Your privacy is very important to us. We would like to advise you that Internet email is not secure. Please do not submit any information that you consider confidential. We recommend you do not include your social security or account number or other specific identifying information.
You are leaving First Colony Bank's website and linking to a third party site. Please be advised that you will then link to a website hosted by another party, where you will no longer be subject to, or under the protection of, the privacy and security policies of First Colony Bank. We recommend that you review and evaluate the privacy and security policies of the site that you are entering. First Colony Bank assumes no liability for the content, information, security, policies or transactions provided by these other sites.
Online Banking Login
The traditional IRA first became available in 1975 to encourage people to save for their retirement and provide for beneficiaries upon death. Higher contribution limits and greater flexibility were added with the implementation of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001. If deferring taxes on a portion of your current income is your tax strategy, a Traditional IRA may be right for you.
The Roth IRA was first made available on January 1, 1998. As opposed to a Traditional IRA, contributions are made with “after-tax” dollars. Earnings are free from taxes and IRA penalties, if certain conditions are met. If your income level is too high for a Traditional IRA, a Roth IRA may be a good alternative for you.
It’s easy to move your IRA to First Colony Bank. For either a Roth or Traditional IRA, you can move existing IRA monies as follows:
When you withdraw money from a retirement account, it is called a distribution. Distributions from a Traditional IRA are reported to the IRS as income and may be subject to income tax. Except under special circumstances or upon reaching age 59 ½, there may also be IRS imposed penalties for early distributions. Distributions from a Roth IRA have more complex tax implications. Prior to any type of IRA distribution, you should speak with your tax advisor, accountant or attorney.
Attainment of Age 70½ Before 2020 The SECURE Act changed the age when traditional and SIMPLE IRA owners are required to begin taking RMDs to age 72 through 2022 and the SECURE Act 2.0 has raised the RMD age to 73 beginning in 2023 and through 2032. However, there are no changes for traditional and SIMPLE IRA owners who were age 70½ by the end of 2019. For example, an IRA owner that attained age 70½ in 2019 had until April 1, 2020 to take his/her RMD for 2019 (i.e., his/her first distribution year). With the exception of 2020 in which RMDs were waived for everyone as a result of the CARES Act, these IRA owners must take all subsequent distributions by December 31 each year.
Attainment of Age 72 Through 2022 and Age 73 After 2022 IRA owners who were not age 70½ or older by the end of 2019 are subject to the new rules, effectively allowing them additional time before they must begin taking RMDs. Through 2022, the RBD for traditional and SIMPLE IRA owners is April 1 of the year after attainment of age 72. For years after 2022 through 2032 the RBD for traditional and SIMPLE IRA owners is April 1 of the year after attainment of age 73.
First Colony Bank
711 North Orlando Avenue, Suite 100
Maitland, Florida 32751
Phone: (407) 740-0401