Bank IRAs Traditional IRAs An interest-bearing retirement account for individuals under the age of 70½ who want to build a tax-deferred fund to supplement retirement income. Often contributions are deductible. Earnings grow tax-deferred until withdrawn. Distributions are generally taxable, but penalty-free if withdrawn under one of the following circumstances: Attaining the age of 59½ Incurring a disability Payment for certain health insurance, medical expenses and higher education expenses Payment for first home purchase Taking equal periodic payments, or Death (payments to beneficiaries). Distributions are required to be taken by Traditional IRA holders beginning at age 70½. Maximum contribution for 2006 is $4,000 per year (maximum contribution is $5,000 per year for those 50 and older). Roth IRAs An interest-bearing account for individuals who want to supplement Social Security. Contributions are never deductible. Earnings grow tax-free. Contributions can generally be distributed tax-free at any time. Earnings can be distributed tax-free if the Roth IRA holder first made a Roth IRA contribution at least 5 years ago AND one of the following events occurs: Attaining the age of 59½ Incurring a disability Purchasing a first home, or  Death (payments to beneficiaries). Distributions are not required to be taken by Roth IRA holders at age 70½. Maximum 2006 contribution to a Roth IRA is $4,000 per year (maximum contribution is $5,000 per year for those 50 and older). Educational IRAs are also available. Stop in today at the Central National Bank, Oklahoma location nearest you.