/home/client/public_html_restored/wp-content/themes/boc-responsive/page.php 880




Saving for Retirement

The B.O.C. Financial Services team can help you determine which of the many retirement savings options will maximize your return, and benefit you the most in retirement.


A traditional IRA is a retirement vehicle that allows your funds to grow tax-deferred. Contributions to a traditional IRA are typically tax deductible for the tax year in which you make the contribution.* Withdrawals from a traditional IRA are subject to income tax. You can begin taking qualified withdrawals as early as age 59 1/2. Once you reach 70 1/2 years old, you must begin taking distributions from your traditional IRA.

A Roth IRA allows you to make retirement contributions with after-tax dollars (which aren’t tax-deductible).  However, your earnings and qualifying withdrawals generally won’t be subject to tax.* You can begin taking qualified withdrawals as early as age 59 1/2 (as long as the Roth IRA has existed for at least five years), and there are no age-related distribution requirements.

If you have taken full advantage of the tax benefits of a traditional and/or Roth IRA, then tax-deferred annuities may be a good way for you to set aside additional savings.

You might benefit from a rollover IRA if you still have retirement funds in a previous employer’s 401k plan. Our financial advisors can review your old 401k plan(s), and help you determine the best rollover option.

*Consult your tax advisor.


Walk-in Service Now Available – Branch lobby visits no longer require an appointment. We've posted interim lobby and drive-up hours, with ongoing hours to follow soon. Learn more >