Secure Your Future With An
Individual Retirement Account

Is an IRA Right For You? Take our Union Bank 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 how much you may be able to save each year. You may want to consult your tax advisor to review the tax deductible status of an IRA. Regardless of the amount, you will be able to save now on taxes. An IRA is a smart way to save for a secure retirement.

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

If You're Changing Employers, an IRA Rollover Makes Sense. If you are retiring or changing jobs, and anticipate the need to withdraw 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 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 Vonda Swafford or Jan Zecchini at 423-784-9446.