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Individual Retirements Accounts

At First East Side Savings Bank we believe that retirement is a state of mind as well as a financial issue. Our IRA's can help you save to achieve your financial goals. Whether you are looking for tax-deferred or tax-free earnings, our IRA specialists can assist you in determining which retirement account is right for you. A First East Side Savings IRA will provide you the security and peace of mind you need for a worry-free retirement.

Traditional IRAs

Traditional IRAs offer the potential for tax-deductible contributions and tax-deferred earnings. This type of IRA is available to all individuals under the age of 701/2 with earned income. Contact us for details. We also recommend that you discuss your options and eligibility with your tax advisor.

Roth IRAs

In a Roth IRA, contributions are not tax-deductible, but earnings grow tax-free. This type of IRA is available to all individuals with earned income. Distributions are not required at age 701/2 and can generally be distributed tax-free at any time if certain criteria has been met. We recommend that you discuss your options and eligibility with your tax advisor.

Educational IRAs

Also known as Coverdell Education Savings Account (ESA) is an account created as an incentive to help parents and students save for education expenses. Contributions to this type of IRA are not tax deductible, 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 a beneficiary's qualified education expenses at an eligible institution. We recommend that you discuss your options and eligibility with your tax advisor.

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