INDIVIDUAL RETIREMENT ACCOUNTS
Plan for your future with IRAs. FNB offers both traditional and Roth Individual Retirement Accounts along with the new Educational IRA.
Traditional IRA
Traditional IRA accounts allow you to contribute earned income and defer taxes on contributions earnings until they are withdrawn.(1)
- Contributions may be tax deferred.(2) Earnings are tax deferred until withdrawn (1)
- Minimum opening deposit of $500.00
- Available for individuals under 70 ½ years of age (Limits apply)
- Regular retirement withdrawals may be made as early as age 59 ½ and must begin once a participant reaches 70 ½ (1)
- Please note that withdrawals may be subject to IRS penalties.
Roth IRA
A Roth IRA differs in that contributions are taxed going into the IRA, but no tax is paid on qualified withdrawals (1)
- No taxes on the interest earned on the account (1)
- Flexible terms to meet your needs
- Minimum opening deposit of $500.00
- Individuals with earned income subject to modified adjusted gross income limits
- Contributions may be withdrawn at any time without taxation(1)(2)
- Qualified withdrawals of earnings may be made without taxation after 5 years (1)
Tax treatment of your contributions vary widely between these options, as well as the tax consequence when you begin withdrawals. Please discuss your new or rollover IRA needs with a Customer Service Representative who can assist you in determining your eligibility for each account, and to help you select the IRA which best meets your retirement savings plan needs. In addition, you will be provided a disclosure statement reflecting terms, fees, and interest rates on your account.
(1) Important Note: Please consult your tax advisor regarding consequences for Individual Retirement Accounts contributions and withdrawals.
(2) Must open account and all contributions must be made by the tax filing deadline(usually April 15). Deposits to the account are considered “current” year unless you indicate otherwise at time of deposit
