Smart Savings for Your Future
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Contributions can be withdrawn anytime without taxes or penalties Earnings can be withdrawn, without taxes or penalties, if you’re at least 59 ½ and your account has been open for 5 years or more |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.
