Individual Retirement Account
Is an IRA Right For You?
Take the First Independence Bank One-Minute IRA Test and find out. Call one of our customer service representatives today at (313) 256-8400.
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. You may want to consult your tax adviser to review the tax deductible status of an IRA.
Retiring or Changing Employers?
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 give us a call at (313) 256-8400.