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.

Features

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

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 VS. ROTH

Traditional IRA

Roth IRA

No income limits to open

Income limits to be eligible to open Roth IRA

No minimum contribution in any year

Contributions are NOT tax deductible

Contributions are tax deductible on state and federal income tax*

Earnings are 100% tax-free at withdrawal*

Earnings are tax deferred until withdrawal (when usually in lower tax bracket)

Principal contributions can be withdrawn without penalty*

Withdrawals can begin at age 59½

Withdrawals on interest can begin at age 59½

Early withdrawals subject to penalty**

Early withdrawals on interest subject to penalty**

Mandatory withdrawals at age 70½

No mandatory distribution age

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No age limit on making contributions as long as you have earned income

*Consult a tax advisor.

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

IRA CERTIFICATES

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.

Consumers Bank

Consumers Bank

Consumers Bank

Consumers Bank

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