Individual Retirement Accounts

Depend on the expertise of Suzette C. Mello

Headshot of Suzette C. Mello, Assistant VP Retirement Services - BayCoast Bank

How do you envision your life when you retire? Soaking up the sun in a tropical paradise? Hitting the slopes at a cozy mountain resort? Or downsizing for stress-free living in a new condominium?

No matter where life takes you in retirement, you’ll want to be sure you have sufficient funds to live the life you want. An Individual Retirement Account (IRA) is a popular option for growing your retirement savings because it allows for tax-advantaged investments to help you build financial security.

If you need assistance with your retirement strategy, BayCoast Bank is ready to help you.  With many years of experience, Suzette C. Mello is available to help answer your financial questions so you can make an informed decision on the best IRA to choose for your unique goals.  

Please give Suzette a call at 508-742-4710, and she will be happy to assist you. You may also visit one of our convenient BayCoast Bank branch locations on the South Coast of Massachusetts and Rhode Island to learn more about our IRA offerings.

IRA Options

Here is a look at the most popular IRA products offered by BayCoast Bank.

  • Traditional IRA
    • Tax-deferred earnings.
    • Tax deductible contributions for those who qualify.
    • Modified Adjusted Gross Income (MAGI) limits apply
    • Minimum distributions are required at age 73
  • Roth IRAs
    • You may contribute at any age, as long as you have a qualifying earned income.
    • Contributions are not tax deductible
    • Qualified tax-free withdrawals
    • No mandatory withdrawals (unlike a traditional IRA)
    • Contributions may be limited based on your filing status and income
  • Simplified Employee Pension (SEP) IRAs
    • A SEP plan is a retirement plan established by an employer. 
    • Available to owners of any size business
    • Employers may contribute a certain percentage of each eligible employee’s compensation directly to the employee’s traditional SEP-IRA. 
    • Eligible contributions are generally tax deductible as a business expense
    • Employees are 100% vested in (or have ownership of) all SEP-IRA money

Additional Information

To learn more about planning for retirement, please visit the Social Security Administration’s website or the Internal Revenue Service’s (IRS) retirement plans section of their website.

Please consult a tax advisor for further information regarding IRA tax benefits and consequences.

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