Spring Extra Credit 2019

UVA Community Credit Union


Our Community

 

 

 

 

 

 

 

 

 

New Downtown Crozet Branch Now Open!

We are excited to announce the opening of our Downtown Crozet Branch! The Downtown Crozet Branch opened in March and is the Credit Union’s 20th location. It represents our continued commitment to our existing members and expanding membership base by offering another full-service branch that is easily accessible to Western Albemarle’s growing population. Today, the Credit Union is one of the largest financial institutions of its kind in Central Virginia, with more than 70,000 member-owners. More than three thousand of those members reside in Crozet. This new branch is the outcome of our continued steady growth and is reflective of our desire to provide local personal service.

The new branch embraces technologies that make financial services more streamlined and convenient for the way members want to transact business. The Downtown Crozet Branch complements the multi-faceted banking experience by introducing conveniences like tablets in the lobby where members can learn about products, view financial education videos that are fun for all ages, or print product information on-demand. In addition, this branch is the first to open with Interactive Teller Machines. Innovations like these are just the beginning.


Announcements

 

 

 

 

 

 

 



Annual Meeting at DoubleTree
Wednesday, May 22 I 6:00 pm

The Credit Union's annual meeting is our chance to report to you, our member-owners, on the progress we've made this year in building an ever-stronger, more vibrant, and more responsive financial institution.

Highlights include:

  • A 2018 performance overview and our plans for the remainder of 2019
  • Vote for volunteer members to our board of directors
  • Meet the recipients of our annual high school scholarship program
  • After the meeting, enjoy light refreshments
  • Door prizes! Arrive early to register
  • Meet fellow members and Credit Union staff

Location: DoubleTree Hotel, 990 Hilton Heights Road, Charlottesville, VA 22901
 


 

 

 

 

 

 

 


Spring into Savings

Jump start your spring and summer plans with great rates and better terms from the Credit Union. Now is the time to plan a summer vacation, renovate your backyard, purchase a new home or beach getaway, or pay off higher rate cards and loans. No matter where life takes you, the Credit Union can help you get there with financial solutions designed to save you money:

• Visa® Credit Card: low rates on balances & balance transfers. No balance transfer fee.
• Mortgages: great rates, flexible terms. Ask about our great rate ARM
• Home Equity Lines/Loans: borrow up to 80% of your home’s value

Learn more and spring into savings today!

All loans subject to credit and membership eligibility. Applications must be received from April 1 – June 30, 2019.


 

 

 

 

 

 

 

 

 

Password Change Required

Your online banking safety is important to us! Effective May 7, all members who are enrolled in online banking will be prompted to create a new password that meets our enhanced security requirements. More information about this required password change will be available on our website. Thank you for participating in this proactive security measure. Your patience is appreciated as we continue to improve our online security.


 Did You Know?

 

 

 

 

 

 

 



April is Youth Financial Literacy Month

In 2004, the United States Senate designated April as Financial Literacy for Youth Month. Here at the Credit Union, in addition to year-round financial education seminars for adults, we have financial educational resources designed for young adults on everything from handling money, buying a car, acing the job interview to dealing with debt.

Prepare your young child for the future by teaching them how to save and budget their finances. By starting conversations now about how to make smart monetary choices and understanding basic financial principles, we can be sure that the children and young adults of today have the tools for success to achieve a stable economic tomorrow.

To help start these conversations with your children, the Credit Union has collected a variety of It’s a Money Thing videos that you can watch together. It's a Money Thing is a collection of effective financial education content designed to engage and teach young adults how to manage their money. It's also fun for all ages!


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How-To Tips Provided by Member Wealth Management

 

 

Getting Real About Retirement

Preparing for retirement can be daunting, but like any challenge it helps to take a hard look at some real data. Yet only 29% of workers or their spouses have tried to estimate their retirement expenses, and only 33% have estimated the monthly retirement income they would need.1

For younger people, this may be understandable. It’s difficult to estimate expenses and income when retirement is a distant goal. But as retirement draws closer, the picture should become clearer, and the need for realistic planning becomes essential. You might benefit from professional advice and a more thorough cash-flow analysis, but you can start with the worksheet on this page.

 

 

 

 

 

 

 

 

 



Begin with Expenses

One common guideline is that you will need 70% to 80% of your pre-retirement income to meet your retirement expenses. This assumes that you have paid off your mortgage, will have lower transportation and clothing expenses when you stop working, and will no longer be contributing to a retirement savings plan. Everyone’s situation is different, but these might be helpful starting points.

If your income is lower, your federal and state income taxes may be lower as well. But don’t forget that federal income taxes apply to pension payments, distributions from traditional IRAs and most retirement plans, and a percentage of Social Security benefits (depending on income). State tax rules vary. Property taxes, homeowners insurance, auto insurance, and other taxes and insurance will also add to the total.

Although some expenses may be lower, others might increase, depending on your retirement lifestyle. Perhaps you want to travel more or engage in new activities.

Medical expenses may increase as you grow older, even with Medicare. A recent study suggests that an average 65-year-old couple who retired in 2018 would need $280,000 to cover Medicare premiums and out-of-pocket health-care expenses (not including long-term care), based on a life expectancy of 87 for a man and 89 for a woman. This would require an average expenditure for the couple of about $12,000 annually or $1,000 per month.2 Health-care expenses vary widely, but you might use this figure and adjust based on your medical needs. For a more personalized estimate, see the AARP Health Care Costs calculator at http://aarp.org/retirement/the-aarp-healthcare-costs-calculator

Estimate Income

You can estimate your monthly Social Security benefit at ssa.gov/retire/estimator.html. Keep in mind that the longer you wait to claim your benefits, from age 62 up to age 70, the higher your monthly benefit will be. If you expect a pension from current or previous employment, you should be able to obtain an estimate from the employer.

Add other sources of income, such as consulting or a part-time job, if that is in your plans. Be realistic. Consulting can be lucrative, but part-time work often pays low wages, and working in retirement is less likely than you might expect. In 2018, 79% of workers said they expected to work for pay after retirement, but only 34% of retirees said they had actually done so.3

It’s more difficult to estimate the income you can expect from your savings, which may depend on unpredictable market returns and the length of time you need your savings to last. First, project the total savings you will have accrued by the time you retire. Then you might calculate income based on withdrawing 4% of your savings each year, a simple version of the “4% rule.” Some experts believe that a 4% withdrawal rate may be too high to maintain funds over a long retirement, so a 3% or 3.5% rate might provide a more sustainable estimate.

A Question of Balance

If your projected income is not sufficient to meet your projected expenses, don’t despair. You might be able to reduce expenses, increase your savings contributions, work longer, or all three. Even if the numbers look good, it would be wise to keep building your savings to prepare for unexpected expenses and provide more flexibility in your retirement lifestyle.

A rough estimate of your retirement balance sheet is a good beginning, and a professional assessment may be the next step. Although there is no assurance that working with a financial advisor will improve investment results, a professional who focuses on your overall objectives and available resources can help you consider strategies that could have a substantial effect on your long-term financial situation.

1, 3) Employee Benefit Research Institute, 2018
2) Money, April 19, 2018

For more information or to schedule an appointment with a Member Wealth Management Representative, please call 434-964-2001 ext 3074.

This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. © 2018 Broadridge Investor Communication Solutions, Inc. Securities, Investment Advisory and Financial Planning services offered through qualified registered representatives of  MML Investors Services, LLC, Member SIPC (link is external): 222 Central  Park Ave Suite 1100 Virginia Beach VA 23462 (757) 490-9041. Member Wealth Management is not a subsidiary or affiliate of MML Investors Services, LLC or its affiliated companies.

NOT A CREDIT UNION DEPOSIT; NOT NCUA INSURED; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; NOT GUARANTEED BY THE CREDIT UNION; MAY GO DOWN IN VALUE

CRN201902-208336

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