Every dollar counts when you're saving for retirement. Individual Retirement Accounts (IRAs) allow you to make the most of every dollar you save. IRAs are available in certificates or as a savings account.
Contact us today and we'll find an IRA that's perfect for you. Along with our IRA options, we also offer retirement planning services that can help you invest wisely for your future.
The Traditional IRA allows you to defer taxes on your earnings until they are withdrawn. Think of it as a tax-deferred savings plan to keep you financially secure in your retirement years.
Features
- Dividends paid: quarterly
- Minimum balance: $0
- Contributions may be tax deductible
- Federally insured separately up to $250,000 aggregate by NCUA
- Age restrictions apply for eligibility and withdrawals
Benefits
- Dividends grow tax-deferred until withdrawn
- Funds can be used to purchase a first home ($10,000 lifetime maximum)
- Funds can be used to pay for qualifying education expenses
Features
- Individuals with qualified income may contribute, regardless of age
- Contributions are nondeductible
- Early withdrawals of earnings are subject to 10% penalty unless disabled or paying for qualified expenses (e.g., first home)
- No distribution requirements
- Federally insured separately up to $250,000 aggregate by NCUA
Benefits
- All withdrawals, including earnings, are tax-free if the account has been open at least 5 years and are used for qualified expenses
- No requirement to withdraw at any age
- Contributions can be made at any age, with qualified income
- Funds can be used to purchase a first home ($10,000 lifetime maximum)
Questions?
Please review our frequently asked questions below or contact us and we will be happy to assist you.
Every reason to invest with Hiway.
A financial partner on the road of life.
Become part-owner of a financial cooperative focused entirely on improving your financial well-being.
Your money is local, just like us.
Join a Minnesota cooperative with more than 75,000 members and over $1.1 billion strong.
Higher dividends on deposits and lower rates on loans.
All our profits are invested in our members. That means you earn more here — and pay less.
Local, convenient and smart. Good for you and good for the community.
