Contribution Limits for the 2020 Tax Year
*The deadline for 2019 contribution is April 15, 2020.
- $6,000 for individuals, $12,000 for married couples
- Catch up contributions for IRA owners 50 years or older is an additional $1,000
IRA Money Market Savings Account
With an East Boston Savings Bank IRA Money Market Savings Account, you can start with as little as $50. Additionally, there are no transaction limitations to this account. Individual Retirement Accounts (IRAs) are subject to limitations and or penalties imposed by the Internal Revenue Service. Please see your IRA Agreement or your tax advisor for additional information.
Simplified Employee Pension Plan (SEP)
If you're an employer or are self-employed and are looking to establish a business retirement plan that uses IRAs as the investment vehicle for both you and your employees, a SEP may be the answer. The key advantage of a SEP-IRA is tax deductibility of employer contribution.