IRAs

IRAs

Santa Cruz County Bank is pleased to offer many options for retirement planning. An IRA is an excellent tool for retirement savings. Depending upon the type of IRA 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 IRA or you can open a new one. For more information about our IRAs, rates, and service charges, please visit any of our banking locations. To set up an appointment, please call 831.457.5000.

Contribution limits for retirement plans*

Traditional & Roth IRA Maximum Contribution Limits

Please consult your tax specialist for phase-out range.

Year Age 49 & Below Age 50 & Above
2019 $6,000 $7,000
2018 $5,500 $6,500

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

Coverdell Educational Savings Account*

Year Annual Contribution Amount Per Beneficiary
Please consult your tax specialist for phase-out range.
2019 $2,000
2018 $2,000

Educational Savings accounts must be opened and funded by the April 15th tax filing deadline.
*If you qualify.

 

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