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Retirement/Education Plans

TrustBank offers a variety of retirement and education plans.

A FDIC-insured Individual Retirement Account (IRA) or Coverdell Education Savings Account (CESA) can help your money work harder as you plan for a secure future.

IRA Maximum Annual Contribution

Regular Contribution Eligibility Requirements
Traditional IRARoth IRA
CompensationCompensation
Younger than age 70 1/2 all yearLimited by MAGI
Regular IRA Contributions
Tax YearStandard Combined IRA Contribution LimitCatch-Up Amount (Ages 50+)Total Combined IRA

2025 & Later Years

$7,000 + COLA

$1,000

$8,000 + COLA

2024

$7,000 (or 100% of compensation if smaller)

$1,000

$8,000 (or 100% of compensation if smaller)

2023

$6,500 (or 100% of compensation if smaller)

$1,000

$7,500 (or 100% of compensation if smaller)

Contribution Deadline: Income tax return filing due date, not including extensions

COLA = Cost of living adjustments