What is an IRA?
IRA stands for Individual Retirement Account. One member owns it, it helps the member to save for retirement or education. It is an account, not an investment.
What types of IRA accounts does HCCU offer?
ROTH IRA: With a Roth IRA, you make after-tax contributions, so withdrawals are tax-free in retirement
TRADITIONAL IRA: With a Traditional IRA, your contributions may be tax-deductible, and you'll pay taxes when you make withdrawals in retirement.
COVERDELL IRA: With a Coverdell Education Savings Account you save for future education of your child/children.
All of the above IRAs are available as a regular share account or share certificate. IRAs at Horizon Community Credit Union are not part of the stock market. You cannot lose value in your account.
TRADITIONAL IRA: With a Traditional IRA, your contributions may be tax-deductible, and you'll pay taxes when you make withdrawals in retirement.
COVERDELL IRA: With a Coverdell Education Savings Account you save for future education of your child/children.
All of the above IRAs are available as a regular share account or share certificate. IRAs at Horizon Community Credit Union are not part of the stock market. You cannot lose value in your account.
If something happens to me, who gets that money if no one else is on the account?
You can will any of the above accounts to loved ones in the event of your death.
What if I have other questions?
What if I have other questions?
Ask any one of our MSRs for details. We have informational pamphlets available to everyone, and we would be glad to answer any questions you have and help you find an option works for you.
Remember: We are a financial institution, not financial advisors. We are not able to give any tax advice to our members or evaluate members’ savings strategy for retirement.
Remember: We are a financial institution, not financial advisors. We are not able to give any tax advice to our members or evaluate members’ savings strategy for retirement.
Post by: Lori S
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