Retirement Accounts

Secure a brighter financial future.

Planning your retirement can feel overwhelming—We're here to help.

With some of the highest deposit rates in Schuylkill County, we're dedicated to helping you make informed decisions that support your long-term financial goals. A secure future begins with knowing your options.

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A happy financial advisor is talking to a couple during a meeting to discuss retirement planning. They are excited as they plan for a secure future.

Why should I plan for my retirement?

It's not easy to think about saving for the future with so many uncertainties out there. By thinking ahead, you could tap into some great benefits, such as:

Tax Credits

Take advantage of the Saver's Credit to potentially reduce your tax bill by contributing to your IRA if you meet income and eligibility requirements.

Tax Savings

Enjoy tax-deferred growth on all retirement accounts. With tax-deductible contributions or tax-free withdrawals, you can save more for the future.

Retirement Income

Plan for a steady retirement income with options designed to help you build long-term savings and secure your future.

What's the difference between Traditional and Roth IRAs?

Traditional IRA

Save now and pay your taxes later. A wise choice if you expect to be in a lower tax bracket after retirement or just want to see a bigger check on your tax returns.

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Roth IRA

Pay taxes now and enjoy tax-free withdrawals in retirement. Ideal if you expect to be in a higher tax bracket later—or want the peace of mind that comes with tax-free income in the future.

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Traditional IRA

Take Advantage of upfront tax savings.

A Traditional IRA is an excellent option for lowering your current tax bill while saving for retirement.

Contributions may be tax-deductible, and your earnings grow tax-deferred—meaning no taxes owed until you make your withdrawals. Since withdrawals are taxed as ordinary income, planning can help you make the most of your retirement savings.

Here are some additional details about Traditional IRAs:

No minimum deposit to open
Earn tax-deferred dividends¹
Contribute up to $7,000 per year²
Start penalty-free withdrawals at age 59½

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¹Minimum required balance of $50.00 to earn the stated Annual Percentage Yield.

²May contribute $8,000 if you're 50 years of age or older.

Roth IRA

Save now and enjoy tax-free money later.

A Roth IRA offers a unique advantage: you pay taxes on your contributions now so that you can enjoy tax-free withdrawals in retirement.

Picture the peace of mind that comes with knowing you can enjoy your hard-earned money and not worry about taxes later. Plus, the earlier you start saving for retirement, the more time your money has the potential to grow through the power of compound interest.

Here are some additional details about Roth IRAs:

No minimum deposit to open
Earn tax-deferred dividends¹
Contribute up to $7,000 per year²
Qualified withdrawals are tax and penalty-free after age 59½ and five years of account ownership

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¹Minimum required balance of $50.00 to earn the stated Annual Percentage Yield.

²Contributions to Roth IRAs are subject to MAGI limits. May contribute $8,000 if you're 50 years of age or older.

Discover the HY WOW! difference for yourself!

We are dedicated to being your partner through life's ups and downs, ready to do whatever is necessary to guide and support you. Our success comes from our members achieving financial stability and unstoppable growth.

The HY WOW! Difference

Membership Eligibility

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How do I open a retirement account?

Join.

Call or visit one of our convenient locations. Not a Member? Join Today!
Connect.

Connect with us to open a Traditional or Roth IRA. We'll guide you through the entire process.
Build a Nest Egg!

Make your first deposit and start building your retirement nest egg.

Frequently Asked Questions

What is the difference between a Roth IRA and a Traditional IRA?

Traditional IRA allows for tax-deferred growth on earnings. Contributions may be tax-deductible in the present year, offering an immediate tax break for those who qualify, with taxes only becoming due when distributions are taken in retirement. At the same time, Roth IRA is uniquely structured to accept after-tax, nondeductible contributions, meaning that the money you contribute has already been taxed, which in turn grants the significant benefit of entirely tax-free distributions in retirement.

What is a Traditional IRA?

A Traditional IRA allows you to save for retirement with tax-deferred earnings and the possibility of tax-deductible contributions.

When can I withdraw money from my Traditional IRA?

You can withdraw funds at any time, subject to income tax. An IRS penalty tax also may apply unless you are age 59 Â½ or older. If you are age 73 or older, you must make a required minimum distribution each year to avoid penalty taxes.

When will I have to pay tax?

When you withdraw money from your Traditional IRA, you must include any previously deductible amounts, along with any earnings, in your taxable income for the year. Note that if you previously made any nondeductible contributions or rolled over nondeductible amounts from a retirement plan to your IRA, a portion of each Traditional IRA distribution will be treated as the nontaxable return of these dollars.

What is a Roth IRA?

A Roth IRA is an individual retirement arrangement that allows you to make after-tax (nondeductible) contributions with the potential to take completely tax-free distributions.

When can I withdraw money from my Roth IRA?

You can withdraw funds from your Roth IRA anytime. Depending on when you take the money out and what type of Roth IRA assets (contributions, conversion/rollover amounts, or earnings ) are included in the distribution, you may be subject to income tax and an IRS penalty tax. But if you have a “qualified distribution,” all assets are tax and penalty-free.

Can I roll over other retirement plan assets to my Roth IRA, or roll over my Roth IRA to another retirement plan?

Eligible assets from most retirement plans, such as your 401(k) plan, can be rolled over to Roth IRAs. Check with your plan administrator. Your Traditional IRA and SIMPLE IRA assets also can be moved to your Roth IRAs; however, you are not allowed to roll over Roth IRA assets to an employer-sponsored retirement plan. Under certain circumstances, a Roth IRA contribution can be recharacterized as a Traditional IRA contribution.