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A Challenge to My Gen-X Cohorts: Have Your Retirement… and Enjoy it Too!

Published May 20, 2013 | By Chad Gramling

Bad news my fellow Gen-X’ers!

During the “Great Recession” our retirement savings took a massive hit (even worse than our Baby Booming parents), many of us are unemployed or underemployed, and our homes (those of us who owned them) have lost a lot of their value. This according to CNNMoney. Never mind the fact that we’re dealing with high debt levels that include mortgages, auto loans, credit cards and student loan debt.

And now, those up-and-coming Gen-Y kids are coming after our jobs . . . well, enough about them already.  At least time is still on our side, right?

Not so fast. “Including Social Security benefits, Gen X’ers are projected to have enough money in retirement to replace only half of their annual pre-retirement earnings.” The typical recommendation is 70% to 100%.

Whatchyou talkin’ ‘bout Willis?

Well, as Diana Elliott of Pew’s economic mobility project says: “Unless this path is altered… Gen Xers may face a real possibility of downward mobility in their Golden Years.” What’s that mean in “normal people” terms?

Glad you asked. Simply put, we’re either going to have to find ways to boost our retirement savings, work longer (assuming we can) or live on less when we reach retirement age. I don’t know about you, but I think the first option sounds like the most realistic and enjoyable.

So here’s my challenge, fellow Gen-X’ers: Do something about it! Change your course and get moving in a direction that has you not just having a retirement, but enjoying your retirement with comfort and peace of mind.

Of course, I don’t expect you to do it alone. Get the trustworthy advice and guidance of ClearFuture Financial, available through CFS* at 3Rivers. Trust me, these guys know their stuff AND they care about your future. Set up your complimentary, no obligation appointment today to see what they can do for you.

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members. ClearFuture Financial is a trade name for the investment & insurance products available at 3Rivers Federal Credit Union.

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Don’t Let Student Loan Debt Weigh You Down

Published May 15, 2013 | By Dan Kinnaley

CNN Money recently published an article by Blake Ellis about college graduates delaying some major milestones because of their student loan debt.  Ellis cites a survey from the American Institute of CPAs where 41% of the more than 200 participants stated they put off saving for retirement; 40% put off buying a car, 29% are pushing back plans to buy a house. 15% of those surveyed are even postponing marriage due to student loan debt.  Graduating from college is a huge accomplishment, but  looking at a post-college life filled with debt can put a damper on the excitement quickly.  Student debt might be inevitable, but there are ways to minimize the impact it has on your life.

1. Consolidate Your Federal Student Loans.

Consolidating multiple loans into a single payment, not only makes managing your repayment easier, it will probably save you money by reducing your monthly payment, and helping you pay off your debt quicker.  Direct Consolidation Loans is a webpage maintained by Federal Student Aid that has information on consolidation, and an application.

2. Consolidate Other Debt

College is also the first time many of us have credit cards, medical expenses, and other loans that we have to repay.  The same principle applies to consolidating these debts.  Consolidating can make debt easier to manage because there are fewer monthly payments to make.  You can also spend less on payments every month and pay less in the long run.

Here’s a video that gives a little more information about how 3Rivers can help you consolidate your debt, and make it more manageable.

It might be tempting to take your savings, and catch the next flight to Vegas, but I’d recommend creating a solid financial plan for your future first.

 

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3Rivers’ Auto Dealer Partners

Published May 9, 2013 | By Dan Kinnaley

3Ricarvers has partnered with 48 area auto and motorcycle dealers to make your buying experience more convenient.  Each of these dealerships will help you find the perfect mode of transportation while 3Rivers handles your financing conveniently at the dealer.  Once you find what you like, just let them know that you’re with 3Rivers, and they’ll help you handle everything in one place saving you a trip to the branches.  Click here for a list of 3Rivers Affiliated Dealerships.  If you can’t find the dealership you’re looking for, don’t worry, we can still help you with your purchase.  Either visit one of our branches or apply online.  Happy shopping.

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Coming Soon: Mobile Bill Pay!

Published May 7, 2013 | By Rob Hines

Mobile Bill Pay PicAs part of our commitment to provide convenient service to our members 24 hours a day, we are currently working on a new mobile app which will allow you to pay bills right from your Apple or Android smartphones and tablets.

Mobile Bill Pay will be released soon for Apple and Android devices and it’s a true innovation in our industry.

What makes 3Rivers Mobile Bill Pay so innovative is the ability to pay your bills simply by taking a picture of your billing statement. The app will recognize the payee information from the picture, then you just enter the amount you’re paying and the payment date, and that’s it! It’s another way we’re working to make your money matters simpler. Not only can you save on stamps by paying bills electronically, but now you can save precious minutes by paying bills anywhere and anytime right on your smartphone or tablet!

Keep following the 3Rivers blog to learn more about how Mobile Bill Pay will help you save time and money!

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The WalletCare Promise: Point 4

Published May 3, 2013 | By Rob Hines

4. We will listen to your financial goals (college planning, retirement, etc.) to help you build your desired financial future.

WalletCare isn’t just for people who are struggling financially. Money matters are complicated and anyone may wonder if his or her future is truly sound. Even though your day-to-day finances are working just fine, maybe you’re concerned about securing your family’s money matters for the future. We want to find those opportunities to build a future that will give you even more peace of mind knowing you have everything covered for decades to come.

Savings accounts are great, no doubt about that. When you need to put some money away for an upcoming expense, or just for a rainy day, your Standard Savings account is a great tool. But if you’re planning something big…really big…like college tuition or retirement big, it’s a good idea to look at all of your options, and that’s what the last part of the WalletCare Promise is all about.

Even if you’ve already started your financial planning, we can give your portfolio a look and help you decide if there are changes that need to be made. Many people start a retirement plan, but don’t realize they’re in the wrong plan until it’s too late. We want to help you avoid that. After all, it’s your plan. Shouldn’t you be able to decide how it will work for you?

When you sit down for your WalletCare conversation (which I’m sure you’ve already scheduled with your local branch, right?), be sure to ask how we can help you solve those future financial needs too. We’re excited to be your partner in taking care of all your family’s money matters, both now, and for years to come.

That’s what WalletCare is all about.

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