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IRA’s & HSA’s
Individual Retirement Accounts (IRA's)
Our IRA is a savings plan which allows you to prepare for your retirement and may also provide tax advantages. You may want to transfer an existing IRA, or convert another qualified retirement plan to a First Federal IRA account.
Choose between our Traditional or Roth IRA plans, whichever suits your tax situation. We also offer a variety of terms to accommodate most every situation.
Traditional IRAIf you have earned income in any tax year, a Traditional IRA can afford you the benefit of tax-sheltered earnings. You may begin withdrawing funds after your reach the age of 59 ½, or wait until the mandatory age of 72. For many people, the Traditional IRA plan is still the best plan, for it can cut your taxable earned income on the current year income taxes. For assistance with tax questions, please speak with a qualified tax advisor. Please feel free to contact us with any questions or click the blue CHAT button to CHAT with a customer service representative. |
Roth IRAWhile the Roth plan does not cut current income taxes, its major benefit allows your funds to grow forever without interruption, and if you do withdraw funds, the withdrawal of Roth IRA earnings will usually be TAX FREE. You may open up a Roth IRA regardless of your age if you have earned income. You may leave amounts in your Roth plan as long as you live with no required annual withdrawal commencing at age 72. Roth IRAs require the satisfaction of a 5-year "holding period" and a "qualifying reason" before you can withdraw earnings with no income taxes due. For assistance with tax questions, please speak with a qualified tax advisor. Please feel free to contact us with any questions or click the blue CHAT button to CHAT with a customer service representative. |
Health Savings Account (HSA)
Our Health Savings Account is a competitive plan to assist you in controlling health care cost & offers you great tax savings. Our HSA offers individuals with qualifying high-deductible health plans a tool to pay for current health care expenses and future qualified medical and retirement health care expenses on a 100% tax-free basis. The funds in your HSA are totally controlled by you, can be used to supplement retirement income, used in the case of disability and can also be rolled over from year to year for health care expenses.
- $100.00 Minimum Opening Deposit
- $500.00 Minimum Balance for Interest
$3,000.00 Daily Minimum Balance to avoid $3.00 Monthly Service Charge
Please feel free to contact us with any questions or click the blue CHAT button to CHAT with a customer service representative.