IRAs are not just for retirement. Did you know that you can use them to start an education fund? Partner Colorado has an array of IRAs to help you save for today and tomorrow.
Designed for individuals with earned income up to 70½ years of age, and non-working spouses of wage earners up to 70½ years of age.
- Tax-deferred earnings (potentially tax-deductible contributions)*
- Excellent rates and terms
- Federally insured up to $250,000.00
- Designed for any age as long as you have earned income, including non-working spouses of wage earners (subject to limit, contact tax advisor).
- Earnings grow tax free.
- Distributions are tax free.
Choose the Right IRA for Your Needs from the Following Types:
- Traditional- An advantage of the traditional IRA is that contributions can be taken as tax deductions in the tax year they are made. Both contributions and earnings are tax-deferred until the funds are withdrawn.
- Roth- Contributions to a Roth IRA are taxed as income in the year they are deposited. Thus, contributions cannot be taken as tax deductions. However, at the time of withdrawal, the earnings on those contributions are not taxable.
- Coverdell- A Coverdell Education Savings account (also known as an Education Savings account, and formerly known as an Education Individual Retirement account), is a tax-advantaged investment account designed to encourage savings to cover future education expenses (elementary, secondary, or college), such as tuition, books, and uniforms.
- SEP- A SEP (Simplified Employee Pension) IRA is a type of traditional IRA for self-employed individuals or small business owners. A business owner with one or more employees, or anyone with freelance income can open a SEP IRA.
Did you know that all CDs can be opened as IRA CDs to maximize your interest? To learn more, call us and talk with a Partner Colorado member representative.
*Consult with a qualified tax professional for specific tax advice.