Individual Retirement Accounts

Milford Federal Bank knows how important it is to plan in order to assure a comfortable and secure retirement. We offer a variety of IRA options designed to help you reach your retirement goals. Quickly determine if your retirement plan is on track – and learn how to keep it there with our Retirement Planner.

Traditional IRA

This savings tool allows you to help assure a secure retirement. Gain immediate tax benefits, with contributions and/or earning tax deferred until retirement. It can be opened and funded without employer participation.

Roth IRA

Contributions are not deductible, earning can grow tax free and distributions can generally be withdrawn tax free.


Simplified Employee Pension Plan – contributions are tax deductible for the business with tax deferred earnings. SEP plans offer small employers the greatest flexibility at the lowest cost.

Simple IRA

Savings Incentive Math Plan for Employees (Simple) – a retirement plan that is easy to administer and maintain designed for the small business. The main feature of this plan is the salary deferred plan contributions resembling traditional 401(k)s.

Coverdell Education Savings Account

This plan allows total after tax contributions of $2,000 per year for each child until they reach the age of 18. The contributions and their earnings are tax free when withdrawn to pay for qualified education expenses.