The Scottish Bank

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Retirement

It's never too early to start saving for retirement or your child's education. The Scottish Bank offers a variety of options to fit your financial goals.

Traditional IRA

A Traditional IRA allows you an opportunity to supplement your other retirement savings.

  • Contributions may be tax-deductible1
  • Withdrawals may begin at age 59 1/2 or earlier for college expenses or first-time home purchase1

Roth IRA

A Roth IRA affords you several benefits as you save for retirement.

  • Contributions are not tax-deductible, but earnings are tax-deferred (and potentially without tax penalty)
  • Funds may be withdrawn after five years for first-time home purchases without penalty

Education IRA

This type of IRA allows for you to pay for board, tuition, supplies, equipment and other educational-related expenses while taking advantage of tax benefits.2

  • Withdrawals are tax- and penalty-free if used for board, tuition, and certain other expenses3

1Consult your tax advisor concerning tax deductibility.
2Withdrawals may be subject to certain penalties.
3Consult your tax advisor concerning eligible expenses.

Retirement Calculator
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