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 |
|---|---|---|
| 2023 | $6,500 | $1,000 ($7,500 total) |
| 2022 | $6,000 | $1,000 ($7,000 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.
Retirement Calculator
Projecting income needed for retirement is a difficult task. It requires looking into the future for decades and matching anticipated needs with the resources you expect to have available. Most retirement calculators assume that current spending levels will increase each year due to inflation. Even with moderate inflation assumptions, the result is often a discouragingly unrealistic retirement plan.
In reality, retirement spending data show that most households naturally spend less as they age.
The Reality Retirement Calculator allows you to take this essential fact into account in preparing your plan. The calculator is designed to project, based on information you provide, a realistic appraisal of your retirement spending needs and the savings goal needed to meet these needs. The calculator also provides a comparison with the more traditional retirement planning approach.
