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Traditional IRAs Photo Traditional IRAs

The Traditional IRA is for you if you have earned income and want to assure you have the funds you need in retirement. Contribute up to 100 percent of your earned income or the standard limit, whichever is less.

2023 tax year contribution limits:

  • Lesser of $6,500 or total amount of compensation (under age 50)
  • Lesser of $75000 or total amount of compensation (age 50 or over)
  • Spousal contributions allowed
  • May be tax deductible (consult your tax advisor)

2022 tax year contribution limits:

  • Lesser of $6,000 or total amount of compensation (under age 50)
  • Lesser of $7,000 or total amount of compensation (age 50 or over)
  • Spousal contributions allowed
  • May be tax deductible (consult your tax advisor)

Distributions: May begin at age 59 ½ without IRS penalty; become mandatory at age 73. 

*Consult your tax advisor for details. Other information regarding Traditional IRAs and Roth IRAs such as conversions, transfers, rollovers and investment options are available from any of our personal bankers at Central Bank. Simply contact or come by your nearest Central Bank location to learn more.

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Dustin Pohlman

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Location: Spirit Lake Main Office

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Julie Dhabalt

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Nancy George

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Stacy Meyer

Personal Banker II/Emerald Club Director

Location: Storm Lake Main Office

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