IRA products allow you to receive tax savings on your contributions. Over the years, new products have been introduced to stimulate retirement and education savings. Here is a brief overview of the products Marine Bank offers you. For more information and to help you make an informed decision regarding your IRA options please call a Marine Bank customer service representative.

Traditional IRA

If you are single or married and have an income below the threshold amounts, the traditional IRA may be the most beneficial for retirement savings. A full IRA deduction of $4,000 may be taken for the year and tax on interest is deferred until you retire. Each year you'll continue to make contributions on a tax deferred basis. Generally your income is lower at retirement with a corresponding tax bracket, so at age 60 you can withdraw your IRA funds with a minimal tax liability.

Roth IRA

With this product, you are able to make non-deductible annual contributions of up to $4,000. Earnings on qualified distributions are tax-free.

Coverdell Education Savings Account

Specifically designed for higher education expenses, the Coverdell Education Savings Account is a non-deductible account that features tax-free and penalty-free withdrawals. Annual contributions of $2,000 may be made to your Coverdell Education Savings Account.