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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 Traditional IRA, you can contribute pre-tax dollars to a retirement account. Your contributions will grow tax-free and you'll pay taxes as you withdraw during retirement.1,2

More on Traditional IRAs: 

You can open or fund your IRA at anytime until your federal tax return is due. Normally, by April 15.

The maximum allowable IRA contribution for tax year 2020 is $6,000. ($7,000 for individuals age 50 and older)

Allows individuals to enjoy tax-deferred interest while saving for retirement.

IRA contributions are tax deductible for individuals who are not active participants in qualified retirement plans.

For active qualified plan participants, a tax deduction may be available - depending on income levels and marital status.

Direct Rollover IRA allows an individual to retain tax-deferred status when rolling over funds from a qualified retirement plan, like a pension plan or 401K plan.

Beginning January 1, 2015 the Internal Revenue Service allows you to make only one tax free IRA-to-IRA rollover during a 12 month period. This new limit applies no matter how many IRAs you own or where you hold them.

You can make unlimited trustee-to-trustee direct transfers between IRAs.

A taxable distribution from your traditional IRA prior to attaining age 59 ½ may be subject to IRS 10% early distribution penalty. The 10% penalty will not apply if an exception applies.

IRA distributions are not subject to IRS penalty after attaining age 59 ½.

Minimum required distributions must start the year you attain the age of 72.

After attaining age 72 you are not allowed to make contributions to a Traditional IRA.

IRA funds grow at a faster rate because IRA earnings are tax deferred.

Contact Columbia Bank today to speak with a representative about traditional IRAs!

[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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