Planning for Retirement

Whether retirement is just years away or decades, it’s never too early to plan for your future. It takes discipline to save for retirement, but the good news is that the sooner you start, the more time your money has to grow. As a first step, we recommend calculating how much money you’ll need for retirement using one of our convenient retirement savings calculators. Next? Call Randolph Savings Bank at 877-963-2100 to discuss which retirement savings option is right for you.

Individual Retirement Accounts (IRAs)

There can be tax advantages to contributing to a Traditional IRA – for many, contributions are tax deductible. If you’re under 70 ½ years of age with an earned income, a Traditional IRA may be the choice for you.

Roth IRA

While the contributions to your Roth IRA are not tax deductible as with a traditional IRA, your Roth funds can be withdrawn after the age of 59 ½ tax-free and without penalty if your account has been open for at least five years.

Simplified Employee Pension (SEP) IRA

A retirement plan for businesses or self-employed individuals, an SEP {link to business page} is a retirement option that gives employers a method for providing for retirement without the complexities of a qualified plan.