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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**) | 3.450% | 3.510% | $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 |