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Individual Retirement Accounts

Health Savings Account

This tax-exempt trust account is set up with a qualified HSA trustee (of WyHy Federal Credit Union) to pay or reimburse certain medical expenses. Members must meet eligibility requirements to qualify.

Roth IRA

Roth IRAs are mostly used for retirement savings, but they can also be used for qualifying a first home purchase or medical expense. Roth IRAs are less restrictive than traditional IRAs, and earnings on contributions accumulate tax-free. Other helpful information:

  • Contributions are not deductible for federal income tax purposes
  • Contributions may be withdrawn at any time, for any reason, tax free
  • No 10% penalty for early withdraw (subject to certain conditions) on traditional IRAs rolled into a Roth IRA. However, the distribution will be considered income for federal tax purposes
  • Earned dividends can be withdrawn to buy a first home, after five years
  • Dividends are accrued daily and compounded quarterly on all certificates. The Share IRA is compounded quarterly.
  • Term: 3 months, up to 60 months
  • Contributions from earned income can be made after age 70.5
  • Distributions are not required at age 70.5
  • Rate: Refer to rate sheet for current rates.
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SEP IRA

A Simplified Employee Pension (SEP) IRA allows self-employed persons and businesses to make contributions to owners' and employees' traditional IRAs. Contributions are deductible from income in the year paid, or for the prior year, up until the tax return deadline.

Traditional IRA

This account allows members to earn higher interest rates on money set aside for retirement. Contributions are tax-deductible depending on your income, marital status, and whether you have a retirement plan at work.

  • Tax deferred account that allows Members to earn higher interest rates on money set aside for retirement.
  • Minimum Balance: $0 - IRA Share Account, $500 - IRA Term Share Certificate
  • Penalties: If Member withdraws money prior to age 59.5 a 10% penalty is usually imposed, plus the funds are taxed as current income in the year withdrawn.
    • 3-12 months is a 90 day interest penalty, 12-36 month is a 180 day penalty, and 36-60 month is a 365 day penalty.
  • Dividends are accrued daily and compounded quarterly on all certificates. The Share IRA is compounded quarterly.
  • Term: 3 months, up to 60 months
  • Contributions to an IRA can be made anytime during that calendar year, up to April 15th of the following year. If funds are placed in a term certificate, contributions can only be made at initial deposit. If the Member opens an IRA Share, contributions can be made as often as the Member wishes, up to contribution limit.
  • Rate: Refer to rate sheet for current rates.
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