Individual Retirement Accounts
Choose from a variety of options to build a solid retirement portfolio with the security of FDIC insurance.
IRAs are the right choice for many retirement portfolios. Any individual under the age of 70½ with earned income can contribute as much as $5,000 per year.($6,000, if age 50 or older)
- Start your retirement account with as little as $100
- Bank of Tennessee offers traditional, education, and Roth IRAs
- Flexible investment terms
- Variable and Fixed rate options
- Bank of Tennessee IRAs offer the security of FDIC insurance
Traditional IRA
These IRAs have been popular for years. In many cases, the contributions are tax deductible and the earnings are tax deferred until retirement. You can contribute up to $5,000 ($6,000 if age 50 or older) aggregate limit for Roth and Traditional IRAs per taxpayer per year. And your choice of investment vehicles is very wide.
Education IRA
The Education IRA allows investors to make non-deductible annual contributions of up to $2,000 per child. The earnings build up and therefore, the withdrawal would be tax free, as long as the proceeds are used for qualified, higher education expenses.
Roth IRA
This IRA offers the kind of tax-free buildup and withdrawal that many investors will find highly appealing. And up to certain income limits, virtually any income earning U.S. citizen can contribute to a Roth IRA. You can contribute up to $5,000 ($6,000 if age 50 or older) aggregate limit for Roth and Traditional IRAs per taxpayer per year. Here again, you have a wide choice of investments.
Rates effective as of Friday, May 18, 2012 and subject to change. Penalty may be imposed for early withdrawal.
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