Retirement Accounts

Planning today for the money you'll need for tomorrow.

Health Savings Accounts

Uploaded Image: /uploads/images/retirement-health.jpgSave money for future medical expenses with an HSA that combines an easy to use account and tax advantages.

Health Savings Account (HSA)

  • Tax-incentive account established to pay for qualified medical expenses for individuals covered under a High Deductible Health Plan (HDHP).
  • Convenient methods to withdraw funds include a free HSA Check Card, first box of checks are free, online transfers, and unlimited in-branch withdrawals.
  • Free online banking, no minimum balance requirement, no monthly, annual, or start-up fees.
  • Contributions are tax-deductible, interest earned is tax-deferred, and any withdrawals used for medical expenses are tax-free.
  • Employers may directly deposit contributions.
  • FDIC insured.

For more information about these Retirement and Savings Accounts stop into any one of our branch locations, or call (800) 670-3110.

Please Note: We reserve the right to alter or withdraw these products or certain features thereof without prior notification. Consult your tax advisor concerning the tax consequences and benefits of these products.

Individual Retirement Accounts (IRAs)

Uploaded Image: /uploads/images/retirement-individual.jpgAn Individual Retirement Account (IRA) is your personal savings plan for retirement. Make your money work harder for you with competitive interest rates and tax advantages. Whether you're interested in short term or long-term investments, we can help tailor a plan to meet your individual needs. Start planning for your future today. Talk to your Home Town Banker at the Trustco office nearest you.

Trustco IRAs Offer:

  • Wide range of investment options with flexible terms from 6 months to 10 years designed to fit your retirement needs.
  • Very competitive interest rates.
  • No annual service charge.
  • Tax deferred earnings.
  • Low minimum opening deposit.
  • FDIC insured.

Traditional IRA

  • Contributions may be tax deductible.
  • Earnings are tax deferred while accruing in your account.
  • After reaching 70 1/2 required minimum distributions must be made.

Roth IRA

  • Qualified withdrawals are tax free and exempt from 10% IRS penalty.
  • Contributions may continue after age 70 1/2.
  • Withdrawals are not required during lifetime of the owner.

IRAs can be funded with:

  1. Contributions: Traditional IRA contributions are typically tax-deductible while Roth IRA contributions are not tax-deductible. Contribution limits are adjusted each year.*
  2. Rollovers: Distributions you receive from another like IRA or Qualified Retirement Plan.
  3. Trustee Transfers: Trustco will initiate a transfer on your behalf directly from another financial institution.

Uploaded Image: /uploads/images/retirement-savings.jpgTrustco Bank offers you a wide range of investment options with flexible terms of 6 months to 10 years.

* Check with a qualified tax advisor or the IRS for contribution limits and your eligibility to contribute.

Please Note: We reserve the right to alter or withdraw these products or certain features thereof without prior notification. Consult your tax advisor concerning the tax consequences and benefits of these products.

Retirement Plans For Businesses

Uploaded Image: /uploads/images/retirement-businesses.jpgReward you and your employees with a plan to provide retirement benefits. SEP and SIMPLE IRA plans are easy to set up and administer.

Simplified Employment Pension (SEP)

A Trustco SEP is a tax-deductible retirement fund for businesses that provides tax deferred benefits for employers and employees. Employers may contribute up to the lesser of the contribution amount determined by the IRS or 25% of compensation for each eligible employee. The compensation limit is determined by the IRS. Talk to your Trustco banker about this innovative program for your business.

Savings Incentive Match Plans For Employees (SIMPLE)

A Trustco Bank SIMPLE is an inexpensive retirement plan that a small business owner may set up, even if the business has no employees other than the owner. Employers must make contributions for eligible employees based on a matching or non-elective contribution formula.

  • Employees may elect to defer up to 100% of their compensation, but no more than a certain dollar amount per year based on age.
  • Annual reporting to the IRS is not required from employers of SIMPLE IRA plans.
  • Distributions from SIMPLE IRAs are taxed under rules generally applicable to Traditional IRA distributions.

Please Note: We reserve the right to alter or withdraw these products or certain features thereof without prior notification. Consult your tax advisor concerning the tax consequences and benefits of these products.

Coverdell Education Savings Accounts (Coverdell ESA)

Uploaded Image: /uploads/images/retirement-savings.jpgSaving for a minor's education with tax advantages is easy with a Coverdell Education Savings Account.

Coverdell Education Savings Account (ESA)

  • Non-deductible contributions.
  • Withdrawals made for qualified education expenses are tax free for the minor the account is opened for.
  • May be rolled over to a new minor.

Contributions:

  • Almost anyone can contribute.
  • No relationship requirement between contributor and designated beneficiary.
  • Annual contribution limited to $2,000 per beneficiary per year.

Please Note: We reserve the right to alter or withdraw these products or certain features thereof without prior notification. Consult your tax advisor concerning the tax consequences and benefits of these products.