Planning for Retirement?

Once again, the deadline for contributing to your 2007 Individual Retirement Account is near. Eligible deposits for the last tax year must be made by April 15th but you may also make your 2008 contributions at this time.

Why make deposits to an IRA? Contributions you make to an IRA may be fully or partially tax deductible and, generally, amounts in your IRA are not taxed until distributed. For IRA deposits for tax year 2008 you may contribute the lesser of the following: $5,000 or your taxable compensation for the year. There is an additional $1,000 allowed if you are 50 or older before 2009. Your contribution may be reduced if your adjusted gross income is over a certain amount so it is always wise to contact your accountant or tax preparer for the information regarding your exact situation.

First Bank & Trust is pleased to offer a variety of Certificates of Deposit and Savings Accounts for your IRA investments—come see us before April 15th and start saving for your future!