Oftentimes, the stress of saving for retirement can keep people from actually taking the first step towards starting a retirement savings account in the first place. Worrisome thoughts like “how much do I need to save for retirement” and “how to open an IRA” can fill our minds and keep us from taking action. Fortunately, saving for retirement can be simple with the help of a credit union and an Individual Retirement Account (IRA). 


Why You Should Open an IRA with Your Credit Union

Whether your job does not offer a 401k or you would like to increase your retirement savings, there are many reasons as to why one would open an IRA as a way to plan for retirement. An IRA is a Money Market or Term Certificate account with government-established rules that help you save for retirement. One of the biggest benefits of opening an IRA is that it allows your money to grow tax-deferred and sometimes tax-free. This means that the funds that would have been paid as taxes can continue to accumulate in your account instead. 


You can open an IRA at a number of different financial institutions, from banks and credit unions to online brokers and investment companies. Choosing to open an IRA with a credit union has many advantages over other institutions. At a credit union, advisors can help you choose the best IRA based on your current financial situation, age, and goals. Credit unions are different from larger banks because they are run by a member-elected board of directors. This means that the people advising you at a credit union have your best interest in mind and are not looking to make a profit off of you. When you meet with your credit union, they will assist you in making sure that your monthly retirement savings are being met and you are on the right track towards meeting your goals. With the help of a credit union, the days of wondering “how much do I need to save for retirement” are finally over. 


Additionally, credit unions are a great choice for opening an IRA because your money is not subject to market fluctuations. This makes it a very safe option for those who prioritize not losing money when it comes to their IRA. 


Where to Open an IRA in Darby, PA

Opening an IRA with a credit union can help you secure a comfortable retirement. If you’re wondering where to open an IRA in Darby or the surrounding areas, then BHCU is just the place for you. Since 1952, BHCU has been providing residents in Darby and the surrounding areas with comprehensive banking services and unmatched retirement planning services. When you open an IRA with BHCU, you can enjoy many benefits such as lower fees and competitive interest rates. We pride ourselves on making things personal here at BHCU, meaning that we will invest the time, effort, and resources necessary to fulfill our mission while you focus on achieving your retirement goals. Contact us today to take the next step in securing your dream retirement by opening an IRA at BHCU!


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