IRAs

Add a deeper shade of gold to your nest egg when you open a Traditional or Roth Individual Retirement Account through First Federal Bank.

Plan your strategy for a more comfortable retirement. Both IRAs feature unique tax advantages that your financial advisor can explain thoroughly.

Traditional IRA

  • Defer taxes on the earnings on your contributions until they're withdrawn
  • Certain contributions are tax-deductible (check with your tax advisor)
  • Open a Traditional IRA if you are younger than 70 1/2 the entire tax year and you or your spouse earns income

Roth IRA

  • Tax-free withdrawals for certain distribution reasons after five years
  • Contributions are not tax-deductible
  • Ideal option if you expect to be in a higher tax bracket when you retire
  • Eligible if you or your spouse earns income and your income does not exceed certain limits (check with your advisor)

IRA Contribution Limits

  2016 Prior Yr. 2017 Current Yr.
Traditional and Roth IRA
Under Age 50
$5,500 $5,500
Traditional IRA
Age 50 - 70½
$6,500 $6,500
Roth IRA
Age 50 and Over
$6,500 $6,500