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Secure Your Future With An Individual Retirement Account
Start building a secure future with an Individual Retirement Account this year! We can help you select an IRA program that is designed and managed to best suit your unique lifestyle. The chart below shows how much you may be able to save each year. For more information about IRA Rollovers or opening a new IRA, visit your local branch or call us at (423) 365-8400.
IRA Tax Savings Potential Chart
| IRA Deductible Contribution Amount |
15 % Tax Bracket Savings |
28 % Tax Bracket Savings |
31 % Tax Bracket Savings |
36 % Tax Bracket Savings |
39.6 % Tax Bracket Savings |
| $ 500 | $ 75 | $ 140 | $ 155 | $ 180 | $ 198 |
| $ 1,000 | $ 150 | $ 280 | $ 310 | $ 360 | $ 396 |
| $ 2,000 | $ 300 | $ 560 | $ 620 | $ 720 | $ 792 |
| $ 2,250 | $ 337 | $ 630 | $ 697 | $ 810 | $ 891 |
| $ 4,000 | $ 600 | $ 1,120 | $ 1,240 | $ 1,440 | $ 1,584 |
- Interest begins to accrue on the business day you make the deposit.
- Interest is calculated using the daily balance.
- This account will be automatically renewed at maturity. You have a grace period of ten (10) calendar days after the maturity date to withdraw the funds without being charged a penalty.
- If you withdraw any principal before the maturity date, a penalty equal to 91 days interest will be charged to your account.
- Your employer can arrange a Direct Rollover of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover. Note: You must complete the rollover within 60 days from the date you receive the assets from your old IRA to prevent mandatory 20% withholding and/or other penalties.
Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service. Consult your tax advisor to review the tax deductible status of an IRA. Regardless of the amount you’ll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.
Is an IRA Right For You? Take our First Bank of Tennessee One-Minute IRA Test and find out. Then call one of our customer service representatives today at (423) 365-8400 . Please see our current rates.