Individual Retirement Accounts (IRAs)

Start saving for retirement today with a Webster First Federal Credit Union IRA. We offer a variety of IRAs designed to accommodate your retirement plans, whether you're bound for sunny Florida, Napa Valley, or right here at home in New England.

 

All of our IRAs offer the following:

  • No annual fee
  • Offered with terms of 12, 24, 36, and 48 months; the longer the term the higher the rate
  • Deposits can be made throughout the year (restrictions apply)
  • "Catch-up" contributions of up to $1,000 available per individual who will reach age 50 or older by the end of his/her taxable year
  • IRA balances and transaction history accessible via Online Banking

 

 

 

Traditional IRA

ROTH IRA

Spousal IRA

About this Investment

A Traditional IRA at Webster First allows you to defer taxes on earnings until they are withdrawn. Some contributions are also tax deductible in the tax year in which you make them.

A ROTH IRA at Webster First allows only non-deductible (after-tax) contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period.

Spousal IRAs offer better services for members who are married. Couples are only eligible if they file a joint federal tax return.

Minimum Deposit to Open

$100 $100 $100

Allowed Contributions

  • Members under the age of 50 may contribute up to $5,500 per year
  • Members who are 50 or older may contribute $5,500 per year, plus a catch-up contribution of $1,000
  • Members who reach age 70 1/2 before December of any tax year cannot make a contribution for that year
  • Individuals may contribute up to 100% of earned income or $5,500, whichever is less
  • Members who are 50 or older may contribute $5,500 per year, plus a catch-up contribution of $1,000
  • Eligible individuals with earned income can continue to contribute past age 70 1/2
  • Each spouse can contribute up to $5,500 per year for a total of $11,000 if under age 50
  • Each spouse over the age of 50 can contribute up to $5,500 per year, plus a catch-up contribution of $1,000, for a total of $13,000
  • Working spouse over age 70 1/2 can contribute to an IRA for a non-working spouse under age 70 1/2 up to 100% of the working spouse's earned income or $6,500, whichever is less
  • Earned income must be equal to or greater than the contribution(s)
How to Open Visit your local branch to open today! Visit your local branch to open today! Visit your local branch to open today!

 

For more information about our IRAs, please call us at 800.962.4452 or visit your nearest branch.

 

Helpful Links