Investment choices for your tax savings and retirement security.
Current Rates
It's never too early or too late to start planning for your retirement.
Design your own retirement plan with bank certificates, stocks, bonds, or mutual
funds.
Your Pension Specialist or the Asset Management/Trust Group will provide you with
the individual attention and service you'll need to select a plan that is right
for you.
Traditional IRA
A tax-deferred plan designed to help you save for retirement.
Roth IRA
A non-deductible plan that features tax-free accumulation of interest and
capital gains.
Investment Management
Personal retirement and estate planning provided through our Asset
Management/Trust Group for you or your business.
Related Services: CDs
Retirement Calculators
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Traditional IRA
You may defer taxes on your contributions until you withdraw the funds.
Choose the CD term that's right for you from 3 months to 10 years, or a money market option.
If you are under age 70½, you may be eligible to establish an
IRA even if you participate in another government plan.
You may be able to contribute up to 100% of your compensation
or $4,000, whichever is less, and you may get a tax
deduction for your contribution
Extra benefits give your account added value:
- Special reinvestment option if you are age 59½ or older, lets you lock
in the highest CD rate and reinvest once a year.
- No commissions or fees* to open.
- No annual fees*.
- Safety of FDIC and DIF insurance*.
- Professional investment management services.
- Bank by phone with Telephone Banking
to access account information.
- Option to invest in stocks, bonds, or mutual funds.
* Applies to funds invested in Berkshire Bank accounts
Current Rate
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There are two IRAs to choose from — the traditional and Roth IRA.
But which one is best for you? To answer this question,
complete our worksheet.
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Roth IRA
A Roth IRA is a non-deductible account that features tax-free interest,
capital gains and withdrawals for certain distributions (home purchase
or disability) after a five year holding period. Choose the CD term
that best meets your needs from 3 months to 10 years, or a money market
option.
You may contribute up to 100% of your compensation
or $4,000 whichever is less, as long as your Modified
Adjusted Gross Income (MAGI) does not exceed certain
limits (see table below). It's important to note that
$4,000 is the aggregate amount that you can contribute
to Roth and/or traditional IRAs in a given year. For
example, if you contribute $500 to a traditional IRA,
the most you could contribute to a Roth IRA is $3,500
for that year.
ROTH IRA
MODIFIED ADJUSTED GROSS INCOME (MAGI TABLE)
|
Single Filers |
| MAGI of $95,000 or Less |
MAGI Between $95,000 & $110,000 |
MAGI of $110,000 or More |
| Full $4,000 Contribution |
Partial Contribution* |
No Contribution |
Married, Joint Filers |
| MAGI of $150,000 or Less |
MAGI Between $150,000 & $160,000 |
MAGI of $160,000 or More |
| Full $4,000 Contribution |
Partial Contribution* |
No Contribution |
| * See worksheet below to determine partial contributions. |
You do not get a tax deduction for your Roth contribution. The 10% IRS penalty
does not apply to earnings you withdraw when you take any of the qualified
distributions. This information is intended to act as a guide to estimate your
allowable contribution limit. Contact your Tax Advisor/Retirement Specialist for
further information.
| DETERMINE YOUR MAXIMUM ALLOWABLE CONTRIBUTION FOR A PARTIAL CONTRIBUTION |
Filing Status |
SINGLE |
MARRIED, FILING
JOINTLY |
MARRIED, FILING
SEPARATELY |
Modified Adjusted Gross Income (MAGI) |
$ 110,000 |
$ 160,000 |
$ 10,000 |
|
| * |
|
MAGI from IRS Form 1040 or Form 1040A but modified for certain items for citizens living abroad or from income received from sources abroad. |
| ** |
|
If the adjusted dollar contribution limit is not a multiple of ten, it is rounded up to the next highest $10 increment. |
|
| All information contained here is intended to act as a guide in giving you an estimate of your allowable contribution limit. Contact your pension specialist or tax adviser for further information. |
Catch-Up Contribution
If you are 50 years of age or older, you may contribute
an additional $500 "catch-up" contribution
for a total annual contribution of $4,500.
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Investment Management
Our Asset Management/Trust Group can provide you with customized retirement and estate planning services. These services include a detailed measurement of your investment performance that serves as the basis for continuing portfolio analysis. Overall estate plans are also available.
We can develop a comprehensive retirement program for you, dedicated to the effective management of your assets, including investment counseling. The Asset Management/Trust Group is staffed with experienced Certified Financial Planners and Senior Investment professionals who can personally manage your:
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Pension Plan
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Profit Sharing Plan
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401(k) Plan
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Qualified Retirement Plan
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Employee Stock Ownership Plan
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IRA Trust
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Because we devote our every effort to pursuing your investment objectives, you can take the time to enjoy life. We seek to enhance your personal wealth by pursuing growth over the long-term.
It's easy to open your retirement account. Whether you wish to open a new retirement account or transfer an existing account, we'll do all the paperwork for you. Simply contact us, stop by the nearest Berkshire Bank office or call us at (413) 443-5601 or 1-800-773-5601 and ask for a Financial Services Representative.
NOT FDIC
OR DIF
INSURED |
May lose value
Not a bank deposit
No bank guarantee |
Related Services: Certificates |
Rates |
Investment Management
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