IRA Accounts
All Individual Retirement Account (IRA) options should be carefully considered when planning for your future. First Capital offers Traditional, Roth, and Educational IRAs. We also offer IRA certificates. These accounts are wise retirement investments since money deposited into IRAs may be tax-deferred until withdrawal.
Making Deposits to IRAs
* You can deposit funds into an IRA in any way you care to set it up. You can use payroll deductions, automatic transfer, phone, mail or in person.
* You can make deposits up to the time your tax return is due to be filed and have your contributions qualify for the preceding year - but no later than April 15th.
* A $100 minimum balance is required or face a monthly fee
* There is a maximum contribution amount on most types of IRAs. Check with your financial advisor to see what your limits might be!
Earning Dividends
* Dividends are computed and compounded monthly.
* A $100 minimum balance is required to earn dividends.
* Even if you don't qualify for the tax deduction, remember, all earnings remain tax deferred until withdrawn.
Making Withdrawals to IRAs
* You may start to make withdrawals at age 59 1/2, whether you are retired or not, without paying a tax penalty. You can withdraw your funds in a lump sum or in periodic withdrawals. Almost any conceivable plan can be arranged, as long as it meets minimum withdrawal requirements.
* IRA Certificates are subject to early withdrawal penalties.