Retirement Accounts

Start Saving Today To Live How You Want In Retirement

We’re all at different points on our path toward retirement. Some are just starting out, while others are nearing the finish line of their careers. No matter what point you’re at on your career path, having a plan to save for retirement is always a smart decision. F & M Community Bank offers multiple individual retirement accounts that allow you to save now so you can live the way you want once your working days are over.

Traditional IRA vs. Roth IRA – Which One is Right for You

If you’re choosing to open an IRA at F & M Community Bank, the first decision you’ll need to make is which option is right for you: a Traditional IRA or a Roth IRA. Each offers its own benefits for you as you save. Please consult your tax advisor to determine which account works best for you.

Traditional IRA Fast Facts

• No income limits to open
• No minimum contribution requirement
• Contributions are tax deductible on state and federal income tax*
• Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
• Withdrawals can begin at age 59 ½
• Early withdrawals subject to penalty**
• Mandatory withdrawals at age 70 ½

Roth IRA Fast Facts

• Income limits to be eligible to open Roth IRA***
• Contributions are NOT tax deductible
• Earnings are 100% tax free at withdrawal*
• Principal contributions can be withdrawn without penalty*
• Withdrawals on interest can begin at age 59 ½
• Early withdrawals on interest subject to penalty**
• No mandatory distribution age
• No age limit on making contributions as long as you have earned income

*Subject to minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.