Individual Retirement Accounts
Save for the retirement you desire with an Individual Retirement Account (IRA). The key to an enjoyable retirement is that you begin saving as early as possible.
At 1st National Bank, we believe the golden years should be just that. And we offer a variety of options so you can enjoy the retirement you deserve!
- Summary
Prepare to enjoy your retirement while you save on your taxes. An Individual Retirement Account (IRA) allows you to build savings in a federally insured, tax deferred account. Traditional and Roth IRA's are available.
Use our Retirement Savings Calculator to help you plan your long-term investment strategy.
- Traditional IRA v. Roth IRA
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A Traditional IRA allows you to defer taxes on the account earnings. In addition, you may be able to deduct at least part of the contribution from your taxes if you are eligible. You must pay taxes when you begin withdrawals at retirement.*
A Roth IRA offers tax-free growth when you hold it for at least five years and begin taking distributions after age 59 1/2. **
* Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.
** Consult with your tax adviser regarding eligibility.
- FDIC Coverage
Effective October 3, 2008, the FDIC maximum limit on the federal deposit insurance coverage that protects retirement savings is $250,000.
This protection includes:
- Traditional IRAs
- Roth IRAs
- Self-directed Keoghs
These retirement accounts are insured separately from any other deposits you may have at the same financial institution.
