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Personal Retirement

Accounts that help you—not your money—retire.

Saving for a secure retirement doesn’t need to be complicated.
 
An Individual Retirement Account (IRA) is a savings account that comes with tax advantages to help you save for retirement. We offer both Traditional and Roth IRAs to help get you there.
 


Our Traditional IRA

Our Traditional IRA is a great way to build your savings and financial security for retirement.
Your earnings accrue on a tax-deferred basis.
 
  • $50 minimum opening deposit
  • Contributions may be tax-deductible if you are not an active participant in an employer retirement plan; your ability to take a deduction also depends on your income for the year. See IRS guidelines
  • Must have earned income and not reach age 70½ by end of year
  • Annual IRA contributions limits are set for each year; see IRS guidelines
  • Annual limit applies to any combination of IRA plans
 

Our Roth IRA

Build your retirement savings with this great account.
 
  • $50 minimum opening deposit
  • You may contribute to a Roth IRA even after age 70 ½, with earned income
  • Contributions will not be tax deductible, but the contributions and earnings can be withdrawn tax-free
  • There are no required minimum distributions after reaching age 70 ½
  • Annual IRA contributions limits are set for each year; please see IRS guidelines for details
  • Annual contribution limit applies to any combination of IRA plans

Additional IRA Products

First Bank also offers the following products to help you maximize your savings:
 

Coverdell Education Savings Accounts (CESA)

Invest in the future education of your child, grandchild or other eligible child.
  • Tax-free earnings and withdrawals for qualified expenses such as tuition, books, room and board, etc.
  • Contribute up to $2,000 per year 
 

Simplified Employee Pension (SEP) IRA 

For business owners with one or more employee(s) or anyone with freelance income.
  • Allows you to contribute to your employees' retirement savings, as well as your own
  • Follows the same investment, distribution and rollover rules as a Traditional IRA 
 
The interest rate paid on IRA accounts may change after the account is opened. 
Please contact a professional tax adviser to determine how this information may apply to your situation.
 
About “Catch-up” Contributions
You may be eligible for a catch-up contribution if you have reached age 50. See IRS guidelines to be sure.