Phone: (863) 983-8191

Individual Retirement Accounts (IRAs)

Summary

While we can't promise unlimited bass fishing on The Big O, investing in your future now is the best way to make it happen. An IRA is your ticket to financial security, and the sooner you start, the better off you'll be.

Personalized First Bank management
Excellent tax benefits
Self funded, does not require employer participation

Traditional IRA

Contributions are tax-deferred until withdrawal
Current income grows tax-free until withdrawal
Subject to lower tax bracket upon withdrawal, so it maximizes untaxed savings
May be eligible to deduct contributions on tax returns
Penalty-free early withdrawal for certain expenses (buying a first home, college, uninsured medical coverage, etc.)

Roth IRA

Unlike Traditional IRA, incurs the tax now
All earnings are tax-free at withdrawal
Your income is taxed now, when you are working, instead of at retirement when on fixed income
Penalty-free early withdrawal for certain expenses (buying a first home, college, uninsured medical coverage, etc.)