Your retirement savings are key to your financial security—which is why at Webster, we help you take advantage of IRA tax benefits to nurture and grow a nest egg you can depend on.
- Fast Facts
- Great for retirement savings
- Offers tax advantages
- Yearly contributions can be made
Savings for your future and retirement is a critical part of your financial health and well-being. That’s why at Webster, we offer two types of tax-advantaged IRAs to help you plan ahead, grow your nest egg, and secure the retirement you deserve.
Webster offers Traditional IRAs and Roth IRAs.
Traditional IRAs Can Offer You
- The ability to deposit 100% of your earned income, tax-deductible*
- More earning potential with tax-deferred interest until withdrawal
- Penalty-free regular distributions that can begin at age 59 ½
- The option to convert to a Roth IRA
Roth IRAs Can Offer You
- The ability to deposit 100% of your earned income*
- Tax-free growth on earnings for qualified withdrawals
- Peace of mind that you will not pay income taxes on qualified distributions
- The freedom to withdraw your principal at anytime
- Flexibility to make contributions after 70 ½, with no requirements to begin distribution
- Ability to convert from a Traditional IRA
Enjoy the Benefits of Webster IRAs
- Save according to your objectives—options include our Retirement Money Market Savings and Retirement CDs (available in branches)
- Make flexible contributions: deposits can be made up until April 15 of the following year to count for the prior year
- Count on a 10 day grace period for withdrawals on all IRA CDs
- Experience greater peace of mind with FDIC insurance
Keep in Mind
- Consult tax advisor/professional regarding your specific situation
- Early withdrawal CD penalties apply except in the case of death, disability, or normal distribution
- There is an administrative fee of $25 for premature distributions and transfer of assets out of the bank
- Taxes will be due with conversion from Traditional to Roth IRAs
- Premature distributions of contributions are subject to IRS penalties
For more information on IRAs, please visit us at a branch location, or call us at 1-800-325-2424.
* See disclosure for current limits or see tax advisor for current limits for your individual situation.
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