Individual Retirement Accounts

IRAs are one of the safest ways to invest for retirement

Bank-offered IRAs are one of the safest ways to invest for retirement as they are FDIC insured. They also offer steady returns. Depending on your needs, First Fidelity Bank offers traditional IRAs, Roth IRAs, and Coverdell Education Savings Accounts. All First Fidelity Bank IRAs are No Fee IRAs. If you transfer your IRA to a new custodian, a $20.00 transfer fee will apply.

Many people are able to deduct the full amount of any contribution made to a traditional IRA. Plus, even if a contribution to a traditional IRA is not tax-deductible, it earns tax-deferred interest. Contributions to a Roth IRA or a Coverdell Education Savings Account are not deductible. However, all earnings are tax-free when withdrawals are made in accordance with legal guidelines. Consult your tax adviser regarding deductibility of contributions and tax deferral of interest.

Contact your tax advisor or FFB employee for more information. 

See IRS Publication 970, Tax Benefits for Education or consult your tax adviser for more information.

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