Individual Retirement Accounts
Secure Your Future With An Individual Retirement Account
Is an IRA Right For U? Take our UBank One-Minute IRA Test and find out. Then call one of our customer service representatives today at 423-784-9446.
You might also be able to save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. 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.
With an Individual Retirement Account, you may also be able to defer taxes until you retire when you will probably be in a lower tax bracket. The chart below shows you how much you may be able save each year. You may want to consult your tax adviser 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.
If You’re Changing Employers, An IRA Rollover Makes Sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for 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.
Funds must be “rolled-over” (placed in another IRA or back into the same IRA) within 60 days of receipt of the money. (Day one starts the day after actual receipt). If not rolled over within 60 days, the amount kept must be claimed as income and could be subject to IRS penalties if the account holder is not 59 1/2 years old or disabled. For more information about IRA Rollovers or opening a new IRA, contact Brenda Creekmore or Carla Davis at 423-784-9446.