IRAs and HSAs

Individual Retirement Accounts

Your IRA at Brewer FCU is insured up to $250,000.

Invest in your future today.  We offer a variety of IRAs. Choose the one that meets your needs.

  • Traditional:  A traditional IRA is a type of individual retirement account that lets your earnings grow tax-deferred. You pay taxes on your investment gains only when you make withdrawals in retirement.
  • Roth:  A Roth IRA is an individual retirement plan that bears many similarities to the traditional IRA, but contributions are not tax deductible and qualified distributions are tax free
  • SEP:  A Simplified Employee Pension (SEP) plan provides business owners with a simplified method to contribute toward their employees’ retirement as well as their own retirement savings. Contributions are made to an Individual Retirement Account or Annuity (IRA) set up for each plan participant (a SEPIRA).
  • Rollover:  A Rollover IRA is an account that allows you to move funds from your old employer-sponsored retirement plan into an IRA. With an IRA rollover, you can preserve the tax-deferred status of your retirement assets, without paying current taxes or early withdrawal penalties at the time of transfer.

Investment options to choose from:

  • IRA Share Account
  • IRA Certificate Account

You can even set up payroll deduction to make it convenient to save for your future!


Health Savings Accounts

When combined with a high deductible health plan, a Health Savings Account is an alternative to traditional health insurance.  A Health Savings Account is a tax-advantaged savings product that offers a different way for consumers to pay for their health care. The Health Savings Accounts enable members to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.

Health Savings Account Benefits

  • Protection – You will have an opportunity to save money to pay high or unexpected medical bills.
  • Affordability – High health insurance policy deductibles mean lower premiums.
  • Savings – Your ability to deduct your contributions and the tax deferral of account earnings enables you to build your account
  • Flexibility – You can contribute at any time during the year, and your HSA balance rolls over from year to year.
  • Portability – You own the account, so it goes where you go, regardless of any job changes.

A Health Savings Account (HSA) at Brewer Federal Credit Union gives you more flexibility and control over your health care costs. That’s because it empowers you to make your own health care decisions.