Individual Retirement Accounts

Take advantage of tax deferred income from a traditional IRA (Individual Retirement Account) from Central National Bank or a tax exempt Roth IRA, and get tax advantages for long-term retirement savings. The sooner you start contributing to an IRA, and the longer you let your money grow, the more you benefit. 

Central National Bank-offered CD IRAs are one of the safest ways to save for retirement, as they are FDIC insured and offer steady returns.

Tax Deferred vs. Tax Free

The biggest difference between the Traditional and Roth IRA is the way the U.S. Government treats the taxes. If you earn $50,000 a year and put $2,000 in a traditional IRA, you will be able to deduct the contribution from your income taxes (meaning you will only have to pay tax on $48,000 in income to the IRS). At 59 1/2, you may begin withdrawing funds but will be forced to pay taxes on all of the capital gains, interest, dividends, etc., that were earned over the past years.