A safe and sensible way to grow your nest egg, IRAs have some potential tax advantages. With our different options, you can create a strategy that’s right for you.
NOTICE: The Secure Act became effective January 1, 2020. Please take note of the following significant changes:
- Beginning for tax year 2020, new law eliminates the age limit for Traditional IRA contributions. Anyone with eligible earned income can contribute (up to their limit) regardless of their age.
- Required Minimum Distribution has increased from age 70 ½ to age 72. Please note: For members who turned 70 ½ prior to December 31, 2019 will continue to receive their required minimum distribution. You cannot stop the distribution and start again upon turning 72.
- Massachusetts income Tax (and MA IRA withholding) Rate drops to 5.00%.
If you have any questions regarding your IRA account, please contact us at (800) 942-9575.