Personal Savings

Individual Retirement Accounts (IRAs)

Fund Future Adventures with Competitive Dividends, Tax Advantages*, and More

At Atlantic, we believe people work to live — not the other way around. Make sure you get the most out of life with a safe, simple individual retirement account.

Competitive dividends and tax advantages* boost your budget — so you can actually take that dream vacation. Or maybe you want to share your wealth. Help your favorite student achieve academic success with a Coverdell ESA. Whatever you want to do, Atlantic is here to help you do better.

Summary
  • Tax-advantaged retirement savings*
  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,500 contribution limit per year
  • Contributions can be made in a "lump-sum"; or deposit(s) throughout the year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Funds can be used to purchase certificates within IRA
  • No minimum deposit to open

Learn More

Talk with Carol Taylor at Abenaki Retirement & Investments to explore more of your retirement options.

*Subject to some minimal conditions. Consult a tax advisor.
Traditional vs. Roth

There are benefits to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax*
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

Roth IRA

  • Income limits to be eligible to open Roth IRA***
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal*
  • Principal contributions can be withdrawn without penalty*
  • Withdrawals on dividends can begin at age 59½
  • Early withdrawals on dividends subject to penalty**
  • No mandatory distribution age

 

*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.
Coverdell ESA

Create an easier transition into college for you and your student. A Coverdell Education Savings Account (ESA) provides a safe, tax-free place to earn competitive dividends for education expenses — free of setup and annual fees.

  • Set aside funds for your child's education
  • No setup or annual fee
  • Dividends grow tax-free
  • Withdrawals are tax-free and penalty-free when used for qualified education expenses*
  • Designated beneficiary must be under 18 when contributions are made
  • To contribute to an ESA, certain income limits apply**
  • Contributions are not tax deductible
  • $2,000 maximum annual contribution per child
  • The money must be withdrawn by the time he or she turns 30***
  • The ESA may be transferred without penalty to another member of the family
  • No minimum deposit to open

 

*Qualified expenses include tuition and fees, books, supplies, board, etc.
**Consult your tax advisor to determine your contribution limit.
***Those earnings are subject to income tax and a 10% penalty.