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Individual Retirement Accounts (IRAs)

Do you currently have an account with First Federal Community Bank?

While a crystal ball can't actually help you see into the future, a First Federal IRA can definitely help you build a brighter one. Start saving now and earn interest above standard savings — so you can turn your retirement plans into memorable experiences.

We offer traditional and Roth IRAs to help you save the way you want. Each has specific advantages and tax benefits1. Read more below to see which is right for you, or contact one of our financial experts. We’ll make sure you get the account that works for you.


  • Competitive interest above standard savings rates
  • Tax advantages1 to boost your balance
  • Traditional and Roth IRA options available
  • Sole proprietors and self-employed individuals can open an SEP IRA
  • No setup fees
  • No monthly or annual maintenance fees
  • $5,500 contribution limit per year
  • Additional $1,000 "catch-up" contribution allowed for ages 50+
  • CDs available for purchases of $500 or more
  • IRA Flex Plan functions like savings account and only requires $25 minimum balance
  • $500 minimum deposit to open

There are benefits to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70½

Roth IRA

  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing first home, etc.

3Consult a tax advisor. 

Do you currently have an account with First Federal Community Bank?