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Individual Retirement Accounts

Helping you remove the quotes around "someday."

When it comes to planning and saving for the future, we're here to help make our members' aspirations possible by offering several IRA accounts that can be used towards retirement, investment, education or healthcare goals.

An IRA (Individual Retirement Account) can be opened or contributed to at any time of the year, not just at tax time. You can also roll over your 401(k) or other qualified retirement plan from your previous employer to a WyHy IRA, all the while keeping the great tax advantages.* (Tax- and penalty-free when rolling over into a Traditional IRA.)

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.

  • Minimum Balance: $50
  • Terms: 3 to 60 months
  • Penalties: If money is withdrawn prior to age 59.5 a 10% penalty is usually imposed, plus the funds are taxed as current income in the year withdrawn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 with the Share IRA compounded quarterly
  • 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 an IRA Share is opened, contributions can be made as often as desired up to the contribution limit.
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Roth IRA

Roth IRAs are mostly used for retirement savings, but they can also be used for a first home purchase or medical expenses. Roth IRAs are less restrictive than Traditional IRAs, and earnings on contributions accumulate tax-free.*

  • Minimum Balance: $50
  • Terms: 3 to 60 months
  • 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  • Contributions may be withdrawn at any time, for any reason, tax-free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  • Earned dividends can be withdrawn to buy a first home, after five years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 with the Share IRA compounded quarterly
  • Contributions from earned income can be made after age 70.5
  • Distributions are not required at age 70.5
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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. Contact us to learn more.

Health Savings Account

Set money aside to pay for medical expenses with a Health Saving Account from WyHy. A Health Savings Account (HSA) is a tax-advantaged savings account that provides an alternative to traditional health insurance and a different way to pay for and save for future healthcare needs.

Benefits:

  • Save money to pay high or unexpected medical bills.
  • Contributions accumulate year-over-year, there is not a "use it or lose it" provision like a Flexible Spending Account (FSA)
  • You decided how much to contribute, within federal regulated guidelines, and when to use funds or save them for the future
  • The account goes where you go, regardless of any job changes

Using Your Health Savings Account
Withdrawals from HSAs are tax-free if the funds are used exclusively for paying or reimbursing qualified medical expenses. Qualified expenses are those incurred after the HSA is opened and include such things as doctor visits, prescription drugs and more!

Click here for more information on HSAs. Then contact us to learn about WyHy's HSA account and how to open yours.

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*Consult a tax advisor for options and tax advantage qualifications.