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IRA Frequently Asked Questions
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Why should I open an IRA?
The earlier you can start to save for retirement the better. IRAs are a great way to plan for the future because of the tax benefits available.* Your savings will grow faster than in a standard, after-tax savings account.
*See your tax advisor for information on possible tax deductions.
What is the deadline for opening an IRA?
You have until April 15 to open and fund a Traditional or Roth IRA for the prior tax year.
When may I withdraw my IRA?
In general, withdrawing your IRA prior to age 59 ½ means you'll have to pay a 10% early withdrawal penalty. There are some circumstances when you may avoid the penalty. Consult your tax advisor for details.
If I am contributing to an employer-sponsored retirement plan am I still eligible to contribute to an IRA?
If you meet other requirements, you are eligible to contribute to an IRA even if you are participating in a retirement savings plan with your employer. However, you may not be able to make a deductible contribution. For deductibility guidelines, please consult your tax advisor.
How much can I put in?
An individual can invest up to $5,000 a year. Your non-working spouse can also contribute up to $5,000 a year. At age 50 and older, you can contribute an additional $1000 a year.
What are the fees for opening an IRA at OnPoint?
There are no fees for opening an IRA.
How do I transfer my IRA to OnPoint from another financial institution?
Simply contact Member Services at 503.228.7077 or 800.527.3932 and we will assist you with the process.
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