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Individual Retirement Account (IRA)

Individual Retirement Account (IRA)

Individual Retirement Account (IRA)

Most people spend hours daydreaming about retirement, but most people forget to save money to fund their growing bucket list. Get ahead of the game and begin contributing to an IRA. Talk to a local Consumers National Bank representative about which IRA plan is right for you and your family.

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  • Tax-advantaged* retirement savings
  • Competitive dividends above standard savings rates
  • Traditional and Roth IRA options available
  • No setup fees
  • No monthly or annual maintenance fees
  • Annual contribution limits apply
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • Open a certificate of deposit (CD) within your IRA account
    • $1,000 minimum deposit to open an IRA CD
  • $100 minimum deposit to open an IRA

Traditional IRA

  • No income limits to open
  • No minimum contribution in any year
  • 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 59½
  • Early withdrawals subject to penalty**
  • Mandatory withdrawals at age 70½

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  • Principal contributions can be withdrawn without penalty*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 59½
  • Early withdrawals on interest subject to penalty**
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

Have a lump sum to invest in your retirement plan? An IRA Certificate may be right for you. We offer a variety of terms on both Traditional and Roth IRA accounts. Upon maturity, funds from your IRA Certificate are automatically transferred to your IRA account.

*Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, etc.

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