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We’re here to help you explore how Individual Retirement Accounts (IRAs) can enhance your overall financial strategy. These long-term investment accounts offer tax-deferred or tax-free growth, making them an ideal tool for retirement savings. Whether you’re setting up an IRA for yourself or are a small business owner looking to support your employees’ savings goals, we’re in your community and ready to help you start planning.
The PremierBank Difference
- Our wealth management professionals have a combined 100 years of experience.
- You’ll have a dedicated person serving you who will be available to answer all your questions, big or small.
- We are locally owned and managed with nine locations in Fort Atkinson, Janesville, Jefferson, Johnson Creek, Sullivan, and Whitewater.
- We are not commission based, meaning your wellbeing, is our priority.
Let’s Discover The IRA That’s Right For You
IRA’s can be an effective way for you to save for retirement. PremierBank offers five IRA options to suit the wealth management needs of all our clients.
Traditional
A tax-deferred retirement account that allows your dividends, interest payments and capital gains to compound without being hindered by taxes.
Tax Implications
Taxes are paid only when you make withdrawals in retirement
Contribution Limits
$7,000 annually for people under 50. Full amount can be contributed each year, but it may be fully or only partially deductible based on your income.
Catch-up Provisions
$1,000 additional for people 50 and older for a total of $8,000 annually.
Roth
Contributions are made with money you have already paid taxes on.
Tax Implications
Because taxes have already been paid, withdrawals are tax-free.
Contribution Limits
$7,000 annually for people under 50. May be limited based on filing status and income.
Catch-up Provisions
$1,000 additional for people 50 and older for a total of $8,000 annually.
Rollover
A Traditional or Roth IRA for money that is transferred from an employer-sponsored plan, like a 401(k) or 403(b).
Tax Implications
Taxes are paid only when you make withdrawals from Traditional Rollover IRAs. Withdrawals from Roth Rollover IRAs would be tax-free.
Contribution Limits
N/A
Catch-up Provisions
N/A
SEP (Simplified Employee Pension)
A Traditional IRA for self-employed individuals or small business owners with one or more employees. Tax-deductible contributions are made by the employer, not the employee.
Tax Implications
Taxes are paid only when you make withdrawals in retirement.
Contribution Limits
Employers can contribute up to 25% of the employee’s total compensation or a maximum of $69,000. Self-employed individuals must use a special calculation to determine their contribution.
Catch-up Provisions
N/A
SIMPLE (Savings Incentive Match Plan for Employees)
For businesses with 100 employees or fewer, this IRA allows employees and employers to make tax-deductible contributions. Employers can choose to match employee contributions or contribute a fixed percentage of the employee's wages.
Tax Implications
Taxes are paid only when you make withdrawals in retirement.
Contribution Limits
$16,000 from salary
Catch-up Provisions
$3,500 additional for people 50 and older for a total of $19,500 annually.
Check out our IRA Quick Glance Comparison Guide.
Get Started With An IRA From PremierBank
1. Contact Us
Give us a call for immediate assistance, or fill out the contact form below.
2. We'll Connect
Within one business day, a wealth management professional will be in touch.
3. Discovery Meeting
We'll meet, one-on-one to discuss your vision for the future and develop a plan to help you achieve it.
4. Follow Up
If you have any questions, we'll be Here. For you. Always.
Get More From PremierBank Wealth Management Professionals
IRAs are just one part of an overall investment strategy. If you’re looking for assistance with your broader investment portfolio, or just want to learn more, we’re here to help. We look forward to working with you, one-on-one, to help you achieve your dreams for the future.
Contact The PremierBank Wealth Management Team
Send us an email, or give us a call for more information.
Phone: (920) 563-6616 ext. 3070
You should always consult with your tax advisor before making any decisions. Not FDIC insured, not insured by any government agency, no bank guarantee, may lose value.