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Individual Retirement Accounts

IRA

Individual Retirement Accounts

From The Provident Bank of NJ


Start planning today for the lifestyle you deserve tomorrow.

Ensure your future financial independence with an Individual Retirement Account from The Provident Bank of NJ. We have various Individual Retirement Accounts and investment options available. Of course, you should consult your own tax or legal advisor for answers to specific questions about your tax status, income requirements, and future financial goals.

To become more informed about retirement facts and planning advice, view our infographic here, or click on the links below to learn more about retirement products from The Provident Bank of New Jersey.


Traditional IRA

Are you under age 70 & 1/2, with earned income? If so, your contributions to a Traditional IRA may be tax-deductible, depending on participation in an employer-sponsored retirement plan and income level. (Consult your tax advisor or reference Publication 590 at www.IRS.gov to see if you qualify.) 

Potential earnings are tax-deferred until you make withdrawals from the account. You can begin withdrawing funds from your IRA without the 10% IRS premature-distribution penalty any time after you reach age 59 & 1/2. You must begin to take your minimum required distributions when you reach age 70 & 1/2. Withdrawals of tax-deductible contributions and earnings are taxed at current income tax rates.

The current contribution limits are as follows:
  • Your taxable compensation that you must include in income for the year, or
  • $5,500

If you are 50 years of age or older in 2014, the most that can be contributed to your Traditional IRA is the smaller of the following amounts: Your taxable compensation that you must include in income for the year, or $6,500.

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Roth IRA

Don't qualify for a Traditional IRA or looking for different tax advantages? Regardless of your age, you may be able to establish and make non-deductible contributions to a Roth IRA if you meet certain Adjusted Gross Income limits. (Consult your tax advisor or reference Publication 590 at www.IRS.gov to see if you qualify.)

Unlike a Traditional IRA, you do not report Roth IRA contributions on your tax return. However, this type of account offers a potentially greater tax advantage: when you begin withdrawing funds at retirement, earnings on the account are tax-free. In addition, contributions can be made to your Roth IRA after you reach age 70 & 1/2, and there are no mandatory withdrawals at any age.

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Rollover IRA

Are you changing jobs or retiring? Avoid immediate taxes and penalties with a Provident Rollover IRA.

A Rollover IRA allows you to directly transfer all or part of your pension or retirement funds from one eligible plan to another. At The Provident Bank, we make it easy to roll over your current retirement account to one of our IRA Solutions. Simply stop by any branch and speak with a Wealth Management advisor.

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IRA Investment Solutions

Consider these FDIC-insured IRA Solutions for your 2014 contribution.

After deciding which IRA is best for you, the next step is to choose an investment product. At The Provident Bank, a variety of FDIC-insured deposit accounts are available for your IRA funds. Choose the liquidity of a Provident IRA Statement Savings or lock in a competitive interest rate for 91 days to 5 years with an IRA Certificate of Deposit.

Here's a quick look at the features and benefits of our FDIC-Insured IRA options:

Account Features & Benefits

IRA Statement Savings

IRA Certificates of Deposit

Minimum Balance to Open $50 $500
Earn competitive Annual Percentage Yield(APY)/Rate
Earn competitive tiered balance APY x x
Lock-in with competitive APYs x
Pick your own term - short or long term investing solutions x
FREE Consolidated Statement (multiple accounts) x

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Make The Provident Bank Your Retirement Planning Headquarters

Its easy to open, fund, or roll over an Individual Retirement Account at The Provident Bank. Just visit any branch, fill out an application, designate a beneficiary, and make your deposit. If you are unsure of which type of IRA or investment product is most appropriate for you, one of our Wealth Management advisors will be happy to help.

More questions about Provident IRAs?
Just call 1-800-448-PROV (1-800-448-7768) to reach a representative for more information.

Early withdrawals from an IRA prior to age 59 & 1/2 may result in a federal penalty. Interest penalties apply for early withdrawal. Refer to our Accounts and Services Fee brochure or ask a representative for details.

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