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Traditional Individual Retirement Account

Save for retirement with a Traditional Individual Retirement Account.

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Preparing for tomorrow, today.

Save for retirement today with a Traditional IRA, and defer taxes on contribution earnings until you withdraw funds in retirement. We’ll work with you to set up an IRA that works toward your savings goals and delivers peace of mind for your retirement.

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Traditional IRA Contribution Chart

Tax Year

Contribution Limit Catch-up Limit Total Limit for Age 50 and Over

2023

$6,500

$1,000

$7,500

2022

$6,000

$1,000

$7,000

 
Straight Answers to Your IRA Questions
Traditional or Roth IRA - Which is Right for You?

Common Questions about Traditional IRAs

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Where can I open an IRA?

What is an IRA?

IRAs are Individual Retirement Accounts.

When Social Security and pension plans are not enough to maintain your standard of living at retirement, an Individual Retirement Account (IRA) can be an excellent investment. Both the Roth and traditional IRA offer a number of benefits, depending on your current financial situation.

  • Traditional IRAs allow you to defer taxes on your contributions' earnings until they are withdrawn.
  • Roth IRAs allow only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period.
  • Coverdell Education Savings Accounts (CESA) are non deductible accounts that feature tax-free withdrawals for a child's education expenses.