Retirement/Education Plans
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.
IRA Maximum Annual Contribution
| Regular Contribution Eligibility Requirements | |
|---|---|
| Traditional IRA | Roth IRA |
| Compensation | Compensation |
| Younger than age 70 1/2 all year | Limited by MAGI |
| Regular IRA Contributions | |||
|---|---|---|---|
| Tax Year | Standard Combined IRA Contribution Limit | Catch-Up Amount (Ages 50+) | Total Combined IRA |
2025 & Later Years | $7,000 + COLA | $1,000 | $8,000 + COLA |
2024 | $7,000 (or 100% of compensation if smaller) | $1,000 | $8,000 (or 100% of compensation if smaller) |
2023 | $6,500 (or 100% of compensation if smaller) | $1,000 | $7,500 (or 100% of compensation if smaller) |
Contribution Deadline: Income tax return filing due date, not including extensions COLA = Cost of living adjustments | |||