TRADITIONAL IRA

The Traditional IRA is a personal retirement plan offering the following benefits:

• Available to persons under the age of 70 ½ who have earned income.
• The ability to contribute up to $5,000 (or 100% of earned income, whichever is less) for those under 50 and $6,000 for those over 50 to your retirement plan. Ask a Personal Banker for annual IRA contribution levels.
• Contributions may be deductible from your taxes. Check with your tax advisor to see if you qualify.
• Tax-deferred earnings on your contributions helps your savings grow more quickly since you don’t pay taxes until you withdraw the funds.
• Withdraw funds without IRS penalty under age 59 ½ for certain qualifying expenses such as the purchase of a home or higher education, although income taxes will apply.
• Withdrawals may be taken after 59 ½ without penalty.
• All Security National Bank Certificate of Deposits (CDs) qualify as Traditional IRA investments. See interest rates for more information.
• FREE Online Banking service for reviewing your account information.

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