Take advantage of the tax advantage.

An IRA may be just the tool you need to add to your retirement arsenal. For some folks it’s a great way to gain tax advantages for retirement savings in the United States.

IRAs (Individual Retirement Accounts)

View Rates and Disclosures »

The amount of your qualified contribution is based upon your adjusted gross income and the IRAs you select. We recommend you consult your tax advisor for specific advice.

Traditional IRAs

A Traditional IRA may be best if your goal is a tax deduction right now or if you expect to pay taxes at a significantly lower rate in retirement. Earnings for a traditional IRA grow tax-deferred until withdrawn and contributions may be tax deductible. You can open and make contributions to a traditional IRA if you (or, if you file a joint return, your spouse) receive taxable compensation during the year, and you are not age 70 ½ by the end of the year.

Roth IRAs

A Roth IRA may be your best choice if you want a tax break in the future. A Roth IRA is more flexible than a traditional IRA.  Regular contributions can be withdrawn tax-free and without penalty at any time. Earnings for a Roth IRA are tax-deferred and withdrawals are tax-free if the account is open for five tax years and withdrawals are for a qualified reason such as reaching 59 ½ years of age, disability, death, or a first-time home purchase (lifetime limit for exemption on first home purchase is $10,000).

Traditional IRA and Roth IRA Certificate Accounts

Invest $500 or more for 12, 24, 36, 48, or 60 months and earn great yields.  Dividends compound daily. All IRA Certificate Accounts are subject to laws governing IRAs. Please consult a tax professional for guidance. 

Coverdell Education Savings Account

These accounts were designed to encourage saving for the educational expenses of a child. Unlike section 529 plans, Coverdell ESAs can be used to cover costs at most public, private, and parochial schools—elementary school through college.

There is a $2,000 per year contribution limit for each child. Withdrawals for qualified educational expenses are tax-free. Please consult a tax professional for specific tax advice.

To open an IRA account, stop by a branch or call (503) 656-0671. It’s good to bank at Clackamas!   

Have Questions?   Call (503) 656-0671