Investments

Individual Retiremet Accounts

ESB offers two different IRA interest earning methods. You can choose a Fixed Rate plan that pays a constant rate for two years at time, or the Variable Rate plan which can change rates with the market as often as weekly.

Traditional IRA Profile

• Tax deductible contributions (depending on income level)
• Withdraws begin at age 59 1/2 and are mandatory by 70 1/2.
• Taxes are paid on earnings when withdrawn from the IRA
• Available to everyone; no income restrictions
• All funds withdrawn (including principal contributions) before 59 1/2 are subject to a 10% penalty (subject to exception).
  

Roth IRA Profile

• Contributions are not tax deductible
• No Mandatory Distribution Age
• All earnings and principal are 100% tax free if rules and regulations are followed
• Available only to single-filers making up to $95,000 or married couples making a combined maximum of $150,000 annually.
• Principal contributions can be withdrawn any time without penalty (subject to some minimal conditions).