Secure Your Future With An Individual Retirement Account
Is an IRA Right For You? Take our First Community Bank One-Minute IRA Test and find out. Then call or stop by one of our convenient locations and visit with one of our customer service representatives today.
You might also be able to save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service.
With an Individual Retirement Account, you may also be able to defer taxes until you retire when you will probably be in a lower tax bracket. The chart below shows you how much you may be able save each year. You may want to consult your tax advisor to review the tax deductible status of an IRA. Regardless of the amount you’ll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.
Our IRAs Get the CD Rate Guarantee Too!
Our Rates Beat the FDIC National Average Every Day. And they’ll stay that way…GUARANTEED!
We are proud to announce that we are continuing our bold commitment to CD shoppers. We call it the First Community Bank CD Rate Guarantee. It is our absolute promise to you that the rate on every CD you open or renew with us will beat the FDIC’s national average rate. Guaranteed! We’ll track the FDIC national average every week and set our rates higher.
There’s no signing up, no limit on how many guaranteed high-rate CDs you can own, and no special CD term you must choose. In an uncertain CD rate market, it’s nice to know that you can count on First Community Bank to proactively pay you one of the highest, FDIC-insured rates anywhere in the nation, even if you don’t have time to shop around yourself. Don’t wait to invest.
The FDIC brings you EDIE the Estimator where you can calculate your FDIC insurance coverage. Visit EDIE to learn more about bank deposit account insurance including how to get the best coverage for your money.
IRA Tax Savings Potential Chart:
| IRA Deductible Contribution Amount |
15% Tax Bracket Savings |
28 % Tax Bracket Savings |
31% Tax Bracket Savings |
36% Tax Bracket Savings |
39.6% Tax Bracket Savings |
| $ 500 | $ 75 | $ 140 | $ 155 | $ 180 | $ 198 |
| $ 1,000 | $ 150 | $ 280 | $ 310 | $ 360 | $ 396 |
| $ 2,000 | $ 300 | $ 560 | $ 620 | $ 720 | $ 792 |
| $ 2,250 | $ 337 | $ 630 | $ 697 | $ 810 | $ 891 |
| $ 4,000 | $ 600 | $ 1,120 | $ 1,240 | $ 1,440 | $ 1,584 |
If you’re changing employers, an IRA rollover makes sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.
You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well. For more information about IRA Rollovers or opening a new IRA just contact your First Community Banking Center.