Is an IRA Right For You?


So you’ve calculated up all of your deductions and you still owe a little more than you’d like to in taxes. Maybe you are just above your tax bracket threshold? Open up an Individual Retirement Account (IRA) with Colonial today and make your contribution before April 15th to be eligible for a tax deduction under the Traditional IRA plan.

An account that could help you save on your 2013 taxes

So you’ve calculated up all of your deductions and you still owe a little more than you’d like to in taxes. Maybe you are just above your tax bracket threshold? Open up an Individual Retirement Account (IRA) with Colonial today and make your contribution before April 15th to be eligible for a tax deduction under the Traditional IRA plan. A traditional IRA contribution is a direct credit to your adjusted income for tax purposes.

 

Colonial offers:

  • Competitive fixed interest rate IRAs
  • Variable rate IRAs that allow additional contributions
  • IRAs can automatically renew at rate in effect at maturity
  • No annual fee
  • Annual contributions up to $5,50
  • A $1,000 catch-up contribution if you are age 50 or older

Note that a Traditional IRA is different than a Roth IRA when it comes to how you pay taxes. Read more about Traditional versus Roth IRAs here. It is in your best interest to consult a tax professional to determine IRA eligibility and contribution amounts.

Want more information on how you can start saving today? Contact your local Banking Center for more information about IRAs and the latest rates.

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