plan for your retirement

tax-advantaged saving for the future

  • IRAs can provide tax-advantaged savings
  • Competitive Rates
  • Investment options – you choose when, where and how much
  • Feel safe with the security of FDIC insurance
  • Contributing to an IRA will fulfill a part of your overall financial plan
  • “Catch-up Provisions” for those already 50+ giving increased contributions

    • IRA (Individual Retirement Account)

  • Invest pre-tax dollars in your retirement fund
  • Take a deduction every year (depending on income)
  • Compound tax-free. All dividends and capital gains are tax-deferred until withdrawn
  • Withdraw up to $10,000 at any time to purchase a first home. Funds withdrawn are taxable but there’s no penalty for early withdrawal
    • Benefits
  • Choose to invest in a FirstOak Bank 3-month, 6-month, 12-month, 18-month, 24-month, 30-month, 36-month, or 48-month Certificate of Deposit
  • At retirement, you can automatically transfer your distributions directly into your FirstOak Bank checking or money market account

    • ROTH IRA

  • All contributions are after taxes (therefore not tax deductible), but distributions at retirement are fully tax-free. This means you pay no capital gains on whatever you’ve earned over the years.(1)
  • To achieve tax-free status, all you have to do is be within the income limit, keep your IRA at least 5 years, and be 59 1/2 years old at the time of withdrawal.
  • Your investment is dependent on your adjusted gross income.(2)
  • Principal and dividends are tax-free on withdrawals (if IRA has been in place for 5 years and owner is at least 59 1/2 years of age)
  • Up to $10,000 may be withdrawn, tax-free, for the purchase of your first home
  • Unlimited funds may be withdrawn for qualified education expenses for you, your spouse, child and grandchild
  • You do not have to begin making withdrawals at any certain age
  • Contributions are not tax-deductible
    • Benefits
  • You may choose to invest in a FirstOak Bank 3-month, 6-month,12-month, 18-month, 24-month, 30-month, 36-month, or 48-month Certificate of Deposit
  • When you retire you are able to automatically transfer your distributions directly into your FirstOak Bank checking or money market account
    • Account Custodial Agreement and Disclosure Statement
    (1)Contributions to a Roth IRA are nondeductible and are subject to certain limitations. Tax-free status is achieved when distributions are taken from the Roth IRA if it is held at least 5 years and the distribution is made for one of the following reasons: after age 59 1/2, on account of disability or death, or for a qualified first-home purchase.
    (2)Individuals with earned income and modified adjusted gross income of less than $110,000 for single tax filers and $160,000 for married filing jointly.
    Interest rates subject to change at bank’s discretion. The rate you receive is determined by the date we receive your deposit. Early withdrawal fees do apply, and as such may reduce earnings.
    Note: FirstOak Bank does not offer tax advice and suggests that you consult with your tax advisor to determine which IRA is the best investment for your specific situation. Service fees or penalties charged against the account may reduce earnings.