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Individual Retirement Account (IRA)

To build your savings while getting tax advantages, rely on an IRA – and the local team of experts – from Thomaston Savings Bank. It’s never too early to start your long-term savings plan – especially since Social Security and company-sponsored pensions are not a guarantee. 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. Contribute up to $6,000 ($7,000 if you are age 50+) for the 2020 tax year.

Thomaston Savings Bank offers two IRA options – both of which feature tax-friendly benefits:

Traditional IRA

  • Tax-deductible contributions
  • Federal and/or state withholding available upon withdrawal
  • Penalties apply to withdrawals before age 59 ½
  • Required minimum withdrawals begin at age
    • 70 ½ for IRA holder born prior to 7/1/1949
    • 72 for IRA holder born on or after 7/1/1949

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.

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