{"id":341,"date":"2020-07-18T20:25:36","date_gmt":"2020-07-18T20:25:36","guid":{"rendered":"https:\/\/baycoast.bank\/?post_type=personal&#038;p=341"},"modified":"2026-03-11T09:14:51","modified_gmt":"2026-03-11T13:14:51","slug":"retirement","status":"publish","type":"personal","link":"https:\/\/baycoast.bank\/en\/personal\/investing\/retirement\/","title":{"rendered":"Individual Retirement Accounts"},"content":{"rendered":"<div class=\"lazyblock-interior-hero-z6vpe wp-block-lazyblock-interior-hero\">\n<div class=\"section hero\">\n\t<div class=\"backing parallaxContainer\">\n\t\t<div class=\"backing\" style=\"background-image: url(https:\/\/baycoast.bank\/wp-content\/uploads\/2020\/07\/iStock-1171730494-1-min-scaled-e1596820578567.jpg\" role=\"img\" aria-label=\"Hero Image\"><\/div>\n\t<\/div>\n\n\t<div class=\"heroContent\">\n\t\t<div class=\"plusPlus blue\" ><\/div>\n\t\t\n\t\t<div class=\"heroWrapper\">\n\t\t\t<div class=\"heroBlock bgWhite\">\n\t\t\t\t\n\t\t\t\t<div class=\"heroBlockHeadline\">\n\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"categories flex\" style=\"justify-content: flex-start;\">\n\t\t\t\t\t\t\t<div class=\"h6\">\n\n\t\t\t\t\t\t\t  \t\t\t\t\t\t\t\t    \t<a href=\"https:\/\/baycoast.bank\/personal\">Personal<\/a>\n\t\t\t\t\t\t\t    \t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"primaryColor dot h6\">\u00b7<\/div>\n\n\t\t\t\t\t\t\t\t<div class=\"h6\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/baycoast.bank\/en\/personal\/investing\/\">Investing<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t<h1 class=\"blue\">Individual Retirement Accounts<\/h1>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t    \t\n\t\t\t\n\t\t<\/div>\n\t<\/div>\n<\/div> \n\n<div class=\"spacer\"><\/div><\/div>\n\n<div class=\"lazyblock-interior-content-Z16KaLv wp-block-lazyblock-interior-content\"><div class=\"spacer\"><\/div>\n\n<div class=\"section\">\n\t<div class=\"paddedWrapper\">\n\t\t<div class=\"wrapper flex gutenberg\" style=\"justify-content: center;\">\n\n\t\t\t\n\t\t\t<div class=\"smallWrapper gutenberg\">\n\t\t\t\n\t\t\t\t<div class=\"h3\">Depend on the expertise of Suzette C. Mello\n<\/div>\n\t\t\t  \n\t\t\t  \t<hr style=\"margin-bottom: 5rem;\">\n\t\t\t\t\n\t\t\t\t\n<div class=\"wp-block-image is-style-rounded\">\n<figure class=\"alignright size-large\"><img decoding=\"async\" width=\"175\" height=\"214\" src=\"https:\/\/baycoast.bank\/wp-content\/uploads\/2020\/07\/Suzette-Mello_web.jpg\" alt=\"Headshot of Suzette C. Mello, Assistant VP Retirement Services - BayCoast Bank\" class=\"wp-image-2682\"\/><\/figure>\n<\/div>\n\n\n<p>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?<\/p>\n\n\n\n<p>No matter where life takes you in retirement, you\u2019ll want to be sure you have sufficient funds to live the life you want. An<strong><span style=\"text-decoration: underline\"> Individual Retirement Account (IRA)<\/span> <\/strong>is a popular option for growing your retirement savings because it allows for tax-advantaged investments to help you build financial security.<\/p>\n\n\n\n<p>If you need assistance with your retirement strategy, BayCoast Bank is ready to help you.&nbsp; With many years of experience, <a href=\"https:\/\/baycoast.bank\/en\/people\/suzette-mello\/\">Suzette C. Mello<\/a> 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. &nbsp;<\/p>\n\n\n\n<p><strong>Please give Suzette a call at 508-742-4710, and she will be happy to assist you.<\/strong> You may also visit one of our convenient <a href=\"https:\/\/baycoast.bank\/en\/locations\/\">BayCoast Bank branch locations<\/a> on the South Coast of Massachusetts and Rhode Island to learn more about our IRA offerings.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><br>IRA Options<\/h3>\n\n\n\n<p><strong>Here is a look at the most popular FDIC and DIF-insured IRA savings and CD products offered by BayCoast Bank. Note: Non-deposit, uninsured IRA options are available through BayCoast Financial Services.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Traditional IRA<\/strong>\n<ul class=\"wp-block-list\">\n<li>Tax-deferred earnings.<\/li>\n\n\n\n<li>Tax deductible contributions for those who qualify.<\/li>\n\n\n\n<li>Modified Adjusted Gross Income (MAGI) limits apply<\/li>\n\n\n\n<li>Minimum distributions are required at age 73<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Roth IRAs<\/strong>\n<ul class=\"wp-block-list\">\n<li>You may contribute at any age, as long as you have a qualifying earned income.<\/li>\n\n\n\n<li>Contributions are not tax deductible<\/li>\n\n\n\n<li>Qualified tax-free withdrawals<\/li>\n\n\n\n<li>No mandatory withdrawals (unlike a traditional IRA)<\/li>\n\n\n\n<li>Contributions may be limited based on your filing status and income<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Simplified Employee Pension (SEP) IRAs<\/strong>\n<ul class=\"wp-block-list\">\n<li>A SEP plan is a retirement plan established by an employer.&nbsp;<\/li>\n\n\n\n<li>Available to owners of any size business<\/li>\n\n\n\n<li>Employers may contribute a certain percentage of each eligible employee\u2019s compensation directly to the employee\u2019s traditional SEP-IRA.&nbsp;<\/li>\n\n\n\n<li>Eligible contributions are generally tax deductible as a business expense<\/li>\n\n\n\n<li>Employees are 100% vested in (or have ownership of) all SEP-IRA money<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading blue h5\">Additional Information<\/h3>\n\n\n\n<p>To learn more about planning for retirement, please visit the <a href=\"https:\/\/www.ssa.gov\/\" target=\"_blank\" rel=\"noopener\">Social Security Administration\u2019s website<\/a> or <a href=\"https:\/\/www.irs.gov\/retirement-plans\" target=\"_blank\" rel=\"noopener\">the Internal Revenue Service\u2019s (IRS) retirement plans section of their website.<\/a><\/p>\n\n\n\n<p>Please consult a tax advisor for further information regarding IRA tax benefits and consequences.<\/p>\n\n\n\t\t\t<\/div>\n\n\t\t<\/div>\n\t<\/div>\n<\/div> <\/div>\n\n<div class=\"lazyblock-looking-for-more-Z1c2wU6 wp-block-lazyblock-looking-for-more\"><div class=\"spacer\"><\/div>\n\n<div class=\"section\">\n\t<div class=\"paddedWrapper\">\n\t\t<div class=\"wrapper\">\n\t\t\t<div class=\"mediumWrapper\">\n\n\t\t\t\t<div class=\"lookingForMore\">\n\t\t\t\t\t<h4 class=\"blue h3 hide\">Looking for More?<\/h4><!--\n\t\t\t\t\t--><div class=\"moreLinkList\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/baycoast.bank\/en\/personal\/savings\/money-market-account\/\"><div class=\"moreBtn hide\">Money Market Account <span class=\"primaryColor\">+<\/span> <div class=\"backing\"><\/div><\/div><\/a>\n        \t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/baycoast.bank\/en\/personal\/savings\/certificates-of-deposit\/\"><div class=\"moreBtn hide\">Certificates of Deposit <span class=\"primaryColor\">+<\/span> <div class=\"backing\"><\/div><\/div><\/a>\n        \t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/baycoast.bank\/en\/personal\/investing\/financial-services\/\"><div class=\"moreBtn hide\">Financial Services <span class=\"primaryColor\">+<\/span> <div class=\"backing\"><\/div><\/div><\/a>\n        \t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/plimothinvestmentadvisors.com\/\" target=\"_blank\" rel=\"noopener\"><div class=\"moreBtn hide\">Plimoth Investment Advisors <span class=\"primaryColor\">+<\/span> <div class=\"backing\"><\/div><\/div><\/a>\n        \t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div> <\/div>","protected":false},"excerpt":{"rendered":"<p>There&#8217;s no time like the present to update your retirement strategy with BayCoast Bank.<\/p>\n","protected":false},"featured_media":343,"menu_order":3,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false},"class_list":["post-341","personal","type-personal","status-publish","has-post-thumbnail","hentry","personal_categories-investing"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/baycoast.bank\/wp-content\/uploads\/2020\/07\/iStock-1171730494-1-min-scaled-e1596820578567.jpg",1969,930,false],"thumbnail":["https:\/\/baycoast.bank\/wp-content\/uploads\/2020\/07\/iStock-1171730494-1-min-scaled-e1596820578567-150x150.jpg",150,150,true],"medium":["https:\/\/baycoast.bank\/wp-content\/uploads\/2020\/07\/iStock-1171730494-1-min-scaled-e1596820578567-300x142.jpg",300,142,true],"medium_large":["https:\/\/baycoast.bank\/wp-content\/uploads\/2020\/07\/iStock-1171730494-1-min-scaled-e1596820578567-768x363.jpg",768,363,true],"large":["https:\/\/baycoast.bank\/wp-content\/uploads\/2020\/07\/iStock-1171730494-1-min-scaled-e1596820578567-1024x484.jpg",1024,484,true],"1536x1536":["https:\/\/baycoast.bank\/wp-content\/uploads\/2020\/07\/iStock-1171730494-1-min-scaled-e1596820578567-1536x725.jpg",1536,725,true],"2048x2048":["https:\/\/baycoast.bank\/wp-content\/uploads\/2020\/07\/iStock-1171730494-1-min-scaled-e1595104412331-2048x992.jpg",2048,992,true]},"post_excerpt_stackable_v2":"<p>There&#8217;s no time like the present to update your retirement strategy with BayCoast Bank.<\/p>\n","category_list_v2":"","author_info_v2":{"name":"","url":""},"comments_num_v2":"0 comments","publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/baycoast.bank\/en\/wp-json\/wp\/v2\/personal\/341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baycoast.bank\/en\/wp-json\/wp\/v2\/personal"}],"about":[{"href":"https:\/\/baycoast.bank\/en\/wp-json\/wp\/v2\/types\/personal"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/baycoast.bank\/en\/wp-json\/wp\/v2\/media\/343"}],"wp:attachment":[{"href":"https:\/\/baycoast.bank\/en\/wp-json\/wp\/v2\/media?parent=341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}