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Retirement Requires Planning Ahead, So Start Prepping For Your Future Today with a Columbia Bank IRA.

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The earlier you start the more you can save. With a Roth IRA, you'll pay taxes as you contribute to your retirement account so during retirement you'll be able to withdraw tax-free.1,2

More on Roth IRAs:

Unlike a traditional IRA, a Roth IRA distribution is tax-free if you’ve had the account open at least five years, and reached the age of 59½, become disabled or died

There is no age limit to make contributions to a Roth IRA, provided you have working income to make a contribution. Unemployment, pension income, social security do not qualify

Roth IRAs are not subject to the traditional IRA rules for required minimum distributions at age 72

Elements Of A Roth IRA Include:

The ability to make non-deductible contributions of up to $7.000 for tax year 2024 ($8,000 for individuals age 50 and older)

Qualified distributions are tax-free and IRS penalty-free for qualifying first-time homebuyers and individuals over age 59½

You are not required to take distributions from your Roth IRA during your lifetime

After the death of the IRA holder, specific death distribution rules apply

Funds from a Traditional IRA can be converted or rolled over to a Roth IRA without paying IRS 10% penalty. The amount withdrawn from the Traditional IRA for conversion or rollover to Roth IRA is treated taxable income

A distribution is qualified if it is paid after five years from your first Roth IRA contribution or conversion

And it is paid:

  • After attaining age 59½
  • Due to disability
  • Due to death
  • First home purchase

[1] See our schedule of fees for additional consumer account information. Early termination fee and contributions in excess of IRS limits subject to IRS penalties. 

[2] Consult your tax advisor.


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Investments are NOT FDIC Insured, not Bank guaranteed, not a deposit, and not insured by any federal government agency. Investments may lose value.


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