Individual Retirement Accounts: Better Than Ever
Individual Retirement Accounts (IRA) create value for you to save for your retirement years.

Please call First Bank of MontanaSM for more information on Individual Retirement Accounts.

Traditional IRA

  • Must have earned income and not reach age 70½ by end of year
  • Annual IRA contributions are subject to change 
  • Annual limit applies to any combination of IRA plans
  • Contributions are fully tax-deductible if you are not an active participant in an employer retirement plan
  • Contributions up to the limit are fully tax deductible if you are not an active participant in a retirement plan, otherwise phase-out rules apply.
  • Investments grow on a tax-deferred basis
  • Earnings are taxed only upon withdrawal
  • Opportunity for early withdrawal - Ask us about special circumstances

Roth IRA

  • Contribute to a Roth IRA even after age 70 ½, with earned income
  • Contributions will not be tax deductible, but the contributions and earnings can be withdrawn tax-free.
  • Same contribution limits as Traditional IRA listed above.
  • No required minimum distributions after reaching age 70 ½.
  • Convert your traditional IRA to a Roth IRA, to take withdrawals tax-free, but is subject to income tax now.
  • Opportunity for early withdrawal - Ask us about special circumstances

Catch-up Contributions

  • If you have reached age 50, catch-up contributions can be made to a Traditional or Roth IRA.