First National Bank of Hampton offers many different kinds of Individual Retirement Accounts (IRAs).* 

 

*Check with your financial advisor for more details about the IRA that's best for you and your tax-deductibility status. 

 

For more information or to contact our personal banker: 

Barbara Wohlford 

 

Notice:  First National Bank cannot guarantee the security of personal information sent by email from your computer to an email address here at First National Bank.  For your safety, do not include confidential information in your email correspondence. 

 

Traditional IRA 

This IRA is designed for individuals who want to save tax-deferred dollars and want their annual contributions to be tax-deductible.  However, penalty-free withdrawals may be made at any time for college expenses or the purchase of a first home. 

 

Roth IRA 

The major benefit of a Roth IRA is tax-free earnings growth.  Although contributions to the Roth IRA are not tax-deductible, the contributions can be removed at any time without federal taxes or penalties. ** You are not required to receive distributions at the age of seventy & one-half and in most cases; you can pass your Roth assets to your heirs free of federal income taxes.  Withdrawal of earnings is tax-free if certain distribution rules are met. 

 

** Bank penalties may apply for early withdrawal. 

 

Coverdell Education Savings Account (formerly known as the Education IRA) 

This savings account is specifically designed to provide a tax-free way to save for education expenses for any minor child until the age of 18 on a nondeductible basis.  This account can be used to pay for elementary and secondary education (K-12) expenses incurred in a public, private or religious school, as well as college, technical or postgraduate work.  Earnings grow tax-free, and withdrawals for qualified education expenses are also tax-free. 

 

SEP IRA 

This low-cost retirement plan is designed for small businesses and the self-employed business owner.  This would include sole proprietors, partnerships, S-corporations and corporations.  The SEP plan enables you to make discretionary, tax-deductible contributions for employer and eligible employees.  The employer may choose to make the plan less restrictive.  Earnings and contributions are tax-deferred. 

 

*  Check with your financial advisor for more details about the IRA that's best for you and your tax-deductibility status.