With concerns rising about the state of Social Security, more individuals are looking for new ways to prepare for their retirement. Recent modifications to Individual Retirement Accounts (IRAs) allow even more people to benefit from these savings plans.

IRAs can be an important part of your retirement savings strategy, and they can offer a number of advantages.

• Security - By contributing to an IRA, you are taking an important step toward a secure financial future.
• Tax Deferred Benefits - You may receive tax deferred benefits on your IRA if you meet income eligibility or qualified distribution requirements.
• Flexibility - Since you are not required to make an IRA contribution, you have the flexibility to decide whether or not you want to contribute each year.
• Accessibility - Some retirement plans only allow distribution of funds at certain times. With your IRA you may withdraw funds whenever you wish, but may be subject to penalties if you're under age 59½.

First Banking Center's Trust Department offers two types of IRA vehicles to help savers meet their retirement goals.

Self-Directed IRA
A Self-Directed IRA is more of an investment plan than an account. It offers flexibility by allowing you to place your IRA assets in investments that meet your financial objectives.

A Self-Directed IRA plan can be in the form of a Traditional, Roth, Rollover or Spousal IRA. You have the ability to purchase stocks, bonds, mutual funds, insurance, or other investment options. A Self-Directed IRA is best suited for an experienced investor who is knowledgeable about managing personal finances and is willing to accept some risk that comes with higher growth potential.

Managed IRA
A Managed IRA is an investment management account that can be in the form of a Traditional, Roth, Rollover, or Spousal IRA. Our staff has access to information and analysis from many sources, and is constantly aware of changing conditions in our increasingly complex economy. Your account would be structured based upon the guidelines and objectives identified by you with our investment managers. Our services are designed to compliment your retirement goals and maximize the returns from your portfolio.