Individual Retirement Accounts (IRAs)
Your future retirement should be filled with the activities you love, like a walk through the park or a visit with the grandkids. It shouln't be filled with financial stress. Ensure a leisurely future with an IRA. At FCB, we offer competitive rates on traditional and Roth options to help you reach your dreams, each offering distinct tax advantages*. It's never too late to get started — there's even a catch-up provision.
Details
- Save for retirement with tax advantages*
- Earn competitive interest higher than regular savings
- Available in traditional and Roth
- Annual contribution limits apply
- $5,500 contribution limit per year
- $1,000 annual "catch up" contributions allowed for ages 50 and better
- No annual fees or set up fees
- Early withdrawals subject to penalty
- FDIC insured
- $100 minimum deposit to open
Traditional vs. Roth
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
Traditional IRA
- No income limits to open
- No minimum contribution requirement
- Contributions are tax deductible on state and federal income tax*
- Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
- Withdrawals can begin at age 59 ½
- Early withdrawals subject to penalty*
- Mandatory withdrawals at age 70 ½
Roth IRA
- Income limits to be eligible to open Roth IRA*
- Contributions are NOT tax deductible
- Earnings are 100% tax free at withdrawal*
- Principal contributions can be withdrawn without penalty*
- Withdrawals on interest can begin at age 59 ½
- Early withdrawals on interest subject to penalty*
- No mandatory distribution age
- No age limit on making contributions as long as you have earned income
*Consult a tax advisor.