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Set up your Individual Retirement Account (IRA) by calling us at (866) 4UMPQUA or stop by your neighborhood Umpqua store.
How it works:
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. Depending on the IRA, you may be eligible for a tax deduction on your contribution today or to take a tax-free withdrawal at retirement down the road. (You must meet certain criteria, so talk to a tax advisor for more info.) What's the benefit? You have more funds to earn interest on, and you may fall into a lower tax bracket once you retire.
How much you can contribute?
The government lets you contribute a certain amount to your IRA every year. In 2017 and 2018, the individual contribution limit is $5,500. If you are 50 or older, you may be eligible to make a catch-up contribution of $1,000 for the current tax year.
How old do you have to be to set up an account?
Our general policy is that you must be 18 or older to open an Umpqua account. Additionally, in order to contribute to your IRA, you must earn an income, and certain age restrictions may apply.
Choosing the IRA that's right for you:
There are two types of IRAs—Traditional and Roth—and both have their advantages. The key is to determine which is right for you. You should consult your tax advisor if you aren't sure. Here are some things to consider: