Individual Retirement Accounts (IRAs)
Grow your wealth and prepare for your retirement with tax-advantaged IRA investment savings.
First Bank & Trust provides many types of Individual Retirement Accounts to fulfill the different needs of our clients. Let our experts help you decide which option best suits your financial needs.
- Traditional IRAs offering tax-deductible contributions
- Roth IRAs offering tax-free distributions of contributions and qualified earnings using our outstanding investment professionals to help you achieve consistent results
For taxpayers wishing to deduct their IRA contributions and defer tax on the earnings until they are withdrawn. When contributions are withdrawn, deductible contributions and all earnings are treated as income and are taxed. Deposits may be made by those who are under 70-1/2 for the entire tax year and have earned income (or a spouse with earned income). Funds may be withdrawn from this type of IRA penalty free anytime the taxpayer reaches age 59-1/2 and for several other qualifying reasons.*
Let your IRA earnings grow tax exempt. When withdrawn, you won’t be charged income tax on earning if you meet the requirements of a qualified distribution. Roth IRAs are non-deductible deposits that feature tax-free withdrawals for certain distribution reasons after being on deposit for 5 years. Roth IRA distributions are not subject to federal taxes, however may be taxable in some states.*
Changing jobs? Approaching retirement and looking to simplify your accounts? Consider rolling your accumulated 401(k)s and Individual Retirement Accounts (IRAs) into one simplified First Bank & Trust IRA. We provide full investment management, safekeeping and administrative services.*
Why Rollover into an IRA?
- Simplification of your investments and retirement planning
- Avoid paying taxes or penalties that would be due if you received a cash distribution
- Your savings is consolidated into a new account where it continues to have income tax-deferred growth
*Always consult your tax professional for advice concerning your specific situation.