Are you interested in a personal savings plan that gives you tax
advantages for setting aside money for retirement? If so, FNCB offers
you the vehicle to enhance your retirement savings.
Earnings are tax-deferred until withdrawn after 59½ when they will be
taxed at your current tax rate.
Contributions may be tax-deductible.
You can set up and make contributions to a Traditional IRA if:
You (or, if you file a joint return, your spouse) received taxable
compensation during the year, and
You were not age 70½ by the end of the year.
You can have a Traditional IRA whether or not you are covered by any
other retirement plan. However, you may not be able to deduct all of
your contributions if you or your spouse is covered by an employer
FNCB IRA funds are invested in Certificates of Deposit.
You must start taking a minimum withdrawal when you reach the age of
A withdrawal cannot be made before the age 59½ without incurring
penalties and tax liabilities.
Traditional IRAs are tax-deferred, which means you don't pay federal
income taxes on any gains until you begin to take withdrawals from the