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Retirement looks different for everyone, but the need to save with purpose is universal. FNBA offers both Traditional and Roth IRAs, giving South Jersey customers a tax-advantaged way to build their savings.
Whether you’re just starting to think about retirement or are already on your way, an FNBA IRA gives you more control over how your savings grow. IRS eligibility requirements apply. We recommend consulting a tax advisor to determine the best option for your individual situation.
A Traditional IRA allows you to make contributions that may be tax-deductible, depending on your income and filing status. Your savings grow tax-deferred, meaning you pay no tax on earnings until you withdraw. Required Minimum Distributions (RMDs) subject to IRS guidelines.
Feature | Traditional IRA |
Contributions | Pre-tax (may be tax-deductible) |
Growth | Tax-deferred |
Withdrawals | Taxed as ordinary income at withdrawal |
Required Withdrawals | Subject to IRS guidelines |
Best For | Those who expect to be in a lower tax bracket in retirement |
A Roth IRA is funded with after-tax contributions, so when you withdraw in retirement, qualified distributions are completely tax-free. Roth IRAs also have no Required Minimum Distributions during the account holder’s lifetime, giving you more flexibility over when and how you access your savings.
|
Feature |
Roth IRA |
|
Contributions |
After-tax (not tax-deductible) |
|
Growth |
Consult your tax adviser based on your circumstances |
|
Withdrawals |
Qualified withdrawals are tax-free |
|
Required Withdrawals |
No RMDs during the account holder’s lifetime |
|
Best For |
Those who expect to be in a higher tax bracket in retirement |
Not sure which IRA fits your situation? The table below outlines the key differences. A local FNBA banker can help you review your options in person.
|
Traditional IRA |
Roth IRA |
|
|
Tax on Contributions |
Pre-tax (deductible) |
After-tax (not deductible) |
|
Tax on Growth |
Tax-deferred |
Tax-free |
|
Tax on Withdrawals |
Taxed as income |
Tax-free (qualified) |
|
RMDs |
Subject to IRS guidelines |
None during lifetime |
|
Income Limits |
Consult a qualified tax advisor |
Income limits apply |
Disclaimer: IRS eligibility requirements apply. Contribution limits and deductibility rules are subject to change. Consult a qualified tax advisor to determine the IRA option that is right for your individual tax situation. FNBA bankers are not tax advisors.
Pair your IRA with an FNBA CD for guaranteed, fixed-term growth. CD terms run from 30 days to 84 months, with interest compounded and credited quarterly. A great complement to your long-term retirement strategy.
If you are 50 or older, Fabulous Fifty Checking was designed with you in mind. No monthly fee, no minimum balance, premium tiered interest, and a 25% discount on safe deposit box rentals. Banking that respects what you’ve built.
Explore all the accounts and services FNBA offers for customers 50 and older. From IRAs and CDs to everyday checking, our Retiree Banking Hub brings everything together in one place.
The right IRA depends on your current income, expected tax situation in retirement, and savings goals. FNBA bankers can walk you through both options and help you understand the key differences, but we always recommend consulting a qualified tax advisor before making your decision. Visit any South Jersey FNBA branch to start the conversation.
See IRS Guidelines
Yes. You can hold both a Traditional and a Roth IRA at the same time. However, your total combined contributions across all IRAs cannot exceed the annual IRS limit for the tax year. A tax advisor can help you determine how to split contributions between account types.
An RMD is the minimum amount the IRS requires you to withdraw from a Traditional IRA see IRS guidelines at www.irs.gov . Roth IRAs are not subject to RMDs during the account holder’s lifetime, which gives you more flexibility over your withdrawals. Your FNBA banker can help you understand how RMDs may affect your account.
Visit any FNBA branch in South Jersey and a banker will walk you through the process. Bring a valid ID and any information about existing retirement accounts you may want to reference, and we’ll handle the rest.
FNBA offers Traditional and Roth IRAs for South Jersey customers who want to save with purpose. Visit a branch and a local banker will help you get started.
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