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Citizens National Bank offers personal and business retirement plans.  There are several  options to consider and friendly staff to help you make the choice that is right for you.  We can assist you in setting up new IRAs, rolling over employer qualified plans transferring IRA accounts and converting from a regular IRA to a Roth IRA.

  • Roth IRA - The Roth IRA provides tax-deferred earnings but is non-deductible at the time you contribute to the account.  basically, this means you pay the tax when you contribute instead of when you take funds out;  anything you've earned in the meantime also can be taken tax-free, for qualified reasons.  Contribute to a Roth even after age 72  with earned income.  FDIC insured up to $250,000.
  • Traditional IRA - Contributions can be fully tax-deductible if you are not an active participant in an employer retirement plan (otherwise phase-out rules apply).  Investments grow on a tax-deferred basis.  Earnings are taxed only upon withdrawal.  You must have earned income and not reach 72 by the end of the year to deposit to an IRA.  FDIC insured up to $250,000.
  • Coverdell Education Savings Account - The Coverdell Education Savings Account allows parents and others to save for children's education.  Coverdell Education Savings Accounts are only available to children under the age of 18.  Maximum contribution of $2,000 may be contributed annually.  Interest earnings are not taxed if used for qualified education expenses.
  • Simple IRA - Savings incentive Match Plans for Employees is for businesses with less than 100 employees.  Small business owners and their employees, farmers and sole proprietors are eligible, if they have no other Qualified Plan.  See us for the excellent reasons to start a Simple IRA.  Contributions of up to $11,500 can be deducted from gross income ($14,000 for ages 50 & over.)  We also offer qualified plans and SEP accounts for businesses.