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.
- Competitive interest
- Traditional and Roth IRA options
- Tax Advantages1
- No setup fees
- No monthly or annual maintenance fees
- Annual contribution limit of $6,500 for 2023
- 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 IRA||Roth IRA|
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 2023||100% of earned income up to $6,500 (or $7,500 if age 50 or older) reduced by Roth IRA contributions.||100% of earned income up to $6,500 (or $7,500 if age 50 or older) reduced by traditional IRA contributions.|
Prior year contributions (for 2022) may be made between Jan. 1 and April 18, 2022.Current year contributions may be made from January 1 and December 31, 2023.
Prior year contributions (for 2022) may be made between Jan. 1 and April 18, 2023.Current year contributions may be made from January 1 and December 31, 2023.
|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 2023||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.|
Individual Retirement Accounts
|Contributory / Non-Contributory||Term||Interest Rate||APY*||Minimum to Open|
|Contributory||18 Months (Variable**)||3.92%||4.00%||$500.00|
|Non-Contributory||12 Months (Fixed)||0.05%||0.05%||$500.00|
|Non-Contributory||18 Months (Fixed)||0.05%||0.05%||$500.00|
|Non-Contributory||24 Months (Fixed)||0.10%||0.10%||$500.00|
|Non-Contributory||30 Months (Fixed)||0.10%||0.10%||$500.00|
|Non-Contributory||36 Months (Fixed)||0.20%||0.20%||$500.00|
|Non-Contributory||48 Months (Fixed)||0.25%||0.25%||$500.00|
|Non-Contributory||60 Months (Fixed)||0.40%||0.40%||$500.00|