An Individual Retirement Account can provide a strong foundation to help you build toward your financial future. Let The First National Bank of Bangor help you with your IRA rollovers and transfers too!

Traditional IRARoth IRA
Eligibility RequirementsMinimum AgeNo IRS minimum age restrictionNo IRS minimum age restriction
Maximum AgeYear prior to turning 70.5 years of ageNo maximum age restriction
IncomeYou or your spouse must have earned incomeYou or your spouse must have earned income
ContributionsDeductibilityMay receive tax deductionNo tax deduction
Maximum Contribution$6,000 plus an additional $1,000 if 50 years of age or older by end of calendar year$6,000 plus an additional $1,000 if 50 years of age or older by end of calendar year
DeadlineTax filing deadline, no extensionsTax filing deadline, no extensions
DistributionsBefore Age 59.510% early distribution penalty unless exception applies. Taxed as ordinary income10% early distribution penalty generally applies to nonqualified distributions of earnings unless exception applies
Annual Required Minimum Distribution (RMD)RMD mandatory beginning April 1, following the year in which you become 70.5 years of age. Taxed as ordinary incomeNo RMD
QualifiedTaxed as ordinary income, no penalty appliesTax-free distribution for certain situations after a 5 year mandatory waiting period
Nonqualified10% early distribution penalty unless exception applies. Taxed as ordinary incomeEarnings are taxed and generally subject to a 10% penalty unless exception applies

Let’s Get Started

Contact Us Today