Withdrawals and your account

Your money is always there if you need it

Can I take out my money?

Your OregonSaves account is a Roth IRA and is designed to help you save over the long-term for retirement. That said, we understand that there may be situations where you need the money sooner. If you do need to take money from your account, it is simple to make a withdrawal. You are always in control of the money in your OregonSaves account.

What if I withdraw money?

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Withdraw without taxes and penalties.

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Withdrawals may trigger taxes and penalties.

There are no fees if you withdraw your money during the initial 30 days your contributions are invested in the Capital Preservation Fund. If you choose to withdraw money from your OregonSaves account at any other time, you could incur penalties and owe taxes.

Learn more about the possible tax implications of withdrawing funds

Although you can withdraw your contributions at any time without taxes or penalties, the earnings on your contributions are treated differently.

If you take money out of your account and you don't meet the IRS criteria for a “qualified” distribution, you’ll need to include the earnings in your income for the tax year. If you withdraw money from your account before you turn age 59½ by requesting a “nonqualified” distribution, you’ll pay a 10% penalty on the earnings portion of your distribution. Please note, earnings are distributed only after all the contributions you made have already been withdrawn from your account to prevent you from exposing yourself to taxes and penalties. You may wish to consult with your tax advisor to be sure you understand the impact of any withdrawals you make.

Learn more about IRS criteria

Why is saving now so important?

The Social Security program was never intended to be the sole source of retirement income,1 and for many of us, the payments won’t be enough when it comes time to retire. The average monthly Social Security benefit in 2023 was $1,782 ($21,384 per year).2 To supplement that income, it’s important to save early in a retirement savings program like OregonSaves. The earlier you save, the more opportunity your money has to grow over time.

Only 33% of money during retirement comes from Social Security3

Social Security provides only 33% of income older Americans get during retirement—the remaining 67% must come from other sources.

Can I move my money to another IRA?

You’re able to transfer funds in your OregonSaves account to another IRA without incurring a penalty or paying taxes, as long as the transfer takes place between the accounts. Just remember, the IRS lets you make only one rollover in a 12-month period, and this limit applies to all IRA types (both Traditional and Roth).

Still have questions? We’ve got answers in our FAQs.

Read the FAQs


1. What is the maximum Social Security benefit? AARP. https://www.aarp.org/retirement/social-security/questions-answers/maximum-ss-benefit.html.

2. Policy Basics: Top Ten Facts about Social Security (2023, April 17) https://www.cbpp.org/research/social-security/top-ten-facts-about-social-security

3. How much can you expect to get from Social Security if you make $40,000 a year. CNBC. https://www.cnbc.com/2020/01/03/how-much-to-expect-from-social-security-if-you-make-40000-a-year.html.