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Plan for What Comes Next
Diversify your retirement portfolio.
Take control of your retirement with a Webster Bank Individual Retirement Account (IRA). Whether you’re self-employed or looking to supplement your 401(k), we offer the right retirement savings solution to meet your needs, through your own single-point-of-contact, a Webster Relationship Manager to help you learn more about your options.
Make annual tax-deductible contributions.
A Traditional IRA offers the benefits of tax-deferred savings growth as well as potential tax advantages. With this IRA, your contributions may be tax-deductible and only subject to tax when you withdraw them (without penalty) at age 59½ or older.1 You can keep saving for retirement up to the age of 72 when you’re required to begin withdrawals–and may be in a lower tax bracket.
Pay taxes now, not during retirement.
Roth IRAs allow you to save for retirement with after-tax dollars so your qualified distributions are tax-free in retirement (at age 59½ and older with accounts five years and older.) Because these contributions are made with taxed dollars (and are therefore not taxable at withdrawal), a Roth may be right for you if you expect to be in a higher tax bracket come retirement.
Transfer assets without taxes or penalties.
A Rollover IRA allows you to move funds from a former employer-sponsored retirement plan into an IRA most suitable for you (as opposed to the company sponsored plan which has a limited number of choices), while still keeping the tax-deferred status of your retirement assets. With a Rollover, you won’t have to pay current taxes or early withdrawal penalties during the transfer.
A transfer of inherited retirement wealth.
An Inherited IRA allows beneficiaries to keep the funds of a now-deceased IRA owner growing tax-advantaged while still taking distributions. Because the recipient is not the owner, contributions or 60-day rollover deposits are not allowed.
Annual minimum distributions are required and are based on the life expectancy of the beneficiary; however, if the owner died after December 31, 2019, new rules state that the beneficiary must deplete the IRA within 10 years of the account owner’s death, with potential for exceptions.
A big opportunity for smaller employers.
A Simplified Employee Pension (SEP) plan allows employers to set aside money in retirement accounts for themselves and their employees. Under a SEP, an employer contributes directly to a SEP IRA for all eligible employees, including themselves.
A retirement plan ideal for small businesses.
A Savings Incentive Match Plan for Employees (SIMPLE) IRA is a retirement savings alternative to a traditional 401(k) plan. Under a SIMPLE IRA, employees can defer a portion of their pay (known as salary deferral or salary reduction contributions) and their employer makes either a matching or non-elective contribution.
Put our banking solutions to work for you. Simply fill out the form to request more information and contact a local banker today.
1Consult your tax advisor for eligibility questions.
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