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

You can open or fund your IRA at any time until your federal tax return is due. Normally, by December 31^st.

You can make a Traditional IRA Contribution at any time. You have until April 15^th to make a Prior Year Contribution.

The maximum allowable IRA contribution for tax year 2023 is $6,500. ($7,500 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.

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 73.

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

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