IRAs

IRAs

An IRA is an excellent tool for building retirement savings. Depending on the type of IRA you choose, contributions may be tax deductible, and will grow either tax-free or tax-deferred. We can assist you with opening a new IRA or the rollover or transfer of an existing IRA. For more information about our IRAs, rates, and service charges, please visit any of our branches or call 831.457.5000.

Contribution limits for retirement plans*

Traditional & Roth IRA Maximum Contribution Limits

Please consult your tax specialist for phase-out range.

Year Age 49 & Below Age 50 & Above
2024 $7,000 $8,000
2023 $6,500 $7,500

Traditional IRAs can be opened & funded by the tax filing deadline to receive tax deduction on the prior year's wages. Roth IRAs can be opened and funded by the April 15th tax filing deadline.

SEP IRA

SEP (Self Employed Pension) IRAs can be funded by the tax filing deadline, including extensions.

Simple IRA Employee Limits

Please consult your tax specialist for phase-out range.

Year Age 49 & Below Age 50 & Above
2024 $16,000 $19,500
2023 $15,500 $19,000

Coverdell Educational Savings Account*

Year Annual Contribution Amount Per Beneficiary
Please consult your tax specialist for phase-out range.
2024 $2,000
2023 $2,000

Educational Savings accounts must be opened and funded by the April 15th tax filing deadline.

*If you qualify.

 

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