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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
2019: 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 70 ½
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Contributions can be withdrawn anytime without taxes or penalties 

Earnings can be withdrawn, without taxes or penalties, if you’re at least 59 ½ and your account has been open for 5 years or more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 70 ½ 
Distribution Requirements
None Required minimum distributions upon reaching age 70 ½
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.