"The Future Has a Way
of Arriving Unannounced."
-george will
Individual Retirement Accounts
Who’s eligible?
Most members are eligible. Anyone under the age of 70 ½ who earns compensation can put money into a Traditional IRA, even though they may not qualify for tax-deductible contributions. The Roth IRA is available only to single tax filers with a modified adjusted gross income (MAGI) under $110,000 and joint filers with a MAGI under $160.000. Call us and we’ll explain everything.
Traditional IRA
Contributions and income limits have been raised so more members can make tax-deductable contributions towards their retirements.
- Taxes on earnings are deferred until withdrawals begin at which time your tax rate may be lower.
- Penalty free withdrawals may begin as early as age 59 ½ and as late as 70 ½.
- Did you know that qualified distributions before age 59 ½ are penalty free for first- time home buyers and for college expenses?
- Click here to apply!
Roth IRA
Talk to a Tri-Co representative about converting your Traditional IRA to a Roth IRA!
Your funds may be withdrawn tax-free and penalty-free under a number of conditions.
- Withdraw contributions tax-free at any time.
- Funds may be used for first time home-buying, up to $10,000 per person.
- Minimum required distributions are not required.
- You can contribute after you are 70 ½ years of age.
- Click here to apply!
Coverdell Education Savings Account – The Education IRA
This is a versatile, wide-ranging savings account where withdrawals for qualified education expenses are tax-free.
- Tuition, books, fees, computer equipment and technological equipment used for elementary, secondary, and post-secondary education are qualified educational expenses.
- Fund can be transferred from one child’s account to another child’s account.
- Tax –free distribution can begin when the beneficiary claims HOPE Scholarship or Lifetime Learning tax credits.
- Click here to apply!
Contributions
- The maximum amount to open an IRA is $3,000.
- “Catch up” contributions of $500 can be arranged if you are over 50 years of age.
- Retirement plan rollovers are also available at Tri-Co.
- Tri-Co also has “IRA Accumulator Accounts” to help you save until you have the minimum needed to open your IRA.
- Click here to apply!
Don’t wait until the future arrives unannounced. Click on:
Savings Wizard for Regular Savings
Retirement Wizard for retirement planning
