Individual Retirement Account (IRA)
Build your savings and gain tax advantages with an IRA from Thomaston Savings Bank. Individual Retirement Accounts (IRAs) offer some unique ways to build better savings by deferring tax payments until you withdraw your money or retire. An IRA is an account that you can add to as you grow so while it can benefit you before tax season, an IRA is beneficial all year long.
Visit your local Thomaston Savings Bank branch to find out which IRA is right for you.
IRA Plan Type
Catch up (Age 50+)
2023 Tax Year
2022 Tax Year
Traditional
$1,000
$3,850
$3,650
Roth
$1,000
$7,750
$7,300
SEP
$66,000
$61,000
Coverdell
$2,000
$2,000
Traditional IRA
- Tax-deductible contributions
- Federal and/or state withholding available upon withdrawal
- Penalties apply to withdrawals before age 59 ½
- As of 2023, required minimum withdrawals begin at age 73
Roth IRA
- Contributions are not tax-deductible
- All earnings and principal are 100% tax-free upon withdrawal
- No mandatory distribution age
- Income limits apply when attempting to open a Roth IRA*
*Consult your tax advisor for current limits for your individual situation.
Open an account at your nearest branch.
Routing #: 211174259