Retirement


Live for Today...Save for Tomorrow
Retirement Accounts can play an important role in your future. At Provident Bank, we can help you select the program that is right for you, plus Provident Bank will handle the transfer of your Retirement Account (or certificate) from another institution free of charge.

If you are just beginning to invest in your future, or rolling over funds from an employer plan, Provident Bank can get you started.

  • View Retirement Calculators
  • Individuals can choose from the Roth IRA as well as Traditional IRAs. If you are a business owner you may choose to open a Simplified Employee Pension (SEP) or a SIMPLE IRA. Each of these options offer potential tax benefits, but in different ways.

    There are two types of "Traditional IRAs" - Contributory IRAs and Rollover IRAs.

    A Contributory IRA is used to personally set aside funds for retirement. For many taxpayers, annual amounts contributed to this type of IRA are deductible on an individual's tax return. Tax deductibility depends on an individual's participation status in an employer's retirement plan and adjusted gross income (AGI). Interest earnings are tax deferred until withdrawn.

    Rollover IRAs are established to shelter from taxation money distributed from an employer's qualified retirement plan. Interest earnings are tax deferred until withdrawn.
    ROTH IRAs
    Roth IRAs are used to put aside funds for retirement. Although, contributions are not tax deductible, all earnings have the potential to be distributed tax-free if certain criteria is met. In addition, there are no mandatory distributions required at age 70 1/2.

    SEPS
    A Simplified Employee Pension (SEP) is a pension plan established by a business whereby the contributions are deposited into Traditional IRAs and are tax deductible by the employer. A sole proprietor, partnership, corporation, or tax exempt organization may establish SEPs.

    SIMPLE IRAs
    The Savings Incentive Match Plan for Employees (SIMPLE) IRA plan makes available a simplified salary deferral retirement option to small employers with less than 100 employees. Contributions are made to each participant's SIMPLE IRA.