Individual Retirement Accounts

In 2008, you will have the opportunity to save more money in an IRA.  2008 marks the first year qualifying IRA owners may contribute up to $5,000 to a traditional or Roth IRA.  Those of you age 50 or better can save an additional “catch up contribution” of $1000!  What a great time to save for your retirement!

You can contribute:

• if you are under age 70½
• if you have earned income from employment
• contact your tax advisor for specific tax advantage and contribution guidelines

With a traditional IRA, your contribution is tax-deductible, but your gains will be taxable when you make withdrawals.  Roth IRA’s have non-tax deductible contributions, but withdrawals at retirement will be made without taxes.  Citizen’s Bank & Trust  offers a host of traditional IRAs as well as Roth IRAs and Education IRAs. Funds are invested in Certificates of Deposit. Regular CD terms and rates are available for IRA's.

Stop in to see Joyce for further details and assistance.