Your Golden Years start right here
Retirement may be a few years - or even decades - away, but now is the time to start building your finances with the future in mind. At Premier Bank, we can get your saving strategy on the right track with an account that delivers tax benefits, steady earnings and the long-term security our neighbors deserve.
Traditional IRA
- Contribute up to $7,000 per year (up to $8,000 if you're age 50 or over)
- Potential tax deduction for every year you make a contribution
- Annual interest and dividend earnings are tax-exempt
- Withdrawals are penalty-free and taxed as ordinary income when taken after age 59 ½
- Must begin making withdrawals by age 73
- If you are in a higher tax bracket today that you will be during retirement, a Traditional IRA can be a smart option
- Consult your financial advisor or a Premier Bank professional for more detailed information on Traditional IRAs
Roth IRA
- Contribute up to $7,000 per year (up to $8,000 if you're age 50 or over)
- Annual interest and dividend earnings are tax-exempt
- All qualified withdrawals are tax-free
- Your contributions - but not interest or dividend income - may be withdrawn penalty-free at any age
- All withdrawals - including interest and dividend income - are penalty-free when taken after age 59 ½
- There are no required minimum distributions at any age
- If you are in a lower tax bracket today than you will be during retirement, a Roth IRA may be the right choice for you
- Consult your financial advisor or a Premier Bank professional for more detailed information on Roth IRAs
Premier Bank of the South is a full-service financial institution with offices throughout North Alabama.
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