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Home > Savings & Checking > IRA Accounts | Augusta & Winslow, ME

IRA Accounts

Share or Certificate IRA

Saving for your retirement now, knowing that your funds are safe and insured, will provide peace of mind later. Traditional, Roth, or Education IRAs are available. Your Individual Retirement Account can be the best way to ensure a future that allows you to live your best life during retirement! All IRAs offer tax benefits that reward you for putting money into them; however, they differ in ways like when they save you money in taxes and how they grow money in the account.

Traditional IRA — Individuals contribute to a traditional IRA. If you qualify (there are limitations and maximum contribution levels), the contributions you make to the account will be subtracted from your income, thus reducing your income tax liability. So you reduce your tax bill the years you make contributions. You won’t owe income tax on the money until you withdraw it in retirement. This is called “tax-deferred growth.” This can be a good option for someone who doesn’t have a retirement plan at work. It also makes sense for someone who expects to pay a lower tax rate in retirement to delay and lessen the tax bill with a traditional IRA.

Roth IRA — A Roth IRA’s contributions are not tax-deductible, but the money grows tax-free. You don’t owe taxes on the investment gains or initial contributions in your account, and you can withdraw money tax-free in retirement. Another perk is being able to withdraw money at any time without penalty, but there are rules about early withdrawals, so check current tax laws regarding Roth IRAs before doing so.

Education IRA Ask about our Coverdell Education IRA



Take charge of your future today and consult with your tax advisor for the IRA that best suits your needs.