Saving money for your retirement is the most important way you can prepare for a secure financial future. Let F&M Bank help you choose the right IRA for your golden years. Contributions may lower your current tax bill, and you may be able to earn a higher interest rate than with a non-retirement account.
Minimum Opening Deposit – $1000 ($100 with IRA Plus).
Interest Earnings – Interest earnings are posted to your account quarterly.
Deposits – Can be made at any time to the IRA Plus.
Withdrawals – The IRS may impose a penalty for pre-mature withdrawals.
With a Traditional IRA, you can benefit from possible tax-deductible contributions and earnings that grow tax deferred.
Earnings that remain invested are tax-deferred.
Taxes are paid at the time of distribution (usually after retirement).
You are eligible to contribute if you've earned income and won't be 70½ years of age by December 31.
More information about Traditional IRAs.
A Roth IRA may be appropriate for investors with growing earning potential who expect the same or higher tax rate in retirement.
If you're leaving a job, retiring or have money left in a former employer's retirement plan, you may want to consider rolling over your plan account balance to an F&M Bank IRA.
Eligible distributions from an employer-sponsored retirement plan can be directly transferred into a Rollover IRA.
Direct rollover avoids 20% withholding requirement on distributions from employer-sponsored plans.
Self-employed individuals and small business owners can contribute to a retirement plan with higher contribution limits than other types of IRAs.
All eligible employees are covered.
Any contributions in a SEP are 100% vested immediately.
Administration may be simpler than a 401(k) plan.
This unique TIERED IRA makes it easy to start small and work your way up to significant retirement savings. As an example, with every paycheck, you can choose to make an automatic transfer of a modest amount directly into your IRA Plus account.
Tiered Interest Rates – Earns higher interest based on higher balances. Interest rates are variable.
Deposits – Can be made at any time.
Account Statements – Mailed quarterly.
*Consult with a qualified financial adviser for tax advice regarding IRAs.