Individual Retirement Account (IRA)

Funding Your Future

Retirement is inevitable. Make the most of this milestone by setting up a traditional or Roth IRA so that you can enjoy the retirement you deserve.

IRA Features

  • Competitive interest
  • Traditional and Roth IRA options
  • Tax Advantages1
  • No setup fees
  • No monthly or annual maintenance fees
  • Annual contribution limit of $6,000 for 2022
  • Additional $1,000 “catchup” contribution allowed for ages 50+
  • Funds can be used to purchase CDs within IRA
  • $100 minimum deposit to open Money Market Investor IRA
  • $500 minimum deposit to open IRA CD (contributory or non-contributory)

Retirement Savings Calculator

Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at the time of retirement.

Traditional vs. Roth IRA Comparison
  Traditional IRA Roth IRA
Tax Effect2

Contributions may be tax deductible.

Earnings are tax-deferred.

Distributions are taxable.

Contributions are not deductible.

Earnings are tax-deferred.

Qualified distributions are tax-free.
Contribution Limits for 2022 100% of earned income up to $6,000 (or $7,000 if age 50 or older) reduced by Roth IRA contributions. 100% of earned income up to $6,000 (or $7,000 if age 50 or older) reduced by traditional IRA contributions.
Contribution Deadlines

Prior year contributions (for 2021) may be made between Jan. 1 and April 18, 2022.

Current year contributions may be made from January 1 and December 31, 2022.

Prior year contributions (for 2021) may be made between Jan. 1 and April 18, 2022.

Current year contributions may be made from January 1 and December 31, 2022.
Eligibility Contributions for tax year 2021 or later: Individuals who have earned income Individuals who have earned income and fall within the Modified Adjusted Gross Income (MAGI) limits
Minimum Distribution Requirements Required minimum distributions must be taken beginning the year in which an individual turns 72. None
Transfers IRA funds may be transferred from an existing traditional IRA at another financial institution to Tri City National Bank. Consult a tax adviser for tax implications. IRA funds may be transferred from an existing traditional IRA at another financial institution to Tri City National Bank.
Rollover Funds from an Employer Sponsored Retirement Plan (e.g., 401(k) Plan) or traditional IRA may be moved into a traditional IRA. Consult a tax adviser for tax implications. Funds from an Employer Sponsored Retirement Plan (e.g., 401(k) Plan) or a Roth IRA may be rolled into a Roth IRA.

 

Individual Retirement Accounts

Comparison table of Individual Retirement Accounts
Contributory / Non-Contributory Term Interest Rate APY* Minimum to Open
Contributory 18 Months (Variable*) 0.15% 0.15% $500
Non-Contributory 12 Months (Fixed) 0.05% 0.05% $500
Non-Contributory 18 Months (Fixed) 0.05% 0.05% $500
Non-Contributory 24 Months (Fixed) 0.10% 0.10% $500
Non-Contributory 30 Months (Fixed) 0.10% 0.10% $500
Non-Contributory 36 Months (Fixed) 0.20% 0.20% $500
Non-Contributory 48 Months (Fixed) 0.25% 0.25% $500
Non-Contributory 60 Months (Fixed) 0.40% 0.40% $500

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