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Retirement Services

It's never too early to start preparing for your retirement. At East Boston Savings Bank we offer many retirement options designed to help you plan for your future. An Individual Retirement Account (IRA) is an easy and inexpensive investment option. You can grow your savings quickly, with minimal risk.

There’s an IRA for everyone. Depending upon your personal financial situation, you may prefer the tax deductible* contributions of a Traditional IRA or the withdrawal flexibility of the Roth IRA. Our specialists can help you invest according to your needs.

*Please consult your tax advisor for tax benefits.

Contribution Limits for the 2021 Tax Year

*The deadline for 2021 contribution is April 15, 2022.
  • $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.