- Qualifying IRA contributions are tax deductible and interest
earned each year is not taxed until you withdraw it at retirement.
- When
you open a Roth IRA, the contributions are not tax deductible.
- The
FDIC insures funds up to $100,000.
Roth IRA
How much money will you need for retirement? Will your
social security benefits fully meet your retirement needs? Supplement
your benefits by opening a CNB Traditional or Roth IRA (Individual
Retirement Account).
- No age limitation.
- Minimum opening deposit of $500.00 is required.
- Eligible contributions are not tax deductible. Contribute
up to $4,000.00 for 2007 and $5,000.00 for 2008. Individuals
age 50 and over may contribute an additional $1,000.00.*
- Taxes on earnings are deferred until the time of distribution.
- Rollovers and transfers accepted.
*Contribution limits are set by the Internal
Revenue Service and subject to change annually. |
