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Individual Retirement Accounts (IRAs)

MNB offers competitive rates on Traditional and Roth IRAs to help you reach your retirement goals. It’s never too late to get started.

Traditional IRA

  • Tax-deferred earnings
  • Contributions may be tax deductible

Roth IRA

  • Tax-deferred earnings
  • Tax-free qualified withdrawals
  • More flexible access to funds than traditional IRA

Traditional & Roth IRA Rollovers and Transfers

  • The two methods used to move assets from one financial organization to another
  • Traditional IRA to traditional IRA
  • Roth IRA to Roth IRA
  • This transaction is only reportable to the IRS if an IRA owner has control of the assets
We encourage you to contact a tax advisor to discuss your tax deductibility status when making retirement decisions.

IRA Comparison Chart

Feature Traditional IRA Roth IRA
Minimum Deposit $100 $100
FDIC Insured Up to $250,000 Up to $250,000
Eligible Age Before the year in which you turn 70 1/2 None
Annual Contributions Not Required Not Required
Maximum Annual Contributions $5,500
$6,500 for those older than 50
$5,500
$6,500 for those older than 50
Spousal Contributions Accepted Accepted
Contribution Due Date April 15 of next calendar year April 15 of next calendar year
Tax Consequences Tax-deferred earning. Contributions may be tax deductible. Tax-free disbursement at retirement. Contributions made with post-tax dollars.
Distributions Must begin by April 1 of the year after the participant reaches age 70 1/2 No Mandatory Disbursements

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