Retirement Accounts

Santa Cruz County Bank is pleased to offer many options for retirement planning. A retirement account is an excellent tool for retirement savings. Depending upon the type of Retirement Account you choose, contributions may be tax deductible and will grow either tax-free or tax-deferred. We can assist you with the rollover or transfer of an existing retirement plan or you can open a new one. For more information about our retirement plans, rates, and maintenance fees, please visit any of our banking locations. To set up an appointment, please call 457-5003.

Contribution limits for retirement plans

Traditional & Roth IRA Contribution Limits

Year Age 49 & Below Age 50 & Above
2015 $5,500 $6,500
2014 $5,500 $6,500

Traditional IRAs can be opened & funded by the tax filing deadline including extensions to receive tax deduction on the prior year's earnings. Roth IRAs can be opened and funded by the April 15th tax filing deadline.

Roth IRA Phase Out Range & Limits

Year Single Married Filing Jointly
2015 $114,000- $129,000 $181,000- $191,000
2014 $114,000- $129,000 $181,000- $191,000

You can contribute to a Roth IRA if your income falls below the Roth limits. You are allowed a prorated contribution if your income falls within the "phase-out" range. If your income exceeds the income range you will not qualify for the Roth IRA contribution.

Coverdell Educational Savings Account

Year Annual Contribution Amount Per Beneficiary
2015 $2000
2014 $2000

Educational Savings accounts must be opened and funded by April 15th tax filing deadline.

Self Employed and Employer Sponsored Retirement Plans

SEP IRA Limits

Year Max % of Compensation Max Dollar Allocation Max Compensation
2015 25% $53,000 $265,000
2014 25% $52,000 $260,000

The maximum amount that can be contributed to a simplified employee pension (SEP) plan is 25% of an employee's compensation, which is capped at a maximum, per above. Consult your Tax Specialist for specific information.

Simple IRA Limits

Year Age 49 & Below Age 50 & Above
2015 $12,500 $15,500
2014 $12,000 $14,500

Both Simple and SEP IRAs can be opened by the tax filing deadline including extensions.

Alert: You are about to leave our site:
Santa Cruz County Bank has no control over information at any site hyperlinked to or from this site. Santa Cruz County Bank makes no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and is providing this hyperlink to you only as a convenience. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by Santa Cruz County Bank of any information in any hyperlinked site. In no event shall Santa Cruz County Bank be responsible for your use of a hyperlinked site.

Continue to Master Card Secure Code

Cancel

Alert: You are about to leave our site:
Santa Cruz County Bank has no control over information at any site hyperlinked to or from this site. Santa Cruz County Bank makes no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and is providing this hyperlink to you only as a convenience. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by Santa Cruz County Bank of any information in any hyperlinked site. In no event shall Santa Cruz County Bank be responsible for your use of a hyperlinked site.

Continue to Arts Collaborative on Facebook

Cancel