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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 any time until your federal tax return is due. Normally, by December 31st

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

The maximum allowable IRA contribution for tax year 2024 is $7,000. ($8,000 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

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

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[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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To help visitors understand information on this website in a variety of languages, Columbia Bank offers GoogleTM Translate, an unaffiliated third party service, which automates translation of the website. The GoogleTM Translate automated translation tool is not perfect and should not be relied upon. Automated translation may miss context, the full meaning may be lost, or words, phrases or sentences may be inaccurately translated. In addition, to the extent GoogleTM Translate caches and presents older versions of the Columbia Bank website content, that is beyond the control of the Columbia Bank site and its operators who accept no responsibility or liability for the outdated translation.

As a result, Columbia Bank does not make any promises, assurances, or guarantees as to the accuracy of the translations provided or the accuracy of the converted text. Columbia Bank and its affiliates disclaim and will not accept any liability for damages or losses of any kind caused by or arising out of the use of or reliance on the Google Translate feature. Where there is any question, the English version is always the authoritative version of the website.

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Please be advised that deposit and loan disclosures and contractual documents will only be provided in English.

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