Individual Retirement Accounts

Set aside money in an IRA today to enjoy years of relaxation in the future. An IRA offers competitive interest and tax advantages to get you closer to your goals. Choose from our Traditional, SEP, or Roth options for the best plan to suit your situation.

Your ideal retirement might include bouncing grandchildren on your knee or expanding your Red Sox card collection—whatever it is, you've earned it. And at WSB, we're here to help make that idea your reality.

Summary
  • Tax-advantaged retirement savings*
  • Competitive interest above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • All deposits are insured in full, with FDIC and DIF coverage
  • Funds can be used to purchase CDs within IRA
  • $500 minimum deposit to open

*Consult a tax advisor.

Traditional vs Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on interest can begin at age 59 ½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

*Subject to some minimal conditions. Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

***Consult a tax advisor.