Individual Retirement Accounts (IRAs)
Setting aside money each year into an IRA is a great way to help supplement your retirement savings and possibly defer your taxable income.
You can open a new IRA or transfer your existing IRA from another bank or brokerage firm to us. We offer Traditional IRAs, Roth IRAs and Rollover IRAs. Once you open an account and choose the IRA product that works best for you, our easy-to-use online FinanceWorks make managing your money simple.
We can make it easy for you to set aside money each month into an IRA. This is a great way to help supplement your retirement savings to help you retire the way you want.
- Low $10 minimum balance to open
- Unlimited additional deposits
- Automatic transfer from checking or savings
Our Retirement Specialist can answer any questions you may have, so stop by any of our conveniently located offices and open your IRA today, before April 15th rolls around.
Types of IRAs available at Berkshire Bank
A savings plan designed to help you save for retirement that provides the benefits of tax-deferred interest and, in many cases, tax deductibility.
A non-deductible retirement savings plan that features tax-free accumulation of interest and capital gains and withdrawals for certain distribution reasons.
If you are 50 years of age or older, you may contribute an additional $1,000 "catch-up" contribution.
A conversion provides the means for a Traditional IRA owner to move his/her IRA assets into a Roth IRA in order to take advantage of the possible tax-free and penalty-free benefits that are not available in a Traditional IRA.
Converting assets from a Traditional IRA to a Roth IRA is a taxable event, since assets are being moved from a pre-tax investment to an after-tax investment.
Individual circumstances and future assumptions will determine whether a conversion might be beneficial. An IRA owner should always consult his/her tax or legal professional for help in making the right decision.