MRACC April Luncheon
Check out the highlights from the Madison-Rivergate Chamber of Commerce Education Appreciation Luncheon! #educationappreciation #enbrightcreditunion
What is “wealth” to you?
6 Ways to Optimize Your 401(k)
PUBLISHED:05/12/22
Did you start your retirement savings a little late in the game? Are you worried you won’t have enough saved by the time you say goodbye to your employer? Then read on. Here are 6 ways to beef up your 401(k) or 403(b).
1. Make retirement savings a priority.
If you haven’t set up a 401(k), 403(b), or any other retirement plan yet, start one now. Have the contributions automatically taken from your paycheck.
2. Increase the amount you put into your 401(k).
See if your budget can handle a 1% increase in retirement savings each year. If your plan has an automatic increase option, use it so you don’t even have to think about it.
3. Take full advantage of your employer’s match funds.
Some companies offer an employer match program. If you contribute a certain percentage of your pay to your 401(k), generally 3-6%, your employer will also contribute $.50 to $1.00 for every dollar you contribute to your 401(k). That’s like free money, so make sure you’re contributing enough to get the full employer match.
4. Save windfalls.
If you get a bonus at work or an unexpected amount of cash, put that money into your 401(k) instead of spending it.
5. Make catch-up contributions
If you’re 50 years or older, you’re allowed to defer an extra $6,000 per year to your 401(k).
6. If you’ve been living beyond your means, stop.
Get credit card debt under control. Letting debt get out of hand only makes saving for retirement harder.
6 Benefits of a Checking Account
Checking accounts, also known as share draft accounts at credit unions, are handy, all-purpose accounts to keep your money safe and secure.
Not only are they a convenient way to hold and access your funds, but opening a checking account is an excellent step in creating a healthy financial future.
Even if you don’t write checks and use a digital wallet over cash, today’s checking accounts offer benefits that are too good to pass up. Whether you’re looking to switch your financial institution or researching new tools, check out the best checking account benefits below.
Money Management
Money management tools can help account holders track expenses, invest, and maintain a budget. Each financial institution will offer a different assortment of money management tools. Check with your local financial institution for details.
- Set up alerts for low balance or other warnings.
- Automatic savings accounts make saving seamless.
- Budgeting tools that will show your money in a meaningful way.
Connect all of your financial accounts, even outside of your local bank or credit union.
Build Credit Health
For many people, a checking account is the first step in building a solid credit score lenders love.
- A well-maintained checking account can demonstrate to lenders and credit reporting agencies that you’re responsible with money.
- Many financial institutions offer tools that allow members to track their credit scores. These inquiries are known as a ‘soft pull,’ and don’t affect credit scores.
- Some credit unions offer credit checkup tools. These tools can provide tips on how to improve your score. Find a credit union near you to learn more about financial services.
Keep Your Money Safe
All credit unions are insured by the National Credit Union Share Insurance Fund (NCUA). Federal Deposit Insurance Corporation (FDIC) insures bank deposits. This means your money is safer in your checking account than in your piggy bank.
Online Checking Account Tools
Today’s checking accounts offer members more tools than ever before. Take advantage of these and see funds grow and financial goals achieved.
- Fast Transfers
- Mobile deposits
- Fraud alerts
- Direct deposits
Fast and Secure Bill Paying
Set up bill pay and make it easier to pay off debts, car payments, and even utilities.
- Keep bills organized in one place.
- You choose when to send payment.
- Set alerts for due dates and payment received.
- Reduce paper waste.
Easy Access to Cash
Credit union members and bank customers will find easy access to cash and services.
- In addition to writing checks, you can manage your money in your checking account via a branch, ATMs, website, and mobile site.
- Multiple points of access allow you to conveniently and quickly deposit or withdraw money when you need it.
- Participating credit unions are a part of the CO-OP ATM network that offers over 30,000 surcharge-free ATMs and over 5,000 shared branches in the United States.
Digital Wallets
Check with your financial institution if this feature is enabled. A digital wallet is a convenient way to purchase all kinds of items and services using your phone instead of cash or credit card. Examples are Apple Pay, Google Pay, Venmo, PayPal, and Zelle. You can set up a digital wallet and link to your checking account. Once enabled, you can transfer funds from wallet to bank or bank to wallet.
Five reasons to consider life insurance in your 30s
A lot can happen in your 30s. You might be getting married, starting a family or looking to buy your first home. But have you thought about life insurance?
Life starts getting pretty real in your 30s. You might get married, raise a family, buy a house, lay down roots and finally bring home that golden retriever you’ve always wanted. It’s a lot. That’s what makes it a good time to start planning for your family’s future.
As tough as it may be, you need to consider what happens to your family if something should happen to you. The choices you make today can make all the difference for the people you care about most.
Here are five reasons to think about life insurance in your 30s:
1. You have bills to pay:
Monthly bills – story of your life.
Your mortgage or lease, car payments, utilities, credit card bills, student loans: A big chunk of your paycheck is likely tied up in these expenses. Against all odds, you’ve managed to set aside some cash for that Blink-182 reunion tour, but you’re still on a tight budget. That’s just one more reason a life insurance policy might make perfect sense.
When you’re gone, how is your family going to pay for your home or your outstanding loans? A life insurance policy may help your loved ones take care of the bills you leave behind.
2. You have a family to support:
People are waiting until they’re older to start families of their own. Your parents and your grandparents may have gotten married and had kids in their 20s. But more people today are waiting until their 30s or later to settle down. And why not? With Bumble, Hinge and all the other dating apps out there, it’s easier than ever to play the field and hold out for that perfect someone.
In fact, for the first time ever, women in their early 30s are having more babies than twentysomethings.
Does that situation sound familiar to you? If so, you may want to think about what happens to your family after you’re gone. Getting life insurance in your 30s may give your family financial support down the road.
3. You want to help pay for your kids’ education:
Getting a diploma is pretty expensive these days, regardless if you’re talking about a four-year college, associate degree or vocational school. And with rising tuition rates, it isn’t going to get any easier. Even sending your kids to a public, in-state school is often pricey: The average annual cost is more than $20,000 after adding up tuition, room and board, fees and other expenses.
For most people, personal savings just won’t cover the cost of education. Student loans are an option, but they might saddle young people with debt for years afterward.
The payout from a life insurance policy could help pay for your children’s education if you can’t be there to support them yourself.
4. It might be less expensive while you’re young:
Insurance companies set their premiums based on a lot of different factors, but age is one of the most important. Youth often means fewer health problems – what with all the health tracking apps, rec sports leagues and 5ks with friends – and insurers recognize this. That could be to your benefit.
Getting life insurance when you’re still young may help you find a policy that meets your immediate needs and fits your budget. For people in their 30s, this often means a term life insurance plan. Coverage amounts tend to be higher than a whole life policy and costs are designed to be budget-friendly. In many cases, it’s the ideal type of life insurance policy for a 30-year-old.
5. Your parents co-signed your loans:
Securing a loan to buy a new house or to start a business isn’t easy, especially without a spotless credit history. Like many other 30-somethings, you may have asked your parents to co-sign your mortgage or other loan. That means they’ll continue to be on the hook for those payments if something happens to you.
They helped you when you needed it most, and life insurance can help you return the favor. The payout from an insurance policy could be put toward those bills and protect your home, business or investment without draining your parents’ bank accounts.
No one knows what the future holds, but life insurance in your 30s may offer some comfort in case something happens to you. At TruStage®, we’re happy to walk you through all of your options to find the right policy for you and your family.
