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 distributions of contributions and qualified earnings that are generally not taxed

Traditional IRAs

For taxpayers wishing to deduct their IRA contributions and defer tax on the earnings until they are withdrawn. When contributions are withdrawn, deductible contributions and all earnings are treated as income and are taxed.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 Funds may be withdrawn from this type of IRA penalty free anytime after the taxpayer reaches age 59-1/2 and for several other qualifying reasons.*

Roth IRAs

Take advantage of the tax benefits possible with a Roth IRA. When withdrawn, you won’t be charged income tax on earnings if you meet the requirements for a qualified distribution. Roth IRA distributions are not subject to federal taxes but state taxes may apply. Either the depositor or spouse must have earned income and the modified adjusted gross income may not exceed the prescribed limit.

IRA Rollover

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

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*Always consult your tax professional for advice concerning your specific situation.