Retirement

We can help you make your goals more achievable with tax-advantaged IRAs from FPSB. You can save as little or as much as you want, and as often as you want. The key is to get something set up that will at least help you to develop the habit and start saving.

You decide how and how much you want to save!

  • Contribute any amount up to your allowable maximum.
  • Make your contributions monthly, quarterly, or in one larger amount.
  • Make your contributions anytime between January 1 of the tax year through April 15th of the following year. You don’t have to contribute every year!

Whether you’re just starting out, you’re getting closer, or you’re in your retirement years, you should always stay in touch with a retirement expert. There’s a lot to know and it changes about every year!

First Pekin Savings IRAs offer attractive earnings and are guaranteed and FDIC insured.

  • Traditional IRAs offer tax-deferred growth. Contributions are made with pre-tax dollars. You are deferring paying taxes until you use your money.
  • Roth IRAs offer tax-free growth and tax-free qualified distributions. Invest after-tax dollars today. Plan on tax-free income during your retirement years as long as your money was in a Roth IRA for at least five years.
  • You may be eligible to have both the Roth IRA and the Traditional IRA.
  • If you participate in other retirement plans, you can still have an IRA with FPSB.

Protect your retirement savings! Direct Rollovers allow you to avoid taxes and penalties when moving your IRAs.

We can move your retirement funds from any qualified retirement plan, employer plan if retiring or changing jobs, tax-deferred annuity, or other bank IRAs into First Pekin Savings IRAs with a direct rollover or transfer. We take care of the details!

Click here for our easy-to-use retirement calculators.

We recommend you consult with your Tax Advisor when it comes to decisions regarding your retirement.

Traditional IRA

  • Gain immediate tax benefits (may not apply if you are participating in an employer plan).
  • Contributions are made with pre-tax dollars. This means you are deferring paying taxes
    until you’re ready to use your money.
  • Contribute to your Traditional IRA until you are age 70 ½ and as long as you or your spouse have earned income.
  • Annual distributions are required when you turn age 70 ½.
  • All withdrawals are subject to income tax.
  • Withdrawals made before age 59 ½ may be subject to IRS penalty.

Roth IRA

  • Invest after-tax dollars today, allowing your retirement earnings to grow tax-free.
  • Keep your money in a Roth IRA for at least five years and plan on tax-free income during your retirement years!
  • Continue to make contributions, even after age 70 ½, provided you have earned income equal to your contributions.
  • No required minimum distributions.
  • Earnings are available tax-free and penalty-free if your IRA has been open for a minimum of five years and one of the following events occurs – reach age 59 ½, incur a disability, incur first-time homebuyer expenses, or death.
  • Early and non-qualified distributions of earnings are subject to penalties.

Good-to-know facts about Roth IRAs

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