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IRA’s

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You’ve worked hard and earned the right to enjoy your retirement. Northfield can help you securely plan for your future financial needs with a Traditional or Roth IRA.

  • Traditional IRA: Earnings accumulate tax-deferred until withdrawn with a Traditional IRA.  Your money grows and you don’t need to pay taxes on it until you take it out of the IRA.(1)
  • ROTH IRA: A Roth IRA is an individual retirement account funded with after-tax dollars. You can’t deduct contributions to a Roth IRA at tax time, but you can withdraw your money tax-free in retirement.(1)

Comparison Chart

Features Traditional IRA(1) Roth IRA(1)
Minimum Balance to Open $250.00 $250.00
Age Requirement Contribute up to 701/2 Contribute at any age
Income Limitations None Your income can affect how much you can contribute
Tax Deductible Yes No
Early Withdrawal Penalty If you make withdrawals before you're 591/2, your might have to pay a 10% penalty. If you make withdrawals before you're 591/2, you might have to pay taxes on your earnings plus a 10% additional tax.
Required Minimum Distributions (RMDs) Yes RMDs do not apply

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To help visitors understand information on this website in a variety of languages, Northfield Bank offers GoogleTM Translate, an unaffiliated third party service, which automates translation of the website. The GoogleTM Translate automated translation tool is not perfect and should not be relied upon. Automated translation may miss context, the full meaning may be lost, or words, phrases or sentences may be inaccurately translated. In addition, to the extent GoogleTM Translate caches and presents older versions of the Northfield Bank website content, that is beyond the control of the Northfield Bank site and its operators, who accept no responsibility or liability for the outdated translation.

As a result, Northfield Bank does not make any promises, assurances, or guarantees as to the accuracy of the translations provided or the accuracy of the converted text. Northfield Bank and its affiliates disclaim and will not accept any liability for damages or losses of any kind caused by or arising out of the use of or reliance on the Google Translate feature. Where there is any question, the English version is always the authoritative version of the website.

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Please be advised that deposit and loan disclosures and contractual documents will only be provided in English.

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