With a Premier Bank Individual Retirement Account (IRA)*, you can begin planning today for a more secure tomorrow. Because your IRA earnings may be tax sheltered, the earlier you begin to contribute, the faster your account grows.
Premier offers the Traditional and Roth IRAs, which earn market interest rates. The traditional IRA is an account that allows you to defer taxes on earnings on your contributions until they are withdrawn. In some cases, contributions are tax deductible for the tax year in which they are made. At age 70 1/2, you must begin to take minimum required distributions or risk additional penalty taxes. We have a Savings IRA that does not have a maturity and the rate is variable and other terms start at 12 months or longer.
Premier Bank also offers a Spousal IRA. If you are married and file a joint tax return, you can contribute to an IRA for your spouse in addition to your own IRA. Contributions may be permitted to either a Traditional IRA or a Roth IRA regardless of whether your spouse earns any income or is eligible to participate in an employer-sponsored plan, such as a 401(k).
A Roth IRA is a non-deductible account that features tax free withdrawals. The taxation of a Roth distribution is determined by the category of the distribution.
If you’ll be changing jobs or retiring soon and have an employer sponsored plan such as a 401K or Profit Sharing, a Rollover IRA may be right for you. Plan assets are simply “rolled over” to an IRA, where assets and earnings remain tax-deferred. Also, if you have multiple IRAs and want to consolidate them into one account, a Rollover IRA may be your best choice.
*For additional information regarding your IRA accounts, please contact your tax advisor.