Trim Your Taxes While Boosting Your Retirement Savings

Benjamin Franklin famously quipped that “in this world nothing can be certain, except death and taxes.” Well, the inevitable tax time is right around the corner; tax filing day is Wednesday, April 15th. If you are like many Americans, you may be able to lower your 2014 tax bill and boost your retirement savings by making a contribution to a traditional IRA.

Contributions to traditional IRAs can be tax-deductible for the year that you make them and, per the IRS, you can make a contribution to an IRA up until the day you file your taxes for that year. Best of all, your contribution and its earnings will compound and grow tax-deferred.

Your tax savings for making a deductible IRA contribution will vary depending on your unique situation. For 2014, the maximum IRA contribution you can make is $5,500 ($6,500 if you were born before 1965). Making a deductible IRA contribution may also make you eligible to claim the Retirement Saver’s tax credit of up to $1,000 for singles and $2,000 for couples. If you file a joint tax return, you and your spouse can each make IRA contributions even if only one of you has taxable compensation. You should be aware that there may be limits to what you can deduct from your taxes for contributing to an IRA if you or your spouse is participating in a 401(k) or other employer plan, depending on your income.

While you cannot avoid the inevitability of taxes, you can take steps to keep as much of your hard-earned money working for you as possible. If you need help opening an IRA or making additional contributions, we are here to help. Find an advisor to assist you at or call (800) 808-5404.

Securities and insurance products are offered through Cetera Investment Services LLC, member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with Chemical Bank and its related companies. Investments are: • Not FDIC insured • May lose value • Not financial institution guaranteed • Not a deposit • Not insured by any federal government agency. Advisory services may only be offered by Investment Adviser Representatives.