Individual Retirement Accounts
Provide for your retirement by investing in a Individual Retirement Account today. We offer several terms to help maximize your earnings. Depending on the type of IRA, you may be able to defer on your current income or exempt the earning from future taxes.
Start saving for a child's higher education with an Education IRA at the First National Bank.
Traditional IRA - Allows you to defer taxes on earning until they are withdrawn. Some contributions are tax deductible for the tax year for which they are made. If you have earned income and are younger than 70 1/2 through the entire year, this IRA would fit you. You may contribute any amount up to 100% of your compensation or $3,000--whichever is less. You can withdraw funds without penalty after you reach age 59 1/2.
Roth IRA - Big benefit here is the tax-free distribution --for purchasing a first home (up to $10,000.00) anytime after 59 1/2; disability; and death. Available to married couples with modified adjusted gross income of $150,000 or less and singles with a modified adjusted gross income of $95,000 or less. You may contribute $3,000 maximum between both Roth and the Traditional IRAs.