Ocean Bank IRA Accounts

Ocean Bank offers a wide variety of retirement products and services to meet the needs of individuals and businesses.

Traditional IRA
Roth IRA
Education IRA

Then click on our Rate Table to see our current rates on our most popular IRAs or call or visit one of our customer service representatives at a branch near you.

You can save on your present taxes with an Individual Retirement Account by deducting your qualified contributions from your taxable income. Most Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your earned income, marital status and whether you're an active participant in an employer sponsored plan as defined by the Internal Revenue Service.

With a traditional Individual Retirement Account you also defer taxes by putting them off until you retire, when you may be in a lower tax bracket. The chart below shows you how much you may be able save each year. A Roth IRA may eliminate taxes at retirement. You may want to consult your tax advisor to review your particular situation on the tax deductible status of an IRA. Or for more general information, you can speak to one of our IRA specialists. But, regardless of the amount you'll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.

IRA Tax Savings Potential Chart
Taxes Deferred

IRA Deductible Contribution Amount	15 % Tax Bracket Savings	28 % Tax Bracket Savings	31 % Tax Bracket Savings	36 % Tax Bracket Savings	39.6 % Tax Bracket Savings
$ 500	$ 75	$ 140	$ 155	$ 180	$ 198
$ 1,000	$ 150	$ 280	$ 310	$ 360	$ 396
$ 2,000	$ 300	$ 560	$ 620	$ 720	$ 792
$ 2,250	$ 337	$ 630	$ 697	$ 810	$ 891
$ 4,000	$ 600	$ 1,120	$ 1,240	$ 1,440	$ 1,584

If You're Changing Employers, An IRA Rollover Makes Sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer's retirement plan, you may find yourself in a tax bind, unless you roll over your assets into an IRA or another qualified plan. You can ask your employer to arrange for a "direct rollover" of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.

You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well.

For more information about our IRAs and other retirement products and services we offer, please call or visit one of our customer service representatives at a branch near you.

Deposit Products

Ocean Bank Has an IRA Right For You