Your Retirement
Planning Ahead
What’s the most expensive thing you’ll ever buy in your life? If you guessed retirement, you’d probably be right. However, not many people view retirement as something you buy.
But just like you would save to buy a car or house, you can also save for retirement. Heritage Valley can help!
The Time Has Come
It seemed like this day would never come. All the kids are grown and gone. The house is quiet. Life has finally settled down. But are you ready to as well? At Heritage Valley, we are ready to help you rewrite the rulebook on retirement with options to make your dreams a reality. Maybe a Home Equity Line of Credit to jumpstart all your “what ifs”? You want to travel the world? Turn that hobby into a new career? Or just re-do the spare room? Bring us all your notions and whims and we’ll show you how real they can be.
Is your retirement plan on track?
A key element of any retirement plan is taking the time to periodically review your finances. Although current income is the main concern of most retirees, the probability of an extended retirement period often makes it essential for retirees to continue to invest for a greater return. It is important to periodically check that your asset allocation still suits your current objectives, time horizon and risk tolerance and make any necessary adjustments. How you ultimately allocate your portfolio depends on your personal circumstances.
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For retirement planning needs we offer:
• Individual Retirement Accounts
• Financial Calculators
Individual Retirement Accounts
Take advantage of potential tax advantages of an IRA Savings or Certificate account. IRAs can be a great way to achieve financial security. Heritage Valley can assist you in creating an Individual Retirement Account whether you want a Traditional IRA, a Roth IRA or a Coverdell Education IRA. All you need to get started is as little as$500!
Traditional IRA
Contributions can be made to a traditional IRA and the contributions typically are tax-deductible. Withdrawals after age 59 1/2 are taxed as income. Please check with your tax advisor for information about tax deductibility.
Roth IRA
Depending upon your income and whether or not you contribute to a traditional IRA, you may be able to contribute up to $4,000 a year in a Roth IRA. The contributions to a Roth IRA are not tax-deductible, but the future withdrawals from the Roth are tax-free including the interest that you earn over the years. (You must be at least age 59 1/2 and the money must have been in the account for at least 5 years or there is a penalty for withdrawal.)
Coverdell/Education Savings Account
An investment vehicle which allows contributions of up to $2,000 a year to be placed in an account for a child's future education expenses. This $2,000 a year allowable contribution is in addition to the allowable contributions for other IRAs. Distributions from a Coverdell/Education Savings Account are tax-free if the amount is equal to or less than qualified higher education expenses.
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Your funds are safe
All IRA deposits at Heritage Valley are insured up to $250,000 by the National Credit Union Administration (NCUA).
Other Savings Accounts
Heritage Valley also offers more traditional savings accounts including our standard savings account, Share Certificates (CDs) and Money Market Accounts. You can find more information on these accounts on this site under Accounts or by calling 717-840-4981.
Educational Resources
Below are just a few of our educational resources available free to our members. Simply click and learn!
Financial Calculator
• Planning for Your Retirement
Related Articles
• "Your 5-Minute Guide to Retirement"
Even if you're close to retirement and haven't saved at all, late is better than never. These 18 planning tips can help put your finances in order before you leave the workplace.
Related Link
• ssa.gov
The official website of the Social Security Administration.
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