Traditional Individual Retirement Accounts
Individual Retirement Accounts (IRAs) were created to encourage individuals to save and supplement their retirement savings.
Contribution Limits 2014 2015
under age 50 $5,500 $5,500
age 50 or older $6,500 $6,500
Account holders must be under the age of 70-1/2.
Contributions into the IRA accounts may be totally tax deductible for the tax year that they are made.
Distributions may start at the age of 59-1/2. If the required amount is not withdrawn by the applicable dead line the IRS will penalize 50% of the amount.
The First Accounts:
Fixed: Fixed interest rate accounts are available where a lump-sum amount is deposited at the time of opening. Minimum deposit amount is $500.
Statement: Each account holder is provided with an annual statement.
Fees: We do not charge any service charges or administrative fees.
Auto Transfer: We offer automatic transfers from another deposit account at The First into your IRA account free of charge.
FDIC Insurance up to $250,000 for each individual’s total retirement plan.
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