IRAs

The special tax benefits offered by various IRAs make them an attractive investment for retirement and educational funds.

  • Traditional
  • Roth
  • Automatic payroll deductions into your IRA available for your convenience
  • Rollover into IRA CDs when account balance is $1,000 or higher (IRA CDs earn at the current CD rate)

Check our IRA rate and CD rates online

Traditional and Roth IRS Aggregate Annual Contribution Limits

Tax Year Annual Contribution Limit Additional “Catch-Up” Contribution for Owners Age 50 & Older
2025 $7,000 $1,000 ($8,000 total)
2024 $7,000 $1,000 ($8,000 total)
IRA FAQ
How much can I contribute to a Roth or Traditional IRA?

Assuming eligibility, you can contribute up to $6,500 per year or 100% of your earned income, whichever is less. Married couples can contribute up to a total of $11,000 per year, but no more than $6,500 per spouse. You can contribute the maximum to a traditional IRA, Roth IRA or split between the two types.

How does the "catch-up" contribution plan work if I am age 50 or older?

A special exception applies if you are age 50 or older that allows you to contribute an additional $1,000 to an IRA.

More information about Traditional and Roth IRAs is available at the IRS website below:

https://www.irs.gov/retirement-plans/traditional-and-roth-iras

This information is not intended as tax advice. Please consult a tax professional regarding your specific circumstances. For more information about TelComm IRA products, call 417.886.5355.