IMPORTANT UPDATE!
2011 will bring some exciting updates to our website. As you know, Suffolk First Bank completed its merger with Xenith Bank in December 2009. Continue reading...
Individual Retirement Accounts (IRAs)
An Individual Retirement Account (IRA) is an easy way to save money for retirement. You choose the investment term that works best for you and you won’t pay tax on your earnings until you make withdrawals. Whether you are just starting your retirement fund or supplementing an existing plan, we have the IRA that is right for you.
- Flexible terms from 90 days to 60 months
- Interest may be tax deferred or tax deductible
- Rollover funds from existing IRA's or employer’s retirement plan
- Roth and Traditional plans available
- Competitive rates
Traditional IRA
The Traditional IRA is a great way to build your retirement nest egg while enjoying tax benefits. This could be the right choice for you if you are under 70½ and have earned income.
Roth IRA
With a Roth IRA, you have flexibility as a retirement tool and the accessibility of funds after five years from the initial investment. You don’t get a tax break when you deposit the money, but the money is tax-free when you take it out, and unlike the Traditional IRA, you don’t have to make annual withdrawals at a certain age.
Rollover IRA
If you have investment funds in an old employer-sponsored retirement plan, it’s easy to move them into a Traditional IRA savings plan. You keep the same tax benefits and choose which investment tool that best fits your retirement needs.
