Plan for retirement
No matter how near or far you are from retiring, the tax advantages of an Individual Retirement Account (IRA) can help you achieve your goals.
Is an IRA right for me?
Whether you need to rollover a 401K or you’re just starting to save for retirement, Northrim Bank has the right option for you.
There are two common types of IRAs for ongoing contributions:
- Traditional. With the Northrim Traditional IRA, your contributions plus the interest earned grow tax-deferred until you withdraw funds. For some contributors, IRA contributions may be tax-deductible.
- Roth. With a Northrim Roth IRA, your contributions are made with taxed dollars and the earnings may be withdrawn tax-free if the five-year waiting period is met. To qualify for a Roth IRA, you will be subject to MAGI (Modified Adjusted Gross Income) limits.