First National Bank of Durango

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Individual Retirement Account(IRA)

The sooner you start saving, the earlier you can think about retiring! As long as you have earned income, you may make annual contributions.

We offer both Traditional IRA and Roth IRA; to better understand which might be right for you have a look at Traditional IRA Vs Roth IRA. IRA funds may be invested in Certificates of Deposit or in our FirstFlex IRA™.

The chart below is designed to show you the value of saving on a regular basis and the benefit of compounding interest. This is only an example and the value in your account will depend on the amount you deposit and interest rates at a given point in time.

	Average balance in your account if you don't make any withdrawals
Annual Contributions	In 5 Years	In 10 Years	In 20 Years	In 30 Years	In 40 Years
$500 (About $2 per day)	$2,849	$6,379	$16,174	$31,217	$54,318
$1,000	$5,697	$12,757	$32,348	$62,434	$108,636
$2,000	$11,394	$25,515	$64,697	$124,868	$217,272
$3,000	$17,092	$38,272	$97,045	$187,302	$325,908
$4,000	$22,789	$51,029	$129,393	$249,736	$434,544

* This is an example designed to demonstrate the value of saving and compound interest. It is based on an interest rate of 4.29% Annual Percentage Yield. IRA accounts may have withdrawal restrictions. Fees and withdrawal penalties could reduce your earnings - see your tax advisor for details. Rates may vary with a First National Bank IRA and there is a $500 minimum balance required to open an IRA account. Please see a personal banker for complete details.