Saving for the future is an important challenge as you look forward to your retirement. Chesapeake Bank of Maryland offers Individual Retirement Accounts (IRAs) to help you save to make the most of your "Golden Years". If you want a retirement account that lets you take advantage of tax benefits today and defer tax on your investment earnings until retirement age, we offer Traditional IRAs. With a Traditional IRA you can
- Build retirement assets by deferring taxes until retirement, when you're likely to be in a lower tax bracket.
- Choose from the various rates and terms we offer on our Certificates of Deposit.
If you're looking to make tax-free withdrawals during retirement in exchange for tax benefits today, a Roth IRA may be the right choice for you. With a Roth IRA, you will have the benefits of
- Tax-free retirement earnings. Both your earnings and contributions may be non-taxable when you reach retirement age. Certain conditions apply.
- No minimum age distributions. Not only are you not required to make minimum distributions at age 70 ½, you can continue making contributions beyond age 70 ½.
- Choose from the various rates and terms we offer on our Certificates of Deposit.
If you are wondering if you're saving enough for retirement, our Retirement Calculator can help you determine the amount of money to save each year in order to achieve your financial goals.
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