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An Individual Retirement Arrangement (IRA) is a retirement savings plan authorized by the Federal government. IRAs are insured by the FDIC, and are insured separately from your other accounts, up to a limit of $250,000 in any one FDIC insured financial institution. IRAs have certain benefits and are subject to certain restrictions, which are briefly explained below. For more detailed information, please consult your tax advisor. If you are considering opening an IRA or transferring your existing IRA, call or stop in at any First CornerStone Bank branch and speak with one of our Service Representatives. The great rates offered on First CornerStone Bank’s IRAs, combined with the tax benefits of these retirement accounts, will help your retirement savings grow quickly.


Traditional IRAs allow you to contribute some of your earned income into a savings plan that earns tax-free interest. Additionally, you are only taxed on the amount you withdraw from the plan.

Your contribution to your Traditional IRA may be fully or partially tax deductible, depending on your annual income level. You may contribute any amount you choose, up to the annual contribution limit. You are not required to make the full contribution or any contributions in a given year. Contributions may not be made for or after the year you reach age 70˝.

You may elect to make withdrawals (distributions) from your IRA any time after you reach age 59˝, although you are not required to take distributions until the year you reach age 70˝. You generally may not take distributions from your Traditional IRA prior to reaching age 59˝ without tax penalties (there are exceptions to this rule for qualified first-time homebuyers, qualified higher education expenses, etc.).

Consult your tax advisor or refer to IRS Publication 590-B for more information about Traditional IRA contributions, distributions, benefits and restrictions.


Roth IRAs allow you to contribute some of your income into a savings plan that earns tax-free interest. Contributions to a Roth IRA are not tax deductible, but all withdrawals, including earnings, are tax-free as long as you meet certain requirements.

You may contribute to your Roth IRA at any time, regardless of your age. These contributions are subject to certain restrictions based on the account owner’s income. As with Traditional IRAs, contributions to a Roth must be from earned income or received alimony (other types of income, such as investments or inheritances, do not qualify).

The Roth IRA allows you to make tax-free withdrawals of your contributions at any time (early withdrawal penalties may apply). Tax-free withdrawals of interest earnings are permitted after you reach age 59˝, subject to certain restrictions. Unlike a Traditional IRA, you are not required to take any distributions at any time.

For more information regarding the benefits and restrictions of Roth IRAs, consult your tax advisor or see IRS Publication 590-B.

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