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Individual Retirement Accounts (IRAs)

With an IRA from First National Bank, you get secure, completely-insured investment options with a manageable initial investment. Just select the IRA that fits your investment goals.

Traditional

  • Earnings are tax deferred until withdrawal
  • Annual contributions of $5,500 ($6,500 if age 50 or older)
  • Contributions may be tax deductible*
  • Created for individuals who do not participate in employer sponsored retirement plans
  • Certain individuals who do participate in employer sponsored retirement plans may still qualify

Roth

  • Offers a tax structure unlike any other IRA, with after-tax contributions and tax-free growth*
  • Annual contributions of $5,500 ($6,500 if age 50 or older)
  • Withdraw money from your Roth IRA at any time without paying taxes up to the amount of your contributions.
  • Qualified withdrawals are not taxable
  • No mandatory minimum distributions at age 70 and a half

Coverdell

  • Great investment for your child or grandchild's education
  • Money may be used for elementary, high school, or college expenses
  • Annual contributions of $2,000 can be made
  • Contributions can be made for a beneficiary under the age of 18

Useful Financial Calculators

  • 401(k) Savings - A 401(k) can be one of your best tools for creating a secure retirement. Use this calculator to see why this is a retirement savings plan you cannot afford to pass up.
  • Retirement Income - Use this calculator to determine how much monthly income your retirement savings may provide you in your retirement.
  • Roth Vs. Traditional IRA - Use this calculator to determine which IRA may be right for you.
  • How important is Social Security? - Use this calculator to determine how losing this important retirement asset could affect you.
  • 401(k) Save it or Spend it - There are several ways to manage your 401(k) when you leave an employer. Making the wrong decision can cost you thousands of dollars both in taxes and lost earnings.
  • Retirement Planner - Quickly determine if your retirement plan is on track - and learn how to keep it there.

For more information, email cd-ira@FNBames.com or call (515) 232-5561 in Ames or (515) 965-3969 in Ankeny.

*Please consult your tax advisor regarding specific tax advantages.

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