Whether it’s around the corner or way off in the future, saving for retirement is everyone’s goal. And an Individual Retirement Account (IRA) offers valuable tax benefits which can help your savings grow faster.
- Traditional IRAs let you save pre-tax dollars so you can take income tax deductions. Savings grow tax-deferred, and you won’t pay income tax until you withdraw money in retirement
- Roth IRAs are for saving after-tax dollars. Your savings grow tax free so you won’t pay any income tax on qualified withdrawals after you retire
To explore the benefits of Traditional and Roth IRAs, sign up for a no-obligation financial review with a Financial Consultant at Webster Investments.Schedule a review
Withdrawals from traditional or Roth IRA accounts prior to age 59 may result in a 10% IRS penalty tax. The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.
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