Individual Retirement Accounts available at HCCU!

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.  

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?

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.

Post by: Lori S

Make a saving for a big purchase a little easier...

The other day my granddaughter said, "Grandma I can't believe I'm going to be a freshman next year!”  I told her that I couldn't believe it either.  That means in just a couple years from now, she will be driving.  After realizing that, I started thinking how happy I was for taking out an Add-On CD for her seven years ago at Horizon.  That savings will be a nice down payment when she wants to get a car.

The Add-OnCD at HCCU is one that starts at a minimum $100.00 – very affordable.  Unlike a standard CD, you can make additional deposits to an Add-On CD.  You can add as little or as much money to it, as long as you deposit monthly.  The interest rate is higher than a regular savings and is locked in for a year.  You can cash it in after a year or roll it over for another year at our current rate. 

If you need to set aside money for a purchase in your future, or maybe just for a rainy day, consider an Add-On CD.  For us, that money will come in handy the day my granddaughter finds a car!

Post By: Alice E