Citizens Business Bank: Individual Retirement Account (IRA)

Are you looking for a savings opportunity? If so, why not think about a Citizens Business Bank Individual Retirement Account.

Roth IRA

An attractive retirement investment opportunity that enables individuals to establish a retirement program for themselves.

Enjoy the benefits of financial security upon retirement!

-	Up to $2,000 annual after-tax contribution (or 100% of your earnings, whichever is less).
-	Life long contributions allowed.
-	Tax-free withdrawals after age 59 ½.
-	Contribute to both your employer-sponsored plan and a Roth IRA.
-	Penalty free withdrawals for first home purchase or higher education expenses.

Qualifications:

-	Adjusted gross income must be less than $95,000 or $150,000 if filing jointly.
-	Contributions must be in the Roth IRA at least 5 years prior to any withdrawals.
-	Contributions must be made prior to your tax-filing deadline.

Education IRA

An attractive investment opportunity that enables individuals to establish a savings program for a child's education.

Features:

-	Non-deductible contributions up to $500 for educational costs for any child.
-	You do not have to be related to the child in order to contribute to an Education IRA.
-	Withdrawals for educational expenses are tax-free.
-	Use one beneficiary's Education IRA to help another beneficiary without penalty.

Qualifications:

-	Must be made before December 31 of the tax year.
-	Must be made before the designated beneficiary reaches age 18.
-	Total no more than $500 per year per beneficiary.
-	Adjusted gross income must be less than $95,000 or $150,000 if filing jointly.
-	Must be used by the age of 30.

For more information on either if these products, please contact your Citizens banker today.