Smart Savings for Your Future
With the help of an IRA from Rivermark, you can prepare for a comfortable retirement or reach other financial goals.
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|
||Up to $6,000 for those under 50; $7,000 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|
||Contributions can be withdrawn anytime without taxes or penalties
Earnings can be withdrawn, without taxes or penalties, if you’re at least 59 ½ and your account has been open for 5 years or more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
||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.
It's suggested that you have six months of essential living expenses saved in case of an emergency, however 28% of Americans have no emergency savings at all.
Automatically putting money away into your savings account is the easiest way to ensure you’re growing your savings. Follow these simple steps.