Skip to main content

Retirement Center

Go Search
Personal
Business
Customer Service
  

Living the Dream 

Now that you are in retirement, it doesn’t mean that your finances are on auto-pilot.  You may want to review your retirement plan from time to time so that you properly meet your expectations.
 

Assess your current financial position 
Make a detailed projection of retirement income and expenses to ensure that you have the financial resources you need to enjoy the retirement you’ve earned. It is important to develop a budget and stick to it so you can have a lifestyle you can afford. 

To see where you stand, use our retirement calculators.

Plan for your money to last
Many retirees have income from a variety of sources, including: 

          • Employer-sponsored defined contribution plans (such as 401(k)s)  
          • Employer-sponsored defined benefit plans (pension plans)          
          • Social Security payments         
          • Withdrawals from Traditional or Roth IRAs or annuities
          • Earnings from part-time jobs
          • Other savings

It is important to develop a reliable income stream that provides you with the income you need (without depleting your assets too quickly), takes advantage of available tax benefits and complies with regulatory requirements.

Review and adjust your investment strategy
Once you are in retirement, it’s important to assess your investment portfolio and retirement plan annually. Is your portfolio structured in a manner that is consistent with your objectives and risk tolerance?

Our experienced Retirement Specialists can help you monitor your plan and portfolio.

Understanding Social Security and Medicare
Social Security and Medicare are key benefits in retirement, and it is important to understand your options before taking advantage of these benefits. To learn about Social Security and Medicare benefits, visit the Social Security website.












At Eastern Bank, we offer a variety of solutions to help you get the most out of your retirement savings. An experienced Retirement Specialist can help you choose the solution that’s right for you.

Traditional IRA

Roth IRA

Rollover IRA

SEP IRA

Ideal for Individuals looking to take advantage of tax-deductible contributions and tax-deferred savings Individuals looking to forgo tax-deductible contributions in exchange for tax-free distributions Individuals looking to rollover qualified assets from an employer-sponsored retirement plan without incurring costly tax consequences Self-employed individuals or business owners looking to take advantage of tax-deductible contributions and tax-deferred growth
Key Benefits

Tax-deductible contributions

Tax-deferred growth

Withdrawals in retirement may be tax-free

Earnings on contributions may be tax-free

No mandatory age for taking distributions

Conversions allowed from IRAs and eligible employer-sponsored plan rollovers

Avoid current income taxes and penalties

Tax-deferred growth

May offer better control over investment options

May offer lower costs

Tax-deductible contributions for business owners and employees

Tax-deferred growth

Maximum annual contribution 1

Individuals may contribute the
lesser of:
- Up to $5,500
- Up to 100% of compensation
(2013 limit)

Catch-up provision:  Individuals age 50+ are allowed to contribute an additional $1,000 per year

Individuals may contribute the
lesser of:
- Up to $5,500
- Up to 100% of compensation
(2013 limit)

Catch-up provision:  Individuals age 50+ are allowed to contribute an additional $1,000 per year

No Roth conversion maximum

No maximum

The lesser of:
- Up to 25% of compensation
- Up to $51,000
(2013 limit)
Eligibility requirements 2

Anyone under 70 ½


Click here if you ARE covered by a Retirement Plan at work


Click here if you are NOT covered by a Retirement Plan at work

No age limitation


Annual contributions allowed based on following 2013 income limits:

-  For Individuals, annual contribution phase out begins at $112,000 until $127,000

-  For married couples, filing jointly, contribution phase out begins at $178,000 until $188,000

No income limit for conversions

Anyone with employer-sponsored plan assets Based on document provisions
Contribution deadline By individual’s tax-filing deadline, excluding extensions - generally April 15th By individual’s tax-filing deadline, excluding extensions - generally April 15th Unless done via a trustee to trustee transfer, 60 days from receipt from plan distribution By employer’s tax-filing deadline, including extensions
Withdrawals 3 All distributions are typically subject to federal and state taxes

For distributions prior to age 59 ½, you may be subject to an IRS 10% early withdrawal penalty tax (some exceptions apply)
Contributions may be withdrawn at any time without penalty

Earnings may be distributed tax-free under the following conditions:

- Met five taxable year holding period; AND

- Distribution is due to attainment of age 59 ½, death, disability, and first-time home purchase (maximum $10,000)
All distributions are typically subject to federal and state taxes

For distributions prior to age 59 ½, you may be subject to an IRS 10% early withdrawal penalty tax (some exceptions apply)
All distributions are typically subject to federal and state taxes

For distributions prior to age 59 ½, you may be subject to an IRS 10% early withdrawal penalty tax (some exceptions apply)
Age for required distributions By April 1 of the year after you turn 70 ½ No required distributions By April 1 of the year after you turn 70 ½ By April 1 of the year after you turn 70 ½
1. Must have earned income; also subject to income / age restrictions.

2. Other conditions may apply.

3. Early withdrawal fees on bank CD(s) may apply (some exceptions apply).

This information is for information purposes only. Please be advised nothing contained herein is meant to be legal or tax advice.  Further, we strongly encourage you to seek qualified legal and tax advice regarding your specific situation.

We understand that it takes careful planning to ensure a comfortable retirement.  Our Retirement Specialists can help you build a personalized retirement plan to give you the retirement you've earned. 

We’re here for you
To assess where you are in your retirement saving, schedule a meeting today with one of our experienced Retirement Specialists.  Call 1-800-EASTERN (327-8376), then select option 4, from the menu of banking choices.