Farmers Exchange Bank

www.febanker.com

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IRA BENEFITS FOR YOU IN 2010

 

FARMERS EXCHANGE BANK offers Individual Retirement Accounts (IRA) to help you efficiently and effectively start saving for your retirement years.  These simple to establish accounts allow tax-deferred accumulation until distribution.  If you have an IRA or 401(k) with another institution, we can help you transfer those funds to FARMERS EXCHANGE BANK.  For existing IRAs with our bank, we can help you make choices regarding contributions or changes to your account to ensure you are involved with the best plan suited for your future.

 

Traditional IRA

Roth IRA

Maximum annual contribution = $5,000 in 2010, $6,000 in 2010 for those reaching age 50 by December 31, 2010 for 2010 tax filing

Maximum annual contribution = $5,000 in 2010, $6,000 in 2010 for those reaching age 50 by December 31, 2010

If neither you nor your spouse is covered by a pension plan, the IRA contribution is fully deductible. If you or your spouse is covered by a pension plan, the IRA contribution deduction may be limited or completely phased-out.

Contributions are not deductible.

Anyone can establish a traditional IRA.

In order to establish a Roth IRA, your 2010 modified adjusted gross income cannot exceed $120,000 if filing as a single or $177,000 if filing a joint return.

Contributions and earnings grow tax-deferred until withdrawal.

Contributions and earnings grow tax-free and withdrawals are tax-free, provided the IRA is held for at least five years and withdrawals begin after age 59½ or are due to death, disability, or for "first-time home buyers" subject to a $10,000 limit.

Contributions are not allowed after age 70½.

Contributions are allowed after age 70½, provided you have earned income.

Withdrawals must begin at age 70½.

Withdrawals do not have to begin at age 70½.

Penalty-free withdrawals can be made for a qualifying first-time home purchase, subject to a $10,000 lifetime limit.

Provided the IRA is held for at least five years, penalty-free, tax-free withdrawals can be made for a qualified first-time home purchase, subject to a $10,000 lifetime limit.

Penalty-free withdrawals can be made for higher education expenses of the taxpayer, spouse, children, or grandchildren.

Penalty-free withdrawals can be made for higher education expenses of the taxpayer, spouse, children, or grandchildren.

 

 

If you would like more information in regards to opening a new IRA, contributing to an existing IRA, converting to a Roth IRA or to discuss any other concerns regarding your retirement goals, feel free to contact any of the following branches and talk to our IRA personnel.

 

 Neshkoro         Linda Foss or Melissa Rodgers    Phone 920-293-4319

 Redgranite       Lindsay Bliske                            Phone 920-566-2202

 Wautoma         Nikki Souder                               Phone 920-787-4050

 

Before transferring and/or depositing any money to an IRA,

you should speak to a tax advisor

 

WE WANT TO BE YOUR BANK!

 

 

Full Service Banking

with a Neighborly touch!

 

  • Checking

  • Savings

  • CD's

  • IRA's

  • HSA's

  • Personal Loans

  • Mortgage Loans

  • Business Loans

  • Debit/ATM Cards

  • Safe Deposit Boxes

  • Visa Credit Cards

 

How do you become a Farmers Exchange Bank customer?

 

(1) Stop in at any branch and open an account.

 

(2) Make sure to bring: Drivers License / Social Security # / all signers on the account.

 

(3) Ask us how to help you change any automatic withdrawals or deposits.

 

(4) It's just that simple!!

 
 

846 N. Main St.

P.O. Box 197

Neshkoro, WI 54960

Phone (920) 293-4319

Fax (920) 293-4860

300 E. Bannerman Ave.

P.O. Box 130

Redgranite, WI 54970

Phone (920) 566-2202

Fax (920) 566-2206

W7452 State Rd. 21 & 73

P.O. Box 867

Wautoma, WI 54982

Phone (920) 787-4050

Fax (920) 787-4070