Traditional IRAs

The Traditional Individual Retirement Account (IRA) allows you to put away tax deferred funds for retirement. You may begin to withdraw from your Traditional IRA at the age of 59 ½ without IRS early distribution penalty (a bank penalty may be imposed for early withdrawal). Mandatory distributions are required upon the attainment of age 72.

Features Include:

  • No income restrictions for availability.
  • No minimum contribution requirement in any year.
  • Certain contributions may be tax-deductible.
  • Independence; you can open and fund your IRA without any employer participation.
  • Catch-up contributions allowed for those over the age of 50.

Traditional IRAs

Tax YearContribution LimitAdditional Contribution Age 50+
2020$6,000$7,000
2019$6,000$7,000

Depending on your tax filing status, and modified adjusted gross income (AGI), Roth IRA Contribution limits may be lower.

Learn More & Get Started

In selecting retirement plan options, consult your tax advisor about the program that will make sense for you. Then visit your local branch office, or call and ask to speak to one of our Customer Associates at 860.596.2444.