IRA Savings Accounts
IRA Savings Accounts
Prepare for the future with a flexible and high-earning retirement account option from GHS Federal Credit Union. Earn dividends on your money and save on your terms with one of our IRA Savings Accounts that are designed to meet your unique needs.
Get started by visiting a branch or calling our team to help determine which account is right for you.
Traditional IRA Savings Account
Traditional IRAs are a great way to say your money long-term and grow your money tax-deferred.
Benefits:
Make tax-deferred growth and tax-deductible contributions
Pay taxes upon withdrawal
No minimum contribution
Best For:
Individuals who maxed out their employer-sponsored retirement plan
Individuals who are beginning their retirement-saving journey
Individuals who may not have access to a workplace-sponsored retirement plan
Contact UsRoth IRA Savings Account
Roth IRAs are retirement accounts that you contribute into after-tax dollars. Your contributions and earnings can grow tax-free, and you can withdraw them tax-and penalty-free after age 59½ and once the account has been open for five years.
Benefits:
No contribution age restrictions
No Required Minimum Distributions (RMDs). There are no mandatory withdrawals, allowing your savings to continue to grow even during retirement
Withdrawals are tax-free
Best for:
Individuals who expect to be in the higher tax bracket when taking withdrawals
Individuals who are beginning their retirement-saving journey
Contact UsSEP (Simplified Employee Pension) IRA Savings Account
SEP IRAs provide employers and self-employed individuals with a simple, easy retirement savings account option to offer. Employers receive a tax deduction for contributions made, and participating employees benefit from tax-free contributions and earnings until funds are withdrawn.
Benefits:
Investments are tax-deferred until retirement, when distributions are taxed as income
Contribute anytime to your own and your employee’s SEP plans
Increased contribution limits
No minimum contribution
Best For:
Self-employed and owners of a small business
Individuals interested in a tax-deductible contribution option
Contact UsCoverdell Education Savings Account
In 2002, the Education IRA was renamed the Coverdell Education Savings Account. Similar to a 529 plan, this savings option offers tax-free investment growth and tax-free withdrawals when the funds are spent on qualified education expenses.
Benefits:
Self-directed investments give you complete control over how you invest your money
Can be opened in addition to a 529 for anyone under the age of 18
Low maximum contribution limits per child
Grow and withdraw tax-free for education expenses
Best For:
Parents/guardians with young children
Lower-income families
Families planning for college or other education expenses for their children
Contact Us| Account Type | Min. Avg. Daily Balance | Dividend Rate | APY* |
|---|---|---|---|
| IRA Shares | $100.00 |
Retirement Accounts FAQ
How much money do I need to retire?
The amount of money that is needed differs from person to person because there are many factors. Things that need to be taken into consideration are the rate of inflation, your current salary, what you already have saved, and many others.
We’re here to help you optimize your money plan. Speak with our financial counselor today, either virtually or in person, so that you can plan specifically for yourself or a loved one.
Where will my retirement income come from?
There are many sources, such as a 401(k), individual retirement accounts (IRAs), pension plans, and investment portfolios.
The type of retirement account is not the important part, but figuring out the one that works best for you is what’s important. If your employer offers a 401(k) with a rate match, then that’s a great option to take advantage of. Whereas if you’re self-employed, then contributing to an IRA can work for you too!
How can I save money during retirement?
An easy way to save is by insuring your assets properly. Having health and life insurance is knowing that you’re covered in the case of an accident or emergency. Going even further, insuring things like home and auto at an affordable rate can make a big difference. Learn your options and get a quote today through our insurance partners.
How can I make sure that I have a steady income once I’ve retired?
Making sure that you have a guaranteed stream of income is extremely important when considering retirement. A retirement fund replaces your income earned through a job, but there are other options like simple side hustles, real estate investing, and delaying retirement as well.
When is the right time to retire?
It is important to be aware of where you are financially and if you can afford to retire at the age of your choosing.
Speaking with our GHS financial counselor can help you understand what you need to do in order to make retiring at the age you’d like attainable.
*APY = Annual Percentage Yield. Rates are subject to change at any time. For further information about rates, applicable fees and terms, please contact GHS at (607) 723-7962 or toll free at (800) 732-4447. Early withdrawal penalties may be imposed on Term Share Accounts. Credit Union Membership required with a $1.00 minimum deposit and $1.00 membership fee.