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Houston Highway Credit Union

Houston Highway Credit Union

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IRA’s

A sound, wise investment.

An individual retirement account is a sound and wise investment in your future and your tax-deferred savings plan starts right here at Houston Highway Credit Union. We offer both Traditional and Roth IRA’s (Individual Retirement Account).

There aren’t any minimum balance requirements and the IRAs are separately insured up to $250,000 by the National Credit Union Administration. Dividends and statements are issued quarterly for your convenience. Withdrawals from the IRAs are subject to age requirements or penalty. A consultation with your tax advisor for specific conditions on age requirements, tax deductions and eligible deposit amounts should be scheduled.

Click here for rates.

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ACCOUNT

Our IRA Accounts

Traditional IRA Roth IRA IRA Share Certificates
Traditional IRA

The traditional IRA is an Individual Retirement Account designed solely to encourage individuals to save for retirement. Better known as a personal savings plan, it holds an incentive that can provide income tax advantages to individuals who place money aside for retirement. This is a valuable retirement planning tool for young and old alike.

  • Contribute up to $5,500 after-tax dollars if you are a single filer
  • Married couples can contribute up to $11,000
  • Individuals attaining the age of 50 before the end of the taxable year may be eligible to contribute an additional amount to a traditional and/or Roth IRA as a catch-up contribution of $1,000.

Click here for rates.

Roth IRA

The Roth IRA allows you to save after-tax dollars by enjoying tax-free earnings! Here’s how it works:

  • Contribute up to $5,500 after-tax dollars if you’re a single filer earning less than $127,000.
  • Married couples can contribute up to $11,000 if your combined income is less than $188,000.
  • Individuals attaining the age of 50 before the end of the taxable year may be eligible to contribute an additional amount to a traditional and/or Roth IRA as a catch-up contribution of $1,000.
  • Pay no taxes on withdrawals, provided funds have been in the account, at least five years and you are older than 59 1/2, or you become disabled, or you die and it’s paid to your beneficiary, or you use the money for a first-time house purchase ($10,000 lifetime withdrawal limit.)

Unlike the Traditional IRA, which requires you to begin withdrawing money at age 70 ½, the Roth IRA has no such requirement. You can let your money keep working while earnings continue to grow.

Click here for account rates.

IRA Share Certificates

An IRA share certificate works almost like a regular share certificate with the flexibility of selecting a term from 91 days to 5 years. Upon share maturity, you may renew the certificate, select a different term, or transfer the funds back into your regular IRA. Anyone with earned income from employment can open an IRA share certificate, though you must use the funds transferred from an existing IRA. There is a 90-day early withdrawal penalty, and you will only be assessed another penalty if you decide not to return the funds to your IRA. For tax purposes, you are allowed a maximum annual contribution of $5,500 as a single filer and $11,000 for joint married filing.

Click here for account rates.

Need some direction?

Please contact us with any questions or concerns.

CONTACT

If you prefer, you can call us at 713.864.4438 or toll-free at 800.354.3541.

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Houston Highway Credit Union, 8120 Washington Avenue, Houston, TX 77007

Phone: 713-864-4438 or 1-800-354-3541 | Fax: 713-864-1714

Routing: 313083251

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