Personal Wealth - Private Client Services

Set up your IRA by calling us at 1-866-4UMPQUA or stop by your neighborhood Umpqua store.
You set up an IRA savings or certificate of deposit account with us. Every year, your principal grows, thanks to your contributions and the interest you’re earning. You don’t have to pay tax on the contributions you make or the interest you earn—until you retire. What’s the benefit? You have more funds to earn interest on, and you may fall into a lower tax bracket once you retire. The government lets you contribute a certain amount to your IRA every year. In 2008, the limit is $5,000 for individuals and $10,000 for couples. If you’re age 50 and older, you may be eligible to contribute an additional $1,000 to a Traditional IRA as a catch-up contribution for tax years 2006-2010. Our general policy is that you must be 18 or older to open an Umpqua account. Additionaly, in order to contribute to your IRA, you must earn an income, and you may not turn 70½ during the year in which you contribute.		Sorry, but a Hawaiian vacation doesn’t qualify (at least, not until you’re 59½). The following are eligible for IRS penalty-free distributions: After age 59½ First-time home purchase Medical expenses exceeding 7.5% of AGI (your Annual Gross Income) Health insurance premiums Higher education expenses Equal periodic payments IRS levy Disability Death The IRS will penalize you for withdrawals (“distributions”) made prior to the age of 59½ , with the exception of certain penalty-free IRA distributions. If you transfer your retirement account outside of Umpqua, we charge a $25.00 transfer fee. There is also an annual maintenance fee of $25.
Looking for comprehensive retirement or investment strategies? Chat with our investment partners. *
* Umpqua Investments, Inc., is an affiliated company of Umpqua Bank. Umpqua Investments Inc., is not a bank. Securities, managed investments, insurance products and wealth management services are offered through Umpqua Investments, Inc., Member FINRA/SIPC. Umpqua Bank and Umpqua Investments, Inc., share revenue in certain instances. Securities, managed investments and insurance products are: · NOT A BANK DEPOSIT · NOT FDIC INSURED · NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY · NOT BANK GUARANTEED · and MAY GO DOWN IN VALUE.

Enjoy a free consultation from our investment partners *