Individual Retirement
Accounts (IRAs)

Your ambitions for retirement deserve to become a reality. And here is where it starts—with a variety of plans that shape your investments for success, as well as bankers who care about making your dreams happen. Call us at 201-507-3257 to speak with a representative.

ROLLOVER IRA

What will you do with your employer-sponsored retirement funds when you retire or change jobs? Take control of your finances and your future with a Direct Rollover from your employer’s plan to a Blue Foundry Bank Rollover IRA Account.

Only a Direct Rollover lets you move 100% of your savings. If you take cash or the rollover yourself, you may pay 20% withholding. Our Rollover IRA Account invests your funds in an insured certificate of deposit and guarantees convenient access:

  • Your IRA is insured separately from your other accounts up to $250,000

  • Interest earnings are tax-free until withdrawn and there are no IRS penalties for distributions made after age 59 ½

TRADITIONAL IRA

Traditional IRAs give you tax deferred interest on your retirement savings:

  • You may be able to deduct your annual IRA contribution on your federal tax return

  • Interest earnings in your Traditional IRA are tax-free until withdrawn from the account

  • Contribute up to age 70 ½ when you have earned income from employment

  • Make contributions for a tax year or up to your tax filing deadline for that tax year

  • Minimum required distributions must start at age 70 ½

  • No IRS penalties for distributions made after age 59 ½

ROTH IRA

Roth IRAs allow people to set aside after-tax income up to a specified amount each year with earnings on the account and withdrawals after age 59 ½ are tax-free.

  • Roth IRA contributions are not tax-deductible up front, but when funds are distributed in a “qualified distribution,” they incur no federal tax

  • No age limit on making contributions as long as you have earned income

  • Distributions are tax-free and IRS penalty-free for qualifying first-time homebuyers and those over age 59 ½

  • There are no required minimum distributions at age 70 ½ - your money can continue to grow until you need it

SIMPLIFIED EMPLOYEE PENSION (SEP)

The SEP-IRA gives small businesses as well as sole proprietors a retirement plan for their employees that’s easy to establish and offers real flexibility.

  • Employers can contribute to employees’ existing IRAs

  • Contributions are tax-deductible by an employer and the earnings are tax deferred until withdrawn

  • An employer does not have to contribute every year

  • Avoid the administrative costs and most reporting requirements of qualified retirement plans

BEFORE MAKING IRA DECISIONS CONSULT A TAX ADVISOR