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Health & Retirement (HSAs & IRAs)

IRAs (Individual Retirement Accounts)

IRAs (Individual Retirement Accounts) are annual investment accounts with tax advantages that you can contribute to each year. IRAs are meant to supplement your 401(k) or social security for retirement.

We can put your money to work with protected funds that have no fees whatsoever and no minimum balance to open! We offer three types of IRAs to meet your needs: Traditional, Roth, and Coverdell.

 

Traditional IRAs offer tax-deferred earnings, and the possibility for tax deductible contributions. You can contribute to a traditional IRA if you earn compensation and you will not reach age 70 1/2 by the end of the year.

 

Roth IRAs offer unique and exciting savings opportunities. Not only can it help with retirement needs, but it can also help with first-time home purchases or other financial goals. This flexibility makes the Roth IRA appealing to many different age and income groups. Although it’s not a one-size-fits-all solution, the Roth IRA will give many members an easy and safe way to plan for the future.

 

Coverdell Education Savings Account IRAs are special accounts with the sole purpose of paying education expenses of the child named on the account (the designated beneficiary). Earnings will accumulate tax free and withdrawals will be tax-free if used for education expenses for the designated beneficiary by the time he or she reaches age 30.

 

Come in and visit one of our Member Service Representatives to set up an IRA and begin accumulating the maximum amount your money can earn.

 

Deposit Rates Dividend Rate APY*
IRAs 0.15% 0.15%


*APY (Annual Percentage Yield) – Rates are subject to change without notice.

HSAs (Health Savings Accounts)

HSAs (Health Savings Accounts) are medical savings accounts with tax advantages that are available to members with high deductible health plans (HDHP). They are similar to an IRA in many ways. With an HSA, you can:

  Pay your medical expenses with tax-free HSA distributions
  Make tax-deferred HSA contributions
  Pay higher deductibles
  Pay lower premiums with high deductible health plan (HDHP)

 

Eligibility Requirements:

  Must be covered under a high deductible health plan (HDHP)
  Can not be covered by another health plan (with limited exceptions)
  Can not be enrolled in Medicare
  Can not be eligible to be claimed as a dependent on another persons tax return

 

Benefits of an HSA:

  Savings tool with investment earnings
  Flexibility to pay current medical expenses or save for future needs
  Tax-deductible contributions
  Tax-deferred earnings
  Tax-free distributions, if used properly
  Balance carries over from year to year
  Remains with you, regardless of change in coverage or employment

 

Using Your HSA:

  You can withdraw money from your HSA tax -free if the money is used to pay qualified medical expenses (includes most medical, dental and vision).
  You can use your HSA for yourself as well as for your spouse and any dependents.
  Or for retirement.

 

For more information please call 906.482.5005 or stop in.

 

Deposit Rates Dividend Rate APY*
HSAs 0.15% 0.15%

 

*APY (Annual Percentage Yield) – Rates are subject to change without notice.

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Current Rates
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84 Month - 5.00%
120 Month - 5.50%
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