Individual Retirement Accounts

It’s never too early to start planning for retirement. Burke & Herbert Bank Individual Retirement Accounts (IRAs) are a great choice for retirement savings because of the tax advantages they offer.

Save for your retirement at Burke & Herbert Bank

  • Traditonal and Roth IRAs
  • Variety of plans and investment choices
  • Expert, friendly assistance included

IRA CDs

As you close in on retirement, it makes sense to be more risk-averse with your investments. IRA CDs provide the peace of mind of a guaranteed rate of return. We make it easy to get started, with a low minimum balance of $100 to open your account. With 18-, 25-, 36- and 60-month terms, our retirement CDs can easily accommodate your retirement plans.

Visit a branch to learn more

IRAs in a Nutshell

Traditional IRAs

Key Features/Benefits:

  • Immediate tax-deductible contributions
  • Money grows tax-deferred
  • Retirement savings taxed as income only when you start withdrawing from your account
  • Opportunity to roll over assets from 401(k) or other pre-tax employer-sponsored plans
  • Minimum distribution required at age 70 and a-half (70 1/2), and you can no longer contribute to your account

Roth IRAs

Key Features/Benefits:

  • Tax-free withdrawals at retirement
  • Contributions are not tax-deductible which means you pay income tax now but not when you are eligible to make withdrawals
  • More money available to you in retirement
  • Eligibility to contribute is limited by income
Get help with your retirement questions
Open an Account

You may also be interested in:

Wealth Services
Certificates of Deposit (CDs)
Money Market Accounts

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