Planning ahead for your retirement? The Individual Retirement Account (IRA) is a government established account type which encourages individuals to save for their retirement. The benefits of an IRA include tax-deferred earnings and in some cases, tax deductibility. The Farmers Bank of Appomattox offers IRAs in the form of a savings account or a certificate of deposit. Call for rate information.
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An IRA is a government established account type that allows you to prepare for your retirement and receive possible tax advantages.
- Choose from Traditional or Roth IRA
- Select from Variable rate Savings Plan or 5 year fixed rate Certificate of Deposit
- Begin to take withdrawals at age 59 ½ without IRS penalty
- Required Minimum Distribution is mandatory from Traditional IRA at age 72, or if age is 70 ½ before January 1st 2020
- Bank and/or IRS penalties may apply
- Benefits include tax-deferred earnings and in some cases, tax deductibility
- Choose between an IRA savings account or certificate of deposit.
Retired or changed jobs? About to receive a distribution from a qualified pension plan? Roll those funds into a traditional IRA.
Talk with your financial or tax advisor before taking a distribution. If you have an IRA maturing at another financial institution, you have a choice of rolling these funds into a Farmers Bank Traditional or Roth IRA. Funds must be deposited within 60 days of receipt to defer applicable taxes until retirement. Maximum contribution in any year is limited to IRS regulation. See your tax advisor for possible tax benefits.
Call for rate information.
|5 Year Fixed Rate CD||APY 2.75%|
|5 Year Jumbo IRA||APY 3.00%|
|Savings Variable Rate||APY 0.70%|
Fees may reduce earnings and a penalty may be applied for early withdrawal and may affect the availability of the sums disclosed.
There will be quarterly adjustments for the variable rate IRA, based on the 13 week treasury bill rate, as reported in the Wall Street Journal.