Intended for self-employed individuals, Individual (k) plans allow you to save on taxes while investing for retirement. Individual 401(k) plans function just like regular 401(k) plans but are designed for 1-2 individuals.
Combining deferrals and a type of profit sharing contribution, you can save up to $44,000 (in 2006) for retirement*.
- Wide selection of investment options, which you determine
- Ability to consolidate other retirement assets into this plan
- Low administration costs
- Ability to qualify for loans
- Part-time employees of your small business may be excluded
*$49,000 if you are over the age of 50
- Not a Deposit
- Not Guaranteed by the Bank or its Affiliates
- Not FDIC Insured
- Not Insured by Any Federal Government Agency
- May Go Down in Value
Investments available through First Tennessee Brokerage, Inc., member FINRA, SIPC, and a subsidiary of First Tennessee Bank National Association.
The Securities and Exchange Commission requires broker-dealers to publish certain order related data. Click here to view this data as required by Rule 606.
First Tennessee does not offer tax or legal advice. You should consult your tax and/or legal advisor regarding your individual situation