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Find Out Which IRA is Right for You

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 IRA1
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Individual Retirement Account (IRA) Highlights

Tax advantages: You can defer tax payments until you withdraw your money or retire with a Traditional IRA, or pay taxes on the money you contribute today for tax-free withdrawal upon retirement with a Roth IRA. 

Flexible options: You can choose from a variety of IRAs, including Traditional, Roth, SEP, and Coverdell, designed to meet your personal retirement goals.

Flexible investing: Work with our local team to help you decide how much you want to contribute each year and how your money is invested. 

Easy and accessible: A Thomaston Savings Bank IRA is easy to set up and, depending on the type of IRA, contributions can be withdrawn at any time.

Individual Retirement Account (IRA) Contribution Limits

IRA Plan Type Catch up (Age 50+) IRA Plan Type
Traditional $1,000 $3,850
Roth $1,000 $7,750
SEP $66,000
Coverdell $2,000

Retirement Income

Estimate your monthly retirement income based on your savings, expected returns, and current age.

USE CALCULATOR

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Take the Next Step

In Branch

Come into any location to talk to a Client Service Associate.

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Get Started

Visit any location to speak with a Client Service Associate about our IRAs or fill out the form below to connect with us.

Please do not enter any confidential or personally identifiable information on this form.

1Consult your tax advisor for current limits for your individual situation.

16 Convenient Locations Throughout Connecticut: