Individual Retirement Account

retirement account image

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 Tax Savings

IRA15%28%31%36%39.60%
DeductibleTaxTaxTaxTaxTax
ContributionBracketBracketBracketBracketBracket
AmountSavingsSavingsSavingsSavingsSavings
$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.
  • Penalties apply for early withdrawal and may reduce earnings.
  • Ask us about your IRA rollover.

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.

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