 IRAs
Studies show that most Americans underestimate how much money they will need for a comfortable retirement. Planning is the key. Horizon can help make sure you're ready.
IRA's are accounts that are designed to help you put money away for your retirement. There are contribution limits that apply to both Traditional and Roth IRAs or any combination of the two. For members who are 50 years of age and older, the limits are increased. Contact a Horizon Member Service Representative for specific information.
IRA Information
Traditional IRA's - Contributions to a Traditional IRA may be tax-deductible and your earnings grow tax-deferred until they are withdrawn. Some withdrawals may be penalty-free if made for a qualified reason, however, tax consequences may still apply. Withdrawals must begin at age 70-1/2. Anyone under age 70-1/2 who either has income from compensation or files jointly with a spouse who earns compensation may contribute. Regardless of age, anyone who has received a distribution from a qualified retirement plan may roll over the proceeds of the plan into an IRA.
Roth IRA's - Contributions to a Roth IRA are not tax-deductible. Your earnings grow tax-deferred, and may be tax-free if the account is open for five tax years and withdrawn for a qualified reason. You are not required to start withdrawals at age 70-1/2. Anyone who either has income from compensation or files jointly with a spouse who earns compensation may contribute. There are income guidelines that may affect the contribution amount. Contact a Horizon Community Member Service Representative for specific information.
Coverdell Educational Savings (ESA's) - ESA's are accounts that allow contributions to be made for the purpose of saving for a child's educational expenses. Qualified withdrawals are tax and penalty-free. There is no requirement that the contributor must be a member of the family. Furthermore, corporations and other entities (including tax-exempt organizations) are permitted to make contributions to Coverdell Education Savings Accounts. With this broad range of potential contributors, it is possible that more than one person may want to contribute for the same child. A coordinated effort should be encouraged to avoid excess contributions. Contributions are not allowed after the beneficiary reaches 18 years of age (except those with special needs).
Additional information can be accessed through the links below:
IRA Share Account Rates
| Balance |
APY* |
APR |
Less than $1,000
|
0.25% |
0.25% |
$1000 - $4,999..99
|
0.30% |
0.30% |
$5,000 - $9999.99
|
0.35% |
0.35% |
$10,000 - $24,999.99
|
0.45% |
0.45% |
$25,000 and Above
|
0.50% |
0.50% |
Rates Effective 7/1/2010
* Annual Percentage Yield
IRA Share Certificate Rates
| 
