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
Consider these BankWest IRAs
|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.|
- 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 70 ½
- 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
- 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- Earnings can be withdrawn tax-free and penalty-free if your initial contribution was made at least five years ago, and if you meet a qualifying condition.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
- 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
There are many ways to invest your money. Let one of our investment professionals help you find a plan that’s right for you.
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.
We make switching to BankWest easy. We can help you move your accounts to BankWest, as well as all of your automatic deposits and withdrawals.