At Enterprise Bank we offer a selection of retirement accounts. These retirement Certificates of Deposit are governed by separate disclosures and agreements which we will furnish to you at the time the account is opened.
A traditional IRA is a great way to save for retirement that gives you tax advantages. Contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances, and generally, amounts in your traditional IRA (including earnings and gains) are not taxed until distributed. You cannot make contributions to your traditional IRA after you reach age 70 ½. You must receive at least a minimum amount of distribution for each year starting the year you reach age 70 ½. For more details, see IRS Publication 590, at IRS.gov or call 800-TAX-FORM (800-829-3676). Some limitations apply.
A Roth IRA is a way to save for retirement that gives you tax advantages when your needs are not traditional. If you satisfy the requirements, qualified distributions are tax-free. You cannot deduct contributions to a Roth IRA. You can make contributions to your Roth IRA after you reach age 70 ½. You can leave amounts in your Roth IRA as long as you live. For more details, see IRS Publication 590, at IRS.gov or call 800-TAX-FORM (800-829-3676). Some limitations apply.
Coverdell Education IRAs
A Coverdell Education Savings Account (ESA) is an account created as an incentive to help parents and students save for education expenses. Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed. This benefit applies to qualified higher education expenses as well as to qualified elementary and secondary education expenses. Virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions are eligible. For more details, see IRS Publication 970, at IRS.gov or call 800-TAX-FORM (800-829-3676). Some limitations apply.
Simplified Employee Pension (SEP)
Are you self-employed or your employer does not offer a qualified retirement plan? Did you know you have many of the same options to save for retirement on a tax-deferred basis as employees participating in company plans?
The Simplified Employee Pension (SEP) is a retirement plan in which an employer’s contributions are deposited into an investment where the funds grow tax-sheltered. For more details, see IRS Publication 560, at IRS.gov or call 800-TAX-FORM (800-829-3676). Some limitations apply.
Let a Enterprise Bank Customer Service Representative assist you with your retirement needs through a Traditional IRA, Roth IRA, Coverdell Education IRA and Simplified Employee Pension (SEP). Enterprise Bank does not provide tax advice. Please consult with your tax advisor regarding tax planning.