How it works:
- Choose your product: With Middlesex, you have the option of two types of IRA accounts: money fund accounts or certificates of deposit (CDs). Both are FDIC insured and have no monthly fee.
- Choose your IRA type: Select a Traditional or Roth IRA. Each type has potential tax advantages to help you generate greater returns. Simplified Employee Pension (SEP) IRAs are available to business owners and their employees.
- Fund your account: Put an initial contribution into your account. Add funds to a money fund any time up to the annual contribution limit to help your retirement plan grow.
- Roth IRA: The money you deposit has already been taxed. Over the years, your earnings can grow tax-free and your withdrawals will be tax-free when they are “qualified”.
- Traditional IRA: Your contributions may be tax-deductible. Your earnings grow tax-deferred and you pay taxes when you make withdrawals.
- SEP IRA Plan: A Simplified Employee Pension (SEP) IRA is a type of traditional IRA that lets self-employed people and small business owners save for retirement. The tax benefits and responsibilities are similar to those of Traditional IRAs.
Funding your IRA: Contributions & Rollovers
- Contributions: Deposit checks directly into your IRA when you visit a Middlesex branch, or transfer funds from any linked Middlesex accounts.
- Rollovers & Transfers: Transfer funds from an existing IRA at another financial institution or rollover your 401(k) or other qualified retirement account to your IRA. Funds maintain tax-deferred status if rolled into another tax-deferred account.
Individual Retirement Accounts, anchored by our dependable CDs, can help prepare you for a stable future.
- Fixed-rate CDs ranging from 3 - 71 months
- Variable-rate CD with a 12 - 18 month term
- Receive tax benefits by making CDs part of a Traditional or Roth IRA
Retirement Money Fund Account
Are you planning your retirement, but need a low cost option? With no annual fee and FDIC insured deposits, the Retirement Money Fund account is a smart way to diversify your retirement plan.
- FDIC insured
- No maintenance fee
- Potential tax benefits