TrustBank offers a variety of retirement and education plans.
A FDIC-insured Individual Retirement Account (IRA) or Coverdell Education Savings Account (CESA) can help your money work harder as you plan for a secure future.
| Regular Contribution Elegibility Requirements | |
|---|---|
| Traditional IRA | Roth IRA |
|
Compensation Younger than age 70 1/2 all year |
Compensation Limited by MAGI |
| Regular IRA Contributions | |||
|---|---|---|---|
| Tax Year | Standard Combined IRA Contribution Limit | Catch-Up Amount (Ages 50+) | Total Combined IRA |
| 2020 & Later Years | $6,000 + COLA | $1,000 | $7,000 + COLA |
| 2019 | $6,000 (or 100% of compensation if smaller) | $1,000 | $7,000 (or 100% of compensation if smaller) |
| 2018 | $5,500 (or 100% of compensation if smaller) | $1,000 | $6,500 (or 100% of compensation if smaller) |
|
Contribution Deadline: Income tax return filing due date, not including extensions COLA = Cost of living adjustments |
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