Retirement accounts

Individual Retirement Accounts

IRAs are a safe and secure way to save for the future. Plus, you’ll earn some fantastic tax benefits! Just tell us what you’d like to do with your IRA savings and we’ll help find you the perfect fit.

What is Your Savings Goal?

Ready to start planning your retirement? Stop by any FCB Banks location. Our new account representatives would be happy to help you plan for your future.

Retirement (Tax deferred) Retirement or Other Purposes (Tax Preferred)

Future Education Expenses

Traditional IRA

Eligibility	Earned income
Contribution Limit (Age 49 or below)	The lesser of: 100% of income or $7,000
Contribution Limit (Age 50 or above)	The lesser of: 100% of income or $8,000
Tax Benefit	If your contribution is tax deductible, then you receive an immediate tax savings because you pay fewer taxes with the deductions. The earnings generated by the IRA funds are not taxed until distributed. If your contribution is not tax deductible, you still receive the benefit of tax deferred earnings. You may also qualify for a new tax credit.
Distributions	You may begin withdrawals at any time. However you may want to understand the income tax consequences of taking distributions at certain times. You are required to make a withdrawal of a minimum amount by April 1st of the year following the calendar year in which you reach age 72 and by each December 31st thereafter.

Roth IRA

Eligibility	Earned income No age limit Income limitations
Contribution Limit (Age 49 or below)	The lesser of: 100% of income or $7,000
Contribution Limit (Age 50 or above)	The lesser of: 100% of income or $8,000
Tax Benefit	The contributions you make to your Roth are after tax dollars. The earnings realized by the Roth IRA are not presently taxed and may never be taxed. You may also qualify for a new tax credit.
Distributions	You may begin withdrawals at any time. However you may want to understand the income tax consequences of taking distributions at certain times.

Coverdell Education Savings Account

Beneficiary Eligibility	Must be under age 18 at the time of contribution.
Contributor Eligibility	Anyone can contribute funds
Contribution Limit	$2,000 per year per beneficiary
Tax Benefit	The income earned by or within this savings account will not be taxable when distributed if withdrawn to pay qualified education expenses.
Distributions	Withdrawals may begin at any time. However, if the funds are not used for educational expenses or the distribution exceeds the amount of qualified expenses, it will be partially taxed. All funds must be withdrawn or transferred to another eligible beneficiary by age 30.