Retirement Accounts

Individual Retirement Account - IRA

No matter your age, it's time to start to plan for your retirement. First Federal Savings Bank offers several options for you to get started. Whether you are interested in a tax-free or tax deduction income, you may pick from any of our certificates of deposit to establish your IRA.

You need to choose the type of IRA you want to establish: such as a Traditional IRA, or a Roth IRA.

Traditional IRA - The Traditional IRA is an account which allows you to defer taxes on your earnings until they are withdrawn. In addition, certain contributions are tax deductible in the tax year for which they are made.

Roth IRA - The Roth IRA is a nondeductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, people who expect to be in a higher tax bracket when they retire may benefit more from these accounts than from a Traditional IRA.

A third type of IRA is also available, and that is the Education IRA

Education IRA - The Education IRA is a nondeductible account that features tax-free withdrawals for a very specific purpose - a child's education expenses.

Feel free to call any of our branch offices at any time for further information about Individual Retirement Accounts.