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Roth IRA

With a Roth IRA as your retirement investment vehicle, you have an opportunity to create tax-free income during retirement.

  • Direct contributions may be withdrawn tax- and penalty-free at any time (total distributions from all Roth IRAs cannot exceed the contribution amount)*
  • Upon meeting the 5-year holding requirement at the minimum age of 59 1/2, earnings can be withdrawn tax- and penalty-free*
  • There are no mandatory withdrawals and you may leave funds to heirs*

*There can be a substantial penalty for early withdrawal of earnings. Consult with your tax advisor about your specific situation. Other restrictions may apply. Melrose Bank accepts deposits and is opening new accounts from customers residing in New England (MA, CT, NH, ME, VT, RI).

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