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This Way to Retirement

Plan on retiring with confidence.

When you’re ready to retire, make sure that your finances are, too - with a Simsbury Bank retirement savings account. Our Market Managers are here to help you develop and refine your savings strategy.

Our retirement plans include:

Traditional IRA

A Traditional IRA is intended for anyone under the age of 70 1/2 looking for a tax-efficient way to save for retirement.

  • Earnings are tax-deferred until withdrawn
  • Contributions may be tax-deductible
  • No minimum initial investment
  • Maximum 2014 contribution of $5,500 for those under age 50; $6,500 for those over age 50
  • Withdrawals are taxed as ordinary income, and can be made without penalty after age 59 1/2; withdrawals before this are subject to a 10% penalty, unless used for one of qualifying reasons

For more details and information on Traditional IRAs, please see IRS Publication 590 at www.irs.gov or contact your local retirement specialist.

Roth IRA

A Roth IRA is the most tax-advantaged IRA and is intended for individuals under the age of 70 1/2 looking for a tax-efficient way to save for retirement, while enjoying more flexibility with withdrawals.

  • Earnings grow tax-deferred
  • No federal tax on withdrawals
  • No required minimum distributions
  • No minimum initial investment
  • Maximum 2014 contribution of $5,500 for those under age 50; $6,500 for those over age 50
  • Contributions may be withdrawn at any age, penalty-free
  • Earnings can be withdrawn federally tax free after age 59½, provided the account has been open for five years

For more details and information on Roth IRAs, please see IRS Publication 590 at www.irs.gov or contact your local retirement specialist.  

Rollover IRA

A Rollover IRA is intended for those who are changing jobs, or those who have multiple retirement accounts with previous employers and want to consolidate their accounts for easier management and more investment options.

  • Maintain your retirement account’s tax-deferred status
  • Withdrawals are taxed as ordinary income, and can be made without penalty after age 59 1/2; withdrawals made before this are subject to a 10% penalty, unless made for one of qualifying reasons

Year-Round IRA Certificates of Deposit (CDs)

This innovative IRA option allows you to lock in a great rate at initial deposit and continue to earn that rate with additional deposits throughout the 15-month term.

  • $500 minimum to open account
  • Withdrawals are permitted upon maturity at 15 months. Early withdrawal penalties may apply.
  • $100,000 total maximum deposit limit
  • Unless withdrawn, funds will roll into a 12-month term and rate, upon maturity
  • FDIC Insured
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