Phone: (877) FNB-6000

Individual Retirement Accounts (IRAs)

Customers who are interested in setting aside money for a financially secure retirement will definitely be attracted to First Northern's IRAs. Earn more with compound interest. You may select from three First Northern Bank IRA plans, including traditional and Roth IRAs.

Traditional IRA

Can be opened by anyone with income and under the age of 70½
Contributions are tax deductible*
Interest earnings are tax deferred
Withdrawals can begin at age 59½
Early withdrawals subject to penalty**
Mandatory withdrawals begin at age 70½

*Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, and others.

Roth IRA

Income must be less than $95,000 annually ($150,000 for married couples) to open
Contributions are not tax deductible
Earnings are 100% tax free upon withdrawal
Direct contributions can be withdrawn free of penalty at any time*
Interest withdrawals are penalty free beginning at age 59½
Early interest withdrawals subject to penalty**
No mandatory withdrawals at age 70½

*Consult a tax advisor.

**Certain exceptions apply, such as healthcare, purchasing first home, and others.

Education IRA

Interest grows tax free
Withdrawals are tax free when used for qualified education expenses*
Contributions are not tax deductible
No income restrictions or limits to open
Beneficiary must be under 18 at time of opening
Beneficiary does not have to be a relative
Mandatory distributions begin if balance remains when beneficiary reaches age 30
Maximum annual contribution of $2,000

*Qualified expenses include tuition and fees, books, supplies, room and board, etc.