You work hard for your community and your family. The long hours you spend away from family serving your community takes dedication and commitment. At HPCU, we offer IRA and ESA options dedicated to helping our members achieve their financial goals.
Developing a retirement or education savings plan can seem confusing and daunting. There are lots of options, rules, regulations—and benefits. How do you sort it all out? Well, that’s what we’re here for.
An IRA, or Individual Retirement Account, is an investment account that helps you save for retirement through yearly contributions while offering tax advantages.
An ESA, or Educational Savings Account, is an investment account that helps you save for K-12, college and graduate programs through yearly contributions while offering tax advantages.
When selecting an IRA or ESA, you should consider the rules, regulations, and tax advantages. Depending on your retirement goals and expectations, employment status, and income level, one may be a better option than the other.
We offer a variety of IRAs and retirement accounts that will help you achieve your retirement goals.
Traditional and Roth IRAs
Transfers, Rollovers, & Conversions
Inherited IRAs
Coverdell ESAs
A Traditional IRA is for anyone who has earned income during the year. This type of retirement account could be tax deductible depending on your employment status and income level.
A Roth IRA is a retirement account that lets you enjoy tax-free withdrawals when it’s time to retire but requires you to pay taxes on contributions now. This account is best if you expect to be in the same or higher tax bracket at retirement.
Are you thinking about converting your Traditional IRA to a Roth IRA? Tax-savvy people like to switch from a Traditional IRA to a Roth to avoid paying taxes on the withdrawals. Some restrictions apply, though, based on the Roth IRA income limits.
Visit one of our branches or give us a call to find out if you qualify to convert your Traditional IRA to a Roth Conversion IRA.
Paying for college or any other higher education is getting increasingly expensive as the years go by. HPCU offers a Coverdell Education Savings account so you can easily save for your child or grandchild’s college tuition.
A Traditional IRA Share Certificate allows you to transfer funds from an existing IRA to a Share Certificate without penalties. When your Share Certificate matures, you can renew or transfer your money back into an IRA.
Our Roth IRA Share Certificate allows you the freedom to transfer your Roth IRA funds to a Roth IRA Share Certificate. When your Roth IRA Share Certificate matures, you can renew or move those funds back into a Roth IRA—all without penalties!
If you’re thinking about converting your Traditional IRA to a Share Certificate, consider our Roth Conversion Share Certificate. This Share Certificate allows you to move your Traditional IRA to a Roth Share Certificate without penalty. You get a guaranteed return on your investment, and at maturity, you can transfer your money into a Roth IRA.
We make it easy to open a savings account and become a member of HPCU!
