Spending time with the grandkids, fishing out on Old Hickory Lake, traveling the world — these are just a few of the ways you could spend your retirement days with the help of an IRA. Choose from a traditional or Roth IRA plan to fit your lifestyle.
No matter the plan you choose, you’ll enjoy tax advantages and earn interest above standard savings rates. We’re here for our customers during every phase of life. Make your retirement years your best by preparing early with Volunteer State Bank.
*Consult a tax advisor.
There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.
*Subject to some minimal conditions. Consult a tax advisor.
**Certain exceptions apply, such as healthcare, purchasing first home, etc.
***Consult a tax advisor.
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.
You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well. Effective January 1, 2015 you may make only one non taxable IRA to IRA rollover every 12 months, regardless of the number of IRAs you have. For more information about IRA Rollovers or opening a new IRA, just give us a call or stop into one of our branches.