To build your savings while getting tax advantages, rely on an IRA – and the local team of experts – from Thomaston Savings Bank. It’s never too early to start your long-term savings plan – especially since Social Security and company-sponsored pensions are not a guarantee. Individual Retirement Accounts (IRAs) offer some unique ways to build better savings – by deferring tax payments until you withdraw your money or retire. An IRA is an account that you can add to as you grow so while it can benefit you before tax season, an IRA is beneficial all year long. Contribute up to $6,000 ($7,000 if you are age 50+) for the 2020 tax year.
Thomaston Savings Bank offers two IRA options – both of which feature tax-friendly benefits:
*Consult your tax advisor for current limits for your individual situation.
Open an account at your nearest branch.