Our Oak Creek branch at 6400 S. 27th St. is closed for remodeling, please continue banking with us online or at our grocery store location next door (6462 S. 27th St.).
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 $7,000 for 2024
- 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)
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 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 2024 | 100% of earned income up to $7,000 (or $8,000 if age 50 or older) reduced by Roth IRA contributions. | 100% of earned income up to $7,000 (or $8,000 if age 50 or older) reduced by traditional IRA contributions. |
| Contribution Deadlines |
Prior year contributions (for 2023) may be made between Jan. 1 and April 15, 2024. Current year contributions may be made from January 1 and December 31, 2024. |
Prior year contributions (for 2023) may be made between Jan. 1 and April 15, 2024. Current year contributions may be made from January 1 and December 31, 2024. |
| Eligibility | Individuals who have earned income. | Individuals who have earned income and fall within the Modified Adjusted Gross Income (MAGI) limits |
| Minimum Distribution Requirements for 2024 | Required minimum distributions must be taken beginning the year in which an individual turns 73. | 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. |
Retirement Savings Calculator
Individual Retirement Accounts
| Contributory / Non-Contributory | Term | Interest Rate | APY* | Minimum to Open |
|---|---|---|---|---|
| Contributory | 18 Months (Variable**) | 4.440% | 4.539% | $500.00 |
| Non-Contributory | 12 Months (Fixed) | 3.44% | 3.50% | $500.00 |
| Non-Contributory | 18 Months (Fixed) | 3.19% | 3.25% | $500.00 |
| Non-Contributory | 24 Months (Fixed) | 2.95% | 3.00% | $500.00 |
| Non-Contributory | 30 Months (Fixed) | 2.95% | 3.00% | $500.00 |
| Non-Contributory | 36 Months (Fixed) | 2.71% | 2.75% | $500.00 |
| Non-Contributory | 48 Months (Fixed) | 2.61% | 2.65% | $500.00 |
| Non-Contributory | 60 Months (Fixed) | 2.46% | 2.50% | $500.00 |