X BankWest SD Mobile Banking INSTALL

IRAs

Whether retirement is years down the road or just around the corner, there's no time like now to start saving for your golden years.

There’s no time like now to start saving for your golden years. BankWest Individual Retirement Accounts (IRAs) make it easy to save for retirement. Whether retirement is years down the road or just around the corner, our IRAs offer tax advantages and growth that will help you build a healthy nest egg.

The advantages of BankWest

Tax Advantages
Depending on the type of IRA you choose, your contributions could mean a tax deduction now, or a tax-free withdrawal later, plus tax-deferred growth along the way.
Long-term growth
IRAs can provide maximum benefit to long-term investors. It’s never too early (or too late) to think about financial security for your retirement years.
Insured
All BankWest IRAs are FDIC insured for your protection.

Consider these BankWest IRAs

Accounts Key Benefits
Traditional IRA Traditional IRAs are tax-deferred, retirement savings accounts. You only pay taxes on your money when you make withdrawals in retirement.
Roth IRA Roth IRAs are retirement savings accounts that allow your money to grow tax-free. You fund a Roth IRA with after-tax dollars, meaning you don’t receive a tax deduction when you put the dollars in, but earnings and withdrawals are generally tax free.
Simplified Employee Pension (SEP) SEP IRAs are for self-employed individuals or small business owners. Contributions, which are tax-deductible, go into a traditional IRA held in the employee’s name.

Traditional IRAs

  • Contributions are generally tax deductible and earnings grow tax-deferred
  • Deductible contributions and earnings are taxed as income upon withdrawal
  • Required withdrawals begin at age 72
  • Suitable for rolling over your retirement plan money when you change jobs or retire
  • Penalty-free withdrawals allowed for qualified events
  • Withdrawals can be made without a 10 percent federal tax penalty after age 59 ½
Back to compare accounts

Roth IRAs

  • After-tax contributions are not tax deductible
  • Earnings can be withdrawn tax-free and penalty-free if your initial contribution was made at least five years ago, and if you meet a qualifying condition.
  • Provides the most advantages for the most people, especially those with long-term horizons
  • No age restrictions on making contributions, as long as you have earned income
  • No age requirements for withdrawing your money
Back to compare accounts

SEP IRAs

  • A retirement plan designed for self-employed persons, partnerships, sole proprietors, independent contractors and owner-employees of an unincorporated trade or business; however, it may be set up by any type of business
  • Easy method for a small employer to establish a retirement plan for employees without the complex administration and expense found in managing qualified retirement plans
Back to compare accounts
Investments

There are many ways to invest your money. Let one of our investment professionals help you find a plan that’s right for you.

Go to Investment Services
Trusts

Our BankWest trust associates can ease the burden of financial management. Whether you’re an individual, a company or an institution, we’ll provide a solution that’s right for you.

Go to Trust Services
The BankWest Difference

Whether you need more convenience or more options, you can count on us to be with you every step of the way.

What is the difference?

The Time is Now

Retirement is right around the corner.

External Link Disclaimer

BankWest has no control over information at any site hyperlinked to or from this Site. BankWest makes no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and is providing this hyperlink to you only as a convenience. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by BankWest of any information in any hyperlinked site. In no event shall BankWest be responsible for your use of a hyperlinked site.

Cancel Accept