IRA). For your convenience, we accept IRA rollover contributions.
Your contribution and earnings may be tax deferred or even free from federal income taxes depending upon the type of IRA you are eligible to open. Your adjusted gross income and your participation in your employee sponsored pension plan may limit your eligibility to open an IRA and may also limit your contributions.
You can open or make contributions to your IRA any time up to and including the due date of your tax return for the previous tax year, normally April 15th.
Traditional IRA
- An Individual Retirement Account (IRA) is a special savings plan authorized by the Federal Government to help you accumulate funds for your retirement. Every individual who has earned income or received alimony may contribute to an IRA.
Roth IRA
- A Roth IRA is a special savings plan authorized by the Federal government to help you accumulate funds for your retirement. Contributions are non-deductible but all withdrawals, including earnings, are tax-free if the account has been open for five years and the account holder is age 59-1/2 or older.
Coverdell Education Savings Account
- Formerly called the Education IRA, the Coverdell Education Savings Account (ESA) is a type of tax-advantaged savings account created by the Taxpayer Relief Act of 1997 specifically for paying qualified higher education expenses. Contributions are non-deductible, earnings are tax-deferred and distribution are tax free if used to pay for the account beneficiary’s qualified expenses for costs of kindergarten through 12th grade, college or trade school. Anyone – whether related to the account beneficiary or not – may contribute toward a child’s ESA.
Apply today at any local office!
