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Individual Retirement Accounts

IRA's

There's no time like the present to begin preparing for your future.

Accomplish this by opening an Individual Retirement Account (IRA) at First Bank of Utica.

While retirement may seem to be a long time away, planning now for your financial security during retirement years is essential. Use one of our Individual Accounts to prepare for the future, starting with as little as $500. Choose between a Roth IRA or Traditional IRA, depending on your tax situation. If you would like to transfer part, or all, of an existing IRA from another institution to First Bank of Utica, we can help you.

Is an IRA Right for You?

You may be able to save on your present taxes with an IRA by deducting your qualified contributions from your taxable income. All or part of IRA contributions from current income can be deducted for many Americans to help reduce taxes. The amount that can be deducted depends on factors such as, income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service.

An IRA may allow you to defer taxes until you retire when you may be in a lower tax bracket. It is best to consult your tax advisor to review that tax deduction status of an IRA. You’ll be able to save on taxes now, regardless of the amount. An IRA is a great was to save for a secure retirement.

For more information regarding IRA’s give us a call at 402-534-2191.