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Our customers’ and employees’ health and safety remain one of our top priorities; TSB branch lobbies are now open for walk-in service. We are continuing to follow appropriate COVID-19 safety protocols, for the latest information please view our COVID-19 Update page.

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Individual Retirement Accounts (IRAs)

Start preparing today for your retirement to ensure that you are ready. A Torrington Savings Bank IRA offers flexible options to help meet your retirement goals.

Design a retirement plan that works best for you!

Traditional IRA

This retirement savings plan is designed for tax deferred growth.

Features:

  • Contributions may be tax deductible
  • Available as any term CD IRA, or as a Hometown Money Market IRA

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Roth IRA

With a Roth IRA, contributions are not tax-deductible, but earnings can grow tax-free, and qualified withdrawals are tax- and penalty-free. Roth IRA withdrawal and penalty rules vary depending on your age and how long you’ve had the account and other factors. Before making a Roth IRA withdrawal, keep in mind the following guidelines, to avoid a potential 10% early withdrawal penalty:

  • Withdrawals must be taken after 59½
  • Withdrawals must be taken after a five-year holding period.

Available as any term CD IRA, or as a Hometown Money Market IRA.

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Coverdell Education Savings

Looking for a great way to invest in your child’s education? Prepare for those costs with a Coverdell Education Savings Account.

Features:

  • Available as any term CD IRA, or as a Hometown Money Market IRA
  • Qualified distributions are tax free

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The Setting Every Community Up for Retirement Enhancement (SECURE) Act is a bipartisan retirement bill that was included in a larger legislative package passed by the House of Representatives on December 17, 2019, and by the Senate on December 19, 2019. The bill was initially introduced in the House of Representatives and championed by Ways & Means Chairman Richard Neal and ranking member Kevin Brady. The bill includes reforms to DC Plans, DB plans, IRAs, and 529 plans.

Most provisions in the law became effective January 1, 2020.

For anyone who inherited an IRA from an original IRA owner who passed away prior to January 1, 2020, no changes to the current distribution schedule are required. However, for situations where the original IRA account owner passes away after December 31, 2019, fewer beneficiaries will be able to extend distributions from the inherited IRA over their lifetime. Many will instead need to withdraw all assets from the inherited IRA within 10 years following the death of the original account holder. Exceptions to the 10-year distribution requirement include assets left to a surviving spouse, a minor child, a disabled or chronically ill individual, and beneficiaries who are less than 10 years younger than the decedent.

The law increases the age at which an individual must begin taking required minimum distributions (RMDs) from 70½ to 72. The act states that this change applies beginning with IRA account owners who will attain 70½ on or after January 1, 2020. Congress recognizes Americans are increasingly working and living longer and updating RMD rules to reflect changes in life expectancy will allow Americans to continue their retirement savings for an extended period of time.

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Details:

Internal Revenue Services rules and regulations determine who is eligible for the full tax benefits of an IRA. Contact your tax advisor for assistance.

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Hometown Money Market Savings Account

Get rewarded for saving more. With a Hometown Money Market Savings Account, you earn a higher interest rate by keeping a higher balance.

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Overdraft coverage for your checking account

Get the peace of mind in knowing that funds will be transferred automatically, up to your approved line amount, to cover a negative balance in the event of an overdraft.

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