An Individual Retirement Account (IRA) is a type of savings account that is designed to help you save for retirement and offers many tax advantages. You need to have $50 of earned income to open an account.
You can start an IRA account at any age. Depending on your income, filing status, and whether you're covered by a retirement plan at work — contributions to a traditional IRA account may or may not be tax-deductible.
There are two different types of IRAs: Traditional and Roth IRAs. Each has slightly different rules and benefits. Call us and we will explain the difference to you or visit our IRA Services tab.
Both types can be opened through Bath State Bank. It requires no more than a few minutes’ visit to start your nest egg. For 2022 IRA contributions (until April tax date 2023): You can open an IRA at Bath State Bank for $50. The contribution limit for someone who qualifies with earned income is $6,000 under age 50. Over age 50 is a limit of $7,000 with earned income.