Increase your earnings with an Individual Retirement Account

It is never too early to start planning for your retirement, and an IRA (Individual Retirement Account) can help you get there. An IRA is one of the most financially beneficial and easiest ways to insure your financial security. Not only can an IRA help jumpstart your retirement, but may also have valuable tax benefits.

Lowell Five offers a range of IRAs, and our banking professionals will help you select the account which matches your retirement needs. Options include:

Traditional

Annual contributions may be eligible for value tax deductions. Plus, transactions in the account, including interest, dividends, and capital gains, are not subject to tax until the time of withdrawal.

Roth IRA

All earnings can be withdrawn TAX-FREE at retirement, provided you are 59 and 1/2 and do not withdraw the funds for at least five years after opening the account.

Rollover IRA

Have you recently changed jobs? A Rollover IRA is a great way to consolidate your retirement savings from an existing 401(k).

Educational IRA

A Coverdell Education Savings Account is a great way to help parents and students save for education expenses for qualified elementary, secondary schools, as well as colleges and universities. Total contributions for the beneficiary of this account cannot be more than $2,000 in any year, but amounts deposited in the account grow tax free until distributed. The beneficiary will not owe tax on the distributions if they are less than the beneficiary's qualified education expenses at an eligible institution.

IRA CD

Rates paid on IRA CDs are guaranteed for the entire term of the CD which can range from six months to five years.

For more information, or to open an account, call 978.441.6472 or email a retirement specialist.