Skip to navigation Skip to main content
Video Banking Icon Video Banking

Smart Savings for Your Future

IRA Savings

IRA Savings

IRA Savings

With the help of an IRA from Rivermark, you can prepare for a comfortable retirement or reach other financial goals.

  • Choose between Roth and Traditional IRAs.
  • No set-up or annual maintenance fees.
  • Convenient deposits through payroll deduction and automatic transfers.
  • Rollover to a self-directed IRA from an employer-sponsored retirement plan.
  • Direct transfer an IRA from another financial institution.

To open an IRA account, call us at 503.626.6600, or visit a branch.

Which IRA is right for you?*

Features Roth IRA Traditional IRA
Contributions Non tax-deductible May be tax-deductible
Earnings Tax-deferred and possibly tax free if you meet eligibility requirements Taxes are deferred until you begin withdrawing funds
Maximum Contributions
Up to $7,000 for those under 50; $8,000 for those 50+
Eligibility No age restrictions. However, contributions may be limited depending on MAGI (Modified Adjusted Gross Income) tables Anyone with earned income may contribute up to age 72
Tax/Penalty Consequences
Contributions can be withdrawn anytime without taxes or penalties 

Earnings can be withdrawn, without taxes or penalties, if you’re at least 59 ½ and your account has been open for 5 years or more
All earnings and deductible contributions are taxable upon withdrawal 

Penalties will be assessed if withdrawals are taken before age 59 ½, or if withdrawals are not taken by age 72 
Distribution Requirements
None Required minimum distributions upon reaching age 72
Exceptions to Penalties
Some exceptions are made if funds are used for a first-time home purchase, education or certain medical expenses

*Be sure to consult your tax advisor regarding the advantages, disadvantages and limitations of various IRAs as they relate to your tax situation.