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PremierBank IRAs

We're here to help you discover how Individual Retirement Accounts (IRAs) fit into your overall asset management approach. These long-term investment accounts can be an effective way to help you save for retirement with tax-deferred or tax-free growth, making them a vital part of your overall financial plan. Whether you're looking to set an IRA up for yourself, or you're a small business owner looking to help your employees save, we're just down the street, ready to help you get planning.

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The PremierBank Difference

Our wealth management professionals have a combined 100 years of experience.
We are locally owned and managed with nine locations in Fort Atkinson, Janesville, Jefferson, Johnson Creek, Sullivan and Whitewater.
You'll have a dedicated person serving you who will be available to answer all your questions, big or small.
We are not commission based, meaning the wellbeing of you, our client is at the center of everything we do.

Let's Discover The IRA That's Right For You

IRA's can be a good 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.