Social Security Business

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HVFCU Financial Services is dedicated exclusively to helping credit union members pursue their personal and business financial goals. As a local organization, HVFCU Financial Services understands the challenges hard working members face as they raise their families, save for college, and prepare for retirement. Whatever your goal in life, HVFCU Financial Services at Hudson Valley Federal Credit Union can create a plan to help you work toward them.

If you own a small company or are self-employed, you can be proud of being a driving force in the United States economy. Small, dynamic businesses represent the heart and soul of the entrepreneurial spirit, employing 36% of the U.S. workforce.1 However, 54% of small business owners have retirement plans in place.2

Given the uncertainty over Social Security, generally longer lifespans and inflation’s threat to long-term purchasing power, this lack of retirement coverage is becoming an increasingly important issue in Washington, D.C. In response, lawmakers have made several legislative changes to retirement plans including allowing permanently higher contribution limits that can help make it easier for small businesses and their employees to enjoy the same benefits that larger companies have enjoyed for years. There have never been better options available to self-employed individuals and small business owners interested in establishing a retirement plan.

Learn more about:

  • Significant advantages for you and your business
  • A plan for every small business

Significant Advantages for You and Your Business

Recognizing the huge impact that small enterprises have had on new job growth, Congress has supported a whole new breed of retirement plans tailored to the specific needs of smaller ventures. These plans, which include Individual 401(k)s, Profit-sharing plans, SIMPLE IRAs, and SEP IRAs, may be suitable for small businesses looking for low cost, minimal government regulation and/or relief from having to contribute to a retirement plan every year. Each of these plans have unique features and:

  • Offer efficient ways to shelter personal and business income from current taxes
  • Allow employees to take advantage of tax-deferred investment earnings to accelerate the growth of retirement savings
  • Offer tax relief for business owners. Since employer contributions to a retirement plan are a tax-deductible expense, sponsoring a plan gives your business an immediate tax break
  • Provide the caliber of benefit necessary to attract, hire, and keep quality employees.


1 Source of data: U.S. Small Business Administration, Office of Advocacy, based on data provided by the U.S. Census Bureau, Statistics of U.S. Businesses, 2006.

2 Source of data: U.S. Department of Labor, Bureau of Labor Statistics, National Compensation Survey, March 2009.

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    159 Barnegat Rd. Poughkeepsie, NY 12601
    ph: 845.463.3011 / 800.468.3011

    Routing Number : 221979363