The WalletCare Promise: Point 4
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.
Tax-Saving Planning Tips
We’re already into the 2012 tax filing season, so we’ve been thinking about the ways we could have effectively lowered our taxable income. If you haven’t filed your 2012 return, remember, you can still make an IRA contribution. Connect with us if you’d like to discuss.
In the meantime, you can start your 2013 tax planning by keeping these helpful tips in mind throughout the year:
Donate to your Favorite Charity
Along with helping others, charitable donations are a great way to lower your taxable income. Take the time to sort through old clothes and other belongings you no longer use or need. Clean out your food pantries and find local food drives. Make sure you keep your receipts.
Health Savings Accounts
Individuals under age 65 who are covered by a high deductible health plan may establish an HSA (Health Savings Account), which allows participants to save money for the payment of health care expenses on a tax-preferred basis. HSA distributions are generally tax-free if they are used to pay for qualified medical expenses. Distributions made for any other purposes may be taxable. (Open a Health Savings Account at 3Rivers).
Annual Gift Tax Exclusion
Consider gifting to reduce some tax burdens. In 2012, you could have gifted up to $13,000 to each person, and to as many individuals as you want, without triggering the gift tax. That amount increases to $14,000 in 2013. In addition to the annual exclusion amounts, you can also give charitable gifts, gifts to a spouse, gifts of educational expenses, and gifts of medical expenses without triggering the gift tax.
Who Can Help Me?
With the overall objective of minimizing your taxable income, there are some great tax planning tactics that can help you for 2013. Take this time to speak to a financial professional along with your tax advisor to help minimize your tax burden in the coming years.
You have many choices when searching for help in reaching your goals. In particular, the financial professionals here at ClearFuture™ Financial available through CFS8 at 3Rivers will work closely with you to clarify your retirement goals, help you develop and implement a plan, and provide ongoing advice in pursuit of those goals.
Interested in Learning More?
We specialize in helping people maintain a healthy financial balance and discover smart money strategies. Let’s arrange an appointment to review your investment objectives, and to discuss any questions you might have. We look forward to speaking with 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.
Are Your Investing Money Matters Ready for 2013?
The following info is from 3Rivers and ClearFuture™ Financial available through CFS* to help keep your financial life in balance.
Right now is an ideal time to review your portfolios and make vital decisions about investing strategies. To review your results for 2012 and consider your savings and investing priorities for 2013, ask yourself the following questions:
Have My Investment Priorities Changed?
Your investing strategy is built around long-term goals. But priorities can change with major life events such as births, marriage, divorce, or a new job. If you’ve experienced a major life change in the past 12 months, consider the impact on your financial priorities.
An annual review and rebalancing will help you start 2013 right. If you would like some guidance to help get your investments ready for 2013, let’s talk.
Am I Moving Toward My Investment Goals?
Once you’ve reviewed your goals and priorities, look into whether your portfolio’s returns are keeping you on track to meet those goals.
Do I Need to Make Changes to My Investing Strategy?
Even if your priorities haven’t changed and you’re making good progress toward your goals, it’s still important to review your asset allocation and investment strategy.
For example, if you’re now a year closer to retirement, depending on your age, it may be time for a more conservative approach. Also, market gains or losses may have caused big swings in the value of your holdings, causing your portfolio to fall out of line with your advised allocation. In this situation, you may need to rebalance your portfolio to bring your stocks, bonds, and cash holdings back in line with their target allocations.
This annual review and rebalancing will help you start 2013 off right. If you would like some guidance to help get your investments ready for 2013, let’s talk. We’ll work closely with you to clarify your goals, help you develop and implement a plan, and provide ongoing advice in pursuit of those goals.
* 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.
2 Easy Steps for Your Money Matters Today and Tomorrow
We at 3Rivers regularly help our members save a lot of money just by making their existing debt more affordable. In fact, in 2011, by offering simplified lending solutions and helping members make informed decisions about credit, our members reduced their overall debt by over $184 million. That averages to more than $2,500 per member!
Just think of what you could do with that savings… pay off more debt faster, put it towards a new vehicle, go on a dream vacation. The possibilities are wide open.
But let’s consider the opportunity that a savings like this can provide you. Your retirement may or may not seem a long way off, but there’s no use denying it will arrive one day. Preparation is the key to enjoying it.
So, let’s say we’ve helped you save a few bucks. Don’t waste the opportunity that’s right in front of you! This is your chance to set your life on a new course. One that has a means for assuring a financially stable retirement.
Today, CNNMoney posted a recap of 10 Ways to Improve Your Financial Health. Number 3 on that list suggests you “Put 10% of Your Income Toward Retirement”. Whether 10% is the magic number or not, I don’t know. But, I do know it’s important that you do start. As the author notes:
Even small amounts can add up over time. If you save and invest just $5,000 a year in a tax-deferred account starting when you’re 25 and earn a 6% rate of return, that will have grown to $773,809 by the time you’re 65. Alternately, even older workers can benefit — it’s never too late to start building up your retirement nest egg, you’ll just need a more aggressive savings plan.
So, are you ready to begin? Have we helped you save money and you’re now ready to take the next step? Great! Let’s start with a no-obligation, complimentary discussion with one of our representatives at ClearFuture™ Financial.
Or, if you still need to get your debts more manageable before taking that step, play around with this simple debt analysis calculator. LoanSaver will help you see how much you are overpaying on your current debts, and help you see how much bringing them to 3Rivers will save 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.
Will My Kids be Able to Go to College?
No matter what media you engage with, you’ve probably heard something about student loans lately. But paying for higher education has always been expensive. As a parent of three young children, I think about that a lot. What am I to do? Hope they’re much smarter than me and land full rides? Push them into sports and pray they get scholarships? Tell them they have to pay for it all themselves? Jackpot winnings?
Okay, let’s get real. Think about this…
Jennifer Decker recently wrote about student loans a KPC News column about a very real scenario. She notes that college costs are currently going up at twice the inflation rate. She estimates an average yearly cost of college at $17,131 for a four-year public college.
To make this scenario very real, she points out that her 3 ½ year old niece (and probably her parents too) will see an even heavier financial burden:
…her first-year cost will be around $44,000 and a four-year degree will cost around $195,000. I think she better start saving up her money from the Tooth Fairy and anywhere else she gets money as a gift.
Two Hundred Thousand Dollars for College?!?!??!?
In my case, times that by three (even I can do the quick math – it’s over a half million dollars!) - OUCH!
Seems like, if I am going to foot the bill for my kids to go to college, we ALL may be eating Ramen Noodles! But, fortunately, there are some solutions to help ease this burden, many of which are available from 3Rivers.
For current or soon-to-be college students (and parents of current college students), we’ve partnered with CU Student Choice to offer education, information and resources for funding a college education.
If (like me) you have youngsters in the home and college seems far off (but really, it isn’t), start saving now. Our team at ClearFuture™ Financial available through CFS can help create a path to help you do it right and make it affordable.
I think that’s my queue.
Going to get that complimentary ClearFuture consultation to talk about college savings scheduled sooner than later so I can hopefully send my kids to college AND still be able to retire (someday).
P.S. Speaking of scholarships, we recently named this year’s 3Rivers scholarship recipients. Check it out!
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