At Enterprise Bank we offer a selection of retirement accounts. These retirement certificates of deposit are governed by separate disclosures and agreements which we will furnish to you at the time the account is opened.
Traditional IRA
The Traditional IRA is a savings vehicle that allows you to prepare for your retirement and may also provide tax advantages, depending on your income. With increased contribution limits, a saver may invest up to $3,000.00 a year, or $3,500.00 if you are over 50 years of age. Or, you may want to transfer an existing IRA, or convert another qualified retirement plan to a Enterprise Bank traditional IRA account.Roth IRA
The Roth IRA provides flexibility as a retirement tool and the accessibility of funds after just five years from the initial investment. With increased contribution limits, you may invest up to $3,000.00 a year, or $3,500.00 if you are over 50 years of age.Coverdell Education IRA
The Coverdell Education IRA savings program provides the opportunity to improve one’s future, through the benefits of education. The funds may be used for qualified elementary, secondary and higher education expenses, and may be redeemed by the beneficiary up to the age of 30. You can invest up to $2,000.00 a year in an Enterprise Bank certificate of deposit and watch your money grow. Furthermore, distributions used to pay for certain education expenses are free from Federal income tax.Simplified Employee Pension (SEP)
The Simplified Employee Pension (SEP) is a retirement plan in which an employer’s contributions are deposited into an investment where the funds grow tax-sheltered. The SEP is geared towards self-employed individuals, or individuals whose employers do not offer qualified retirement plans. Contribution limits are determined by the creator of the plan, generally an accountant, based on a percentage of income.
Let a Enterprise Bank customer service representative assist you with your retirement and saving needs though the Traditional IRA, Roth IRA, Coverdell Education IRA and Simplified Employee Pension (SEP). Consult with your tax advisor regarding contribution eligibility and limits.
