Summer Extra Credit 2018

UVA Community Credit Union

Summer 2018 - In This Issue

Our Community: Culpeper Branch Opening

Announcements: Annual Meeting Highlights

Did You Know? The Equity in your Home can help You, BE YOU

How-to Tips: Income for the Long Run

Summer Mountains

Our Community

Culpeper Opening

 

 

 

 

 

 

 

 

 

Culpeper Branch Opening

We are pleased to announce the opening of our 19th branch, located in Culpeper. Local government, community leaders, Credit Union leadership and the media were in attendance for our ribbon cutting ceremony on June 12th.

“The opening of our new branch in Culpeper signifies our commitment to this region, to our future growth and to providing a clear banking alternative for area residents and businesses” said Jeffery Moscicki, Chairman of the UVA Community Credit Union Board of Directors.

The new Culpeper Branch is located at 633 Meadowbrook Shopping Center. Our new location will provide greater convenience for our members who typically drive to our other branches for in person services. The Culpeper branch will offer both week day and Saturday hours, drive-through service and an ATM. We invite our new members to take advantage of our extensive products and services including online and mobile services, free financial education programs, and investment services.

Learn more about the Culpeper Branch opening.


Announcements

Annual Meeting

 

 

 

 

 

 

 

 

 

Annual Meeting Highlights

At the Credit Union you can rest assured knowing your money works harder for YOU and for ALL. We are committed to giving back to our members and our community. At this year’s a­­­­nnual meeting on May 23rd our Chairman, Jeffery Moscicki, along with our President/CEO, Alison DeTuncq, with the enthusiastic support of the members in attendance, presented its annual tuition scholarship of $1,500 to an outstanding high school senior from each of seventeen public high schools in the Credit Union Field of Membership, which includes Charlottesville, Albemarle, Culpeper, Fauquier, Fluvanna, Greene, Louisa, Madison, Nelson, Orange, and Rappahannock. Scholarship dollars awarded totaled $25,500. “We consider these scholarships an investment in the future of these young people and in their communities,” said Jeffrey Moscicki, Chairman of the Credit Union Board of Directors.

The meeting also focused on our 2018 initiatives and reviewed highlights of 2017 including how members in the Charlottesville area voted us the Best Financial Institution in the annual Daily Progress Readers’ Choice issue. We thank you very much for the vote of confidence.

Other highlights from the meeting included:

  • The United Way recently presented the Credit Union with an award in recognition of our 10 years of participation in the Cville Tax Coalition. Over the past decade, we have assisted the Coalition in preparing over 19,900 tax returns, through the IRS’s Volunteer Income Tax Assistance (VITA) program, generating a $33 million direct economic stimulus for the Greater Charlottesville Area. During the past 2017 tax filing season alone, our six VITA tax sites prepared 532 tax returns for qualified taxpayers and generated over a $1.2 million economic stimulus.
  • Our continuing dedication to the Helping Hand Homeownership Program - This program is designed to thank service workers, from educators to first responders, with down-payment, closing-cost and principle-reductions assistance.
  • Education and Community outreach - In 2017 we hosted 178 financial education seminars in our branches, at schools and businesses, and in community centers, with an overall attendance of over 5,420 people. These events teach fundamentals of personal and business finance, each one focusing on a specific topic of interest.
  • Our new Culpeper Branch!

During the meeting, names of the members re-elected to the board were also announced. The members reelected are: Aurie Schwarting, Tim Gillet, Pamela Higgins, Rob Walker Freer, and Richard Wood. After the meeting, members enjoyed light refreshments, conversation, and door prizes.

Thank you to the following local businesses for their support of our Annual Meeting: The Little Gym, American Office, Virginia Discovery Museum, Wintergreen Resort, H&R Services, Putt Putt Miniature Golf, Albemarle Magazine, Jim Price Automotive, Ceiling and Floor Shop, Miller’s Office  Products, Sprint Pavilion, Member Wealth Management, King Family Vineyards, American Shakespeare Center, The Boar’s Head Inn, VA Sports Properties, and The Woodrow Wilson Museum and Library.


 Did you know?

HELOC

 

 

 

 

 

 

 

 

 

The Equity in your Home can help You, BE YOU

Have you ever wondered how you’ll afford to finance an emergency without a rainy day fund? Or how you’ll finally tackle that nagging home improvement project? Or perhaps there’s a wedding in your future, or maybe a dream vacation?

Having extra cash when you need it is an important way of maintaining your peace of mind and your quality of life. That's why a UVA Community Credit Union Home Equity Loan or Line of Credit is so helpful. You can use these home equity products for emergencies or to finance a renovation, purchase a second home, pay tuition, or consolidate loans. We offer low rates, flexible loan repayment terms, and a quick application process.

Learn more about which option is best for your needs.


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How-To Tips Provided by Member Wealth Management

 

 

Income for the Long Run

In a recent survey of 3,000 Americans ranging in age from 20 to 70, almost two-thirds of the respondents said they feared running out of money in retirement more than they feared death.1 Fear may not be a helpful response, but this concern is not surprising considering changes in the American retirement landscape.

People are living longer during a time when traditional pensions are disappearing and medical expenses continue to climb. Social Security may provide a dependable, supplemental income throughout retirement, but benefit levels are not high enough to fund a comfortable retirement for most people. In January 2018, the average monthly benefit was just $1,404, and the maximum benefit at full retirement age was $2,788.2

Even people with a substantial nest egg face a challenge in making their savings last throughout a long retirement. Withdrawing too much too quickly can put you at risk of running out of money, while being overly cautious and withdrawing too little might lead to a less satisfying retirement lifestyle than you might otherwise enjoy.

Sample Benefits Graphic

Late-Life Financial Stability

One way to help solidify your retirement income picture and provide a steady income late in life is by purchasing a longevity annuity, a deferred fixed annuity that delays lifelong income payments until a future date — often when the contract owner reaches age 80 or 85. Because the annuity income is deferred, the payouts are typically higher in relation to the premiums than they would be if the annuity income had been paid immediately. Purchasing the annuity at a younger age with a longer deferral period would generally give you a better premium-to-income ratio.

A longevity annuity may give you more confidence that you will have income for a long life, while also making it easier to manage the near-term income from your savings and investments. For example, if you retire at age 65 and feel comfortable that the combined income from your annuity and Social Security will meet your income needs after you reach age 85, you could focus on funding your earlier retirement years from other savings and investments for a 20-year period, rather than guessing how long your savings might have to last.

The QLAC Opportunity

Longevity annuities are not new, but a relatively recent option allows you to purchase a qualified longevity annuity contract (QLAC) in a qualified retirement account such as a 401(k) or an IRA. This enables you to use some of your retirement savings — a maximum $125,000 or 25% of the account value, whichever is lower — to purchase the annuity, with the funds excluded from your required minimum distributions when you turn age 70½. Income payments must begin no later than the first day of the month following your 85th birthday.

As with nonqualified annuities, QLAC rules allow for certain extra features, including (1) the continuation of income payments throughout the lifetime of a beneficiary, such as a surviving spouse; (2) the return of premiums (minus payouts) as a death benefit; and (3) cost-of-living adjustments to help address the effect of inflation on the future purchasing power of annuity payouts. However, these options will either raise the purchase price or reduce income payments. Without the optional death benefit, insurers will generally keep the premiums paid if the annuity owner dies, even if payouts have not yet begun and the contract is terminated.

Cash-out provisions are not allowed in QLACs, so any money invested in the annuity is no longer a liquid asset, and you may sacrifice the opportunity for higher investment returns that might be available in the financial markets. (By contrast, nonqualified annuities may offer a cash-out option that permits withdrawals during the deferral phase, but surrender charges typically would apply.) Like other distributions from tax-deferred retirement plans, income payments from QLACs are fully taxable. (With nonqualified annuities purchased outside a retirement plan, only the earnings portion is taxed.)

Like most annuities, a QLAC typically is purchased with a lump sum. If your employer offers a QLAC option in your retirement plan, you may be able to invest through regular salary deferrals.

Annuities are insurance-based contracts that have exclusions, contract limitations, fees, expenses, termination provisions, and terms for keeping them in force. Any guarantees are contingent on the financial strength and claims-paying ability of the issuing insurance company.

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

 

1 Money, October 19, 2017
2 Social Security Administration, 2017

This information is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal 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. The Standard & Poor's 500 index is an unmanaged group of securities that is widely recognized as representative of the U.S. stock market in general. You cannot invest directly in an unmanaged index and do not actually own any shares of an index. Securities, Investment Advisory and Financial Planning services offered through qualified registered representatives of MML Investors Services, LLC, Member SIPC: 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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