Home personal wealth-management Traditional IRAs

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.

Dustin Pohlman's Image

Dustin Pohlman

Vice President, Regional Retail Manager

Location: Spirit Lake Main Office

Work Phone:

Julie Dhabalt's Image

Julie Dhabalt

Retail Branch Supervisor

Location: Cherokee Main Office

Work Phone:

Nancy George's Image

Nancy George

Personal Banker II/Emerald Club Director

Location: Dakota Dunes Main Office

Work Phone:

Stacy Meyer's Image

Stacy Meyer

Personal Banker II/Emerald Club Director

Location: Storm Lake Main Office

Work Phone:

Share

Share this on social media

  • Facebook
  • Email Us
Close

By clicking the social media icons you will be leaving the Central Bank website. We are not endorsing or guaranteeing the products, information or recommendations provided by the organizations linked to our website. We are not liable for any failure of products or services advertised on those sites. We are not responsible for the validity, collection, use or security of information by organizations that may be linked to our website. We encourage you to read the privacy policies of websites reached through the use of links from the Central Bank website.

You are now leaving Central Bank

You are leaving the Central Bank website. We are not endorsing or guaranteeing the products, information or recommendations provided by the organizations linked to our website. We are not liable for any failure of products or services advertised on those sites. We are not responsible for the validity, collection, use or security of information by organizations that may be linked to our website. We encourage you to read the privacy policies of websites reached through the use of links from the Central Bank website.

Would you like to continue?

Continue Cancel