personal banking

You want your money to help you achieve as many life goals as possible. TCB is ready to support you with sound advice, attentive personal service, the right account and loan options, and efficient online tools.

individual retirement accounts

Save Now for a Secure Retirement

Individual Retirement Accounts (IRAs) are a smart way to save for a secure retirement because they offer tax-free growth. At TCB, we offer both the Traditional IRA and Roth IRA to make it easier for you to save based on your individual needs and circumstances.

A Traditional IRA lets you set pre-tax income aside and grow it tax-free; you pay taxes when you reach retirement age and withdraw the money. A Roth IRA allows you to set aside after-tax income and grow it tax-free. You pay no taxes when you reach retirement age and withdraw the money, as long as your account has been open for 5 successive years and you are age 59 1/2 or older. See our side-by-side comparison below to help you decide which IRA, or combination of both – may be right for you:

Roth IRA

Traditional IRA

Eligibility

2017 – Anyone who has earned income whose modified adjusted gross income is less than $133,000 for single filers or $196,000 for joint filers.

2016 – Anyone who has earned income whose modified adjusted gross income is less than $132,000 for single filers or $194,000 for joint filers.

For 2017 and 2016 anyone with adequate earned income and not having attained age 70 ½ in either year is eligible.

Contribution Limits

2017 – $5,500 under age 50; $6,500 age 50 and over (includes $1,000 “catch-up” contributions).

2016 – $5,500 under age 50; $6,500 age 50 and over (includes $1,000 “catch-up” contributions).

2017 – $5,500 under age 50; $6,500 age 50 and over (includes $1,000 “catch-up” contributions).

2016 – $5,500 under age 50; $6,500 age 50 and over (includes $1,000 “catch-up” contributions).

Tax Features

Contributions are not tax deductible. Earnings can grow tax deferred. Earnings withdrawn are federally tax-free if age 59 ½ or the Roth IRA meets a 5-year holding period. Other withdrawals may be subject to taxation and possible penalty.

Contributions may be tax deductible based on participation in employee sponsored retirement plans and modified gross income limits. Earnings can grow tax deferred and are not taxed until they are withdrawn. Premature withdrawals may be subject to taxation and possible penalty.

Distribution Rules

Withdrawals may at any age but withdrawals taken before age 59 ½ may be subject to penalty. Withdrawals are tax free if the Roth IRA meets a 5 years holding period and you are at least age 59 ½. There are no mandatory withdrawals.

Withdrawals may begin at any age but withdrawals taken before 59 ½ may be subject to a penalty. Withdrawals are taxable at ordinary income rates. Mandatory withdrawals begin at age 70 ½.

You’ll feel secure in knowing that your Traditional and Roth IRA deposits are insured in full at TCB – up to $250,000* by the Federal Deposit insurance Corporation (FDIC). Balances above $250,000 are insured by the Share Insurance Fund (SIF).

*Only certain types of Retirement Accounts are insured up to $250,000 by the FDIC. Contact us for more information.

Stop by your nearest TCB branch to learn more about IRAs or to open an IRA.

Call us.

Roslindale
(617) 325-2900 

West Roxbury
(617) 325-9955 

Charlestown
(617) 242-0380

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Visit one of our locations.

Roslindale
40 Belgrade Avenue
Roslindale, MA 02131

West Roxbury
36 Spring Street
West Roxbury, MA 02132

Charlestown 
201 Main Street
Charlestown, MA 02129