Can anyone guess which one of our fabulous Financial Services Officers is sporting these very fashion forward and frugal earings?
Could it be:
A. Jerri
B. Leslie
C. Linda
D. Chris
Haha! Just kidding about that last one.
Take a second to think about which FSO could be wearing these today. Leave us a comment and the first correct answer gets a free to-go coffee mug!
What’s an IRA?
Individual Retirement Accounts. IRAs are personal savings plans that provide income tax advantages for people saving money for retirement.
A Traditional IRA is a type of retirement plan that offers tax-deferred earnings and the possibility for tax-deductible contributions. These tax advantages make the traditional IRA a powerful tool in creating a balanced, long-term savings plan. A Roth IRA is an individual retirement account that offers fewer withdrawal restrictions and requirements.
Who’s an IRA for?
Anyone under the age of 70 that is earning income.
So, that covers the basics – now let’s get to the real question. I’m only 26 – why am I talking about retirement accounts? It all comes down to a beautiful little thing called compounding interest.
Let’s say I open an IRA at age 26 with $1,000 and it earns .5% interest. The interest compounds every year. By the time I’m 70 I would have $1,245.40. Not too shabby for just throwing $1,000 into an IRA and forgetting about it.
Let’s say I decide to contribute $1,000 not just once, but every year. At age 70 I would end up with $49,324.18. That’s over $5,000 earned!
The more you save, the more you earn!
Whatever you decide to do to save for retirement – start now! And after seeing what I could earn if I contribute every year, I’m thinkin’ it’s pretty smart to contribute often.
I’m back with another installment of my fraudulent activity report. Last time we had a little chat about ATMs. This time I thought it would be important to mention some fraud happening in the mail - especially in the recently released U.S. Census.
I have been searching the census.gov website for some insight into this new type of scam and came up with some very helpful information. First of all, you should be aware of what the Census Bureau is doing to reach people and what they are not doing:
Your Census survey will come in the mail and ask a few very simple questions. Beware! If you get something in the mail that looks similar to the Census, but it asks for your social security number – throw it away!
This type of fraudulent activity is called ‘phishing’ and is the criminal process of attempting to acquire sensitive information such as usernames, passwords, social security numbers, bank account or credit card details by masquerading as a trustworthy entity in an electronic communication.
If you ever question whether or not to give out personal account numbers, PINs, or social security numbers – don’t do it. You are welcome to give us a call and we can help you decide if the request for that type of personal information is valid. We love to help members protect their information from the bad guys!
Look how festive our friends at the main office are today!
Have a happy St. Patrick’s day!
Fraud is a growing trend in our society and I think it’s about time we sat down and chatted about some ways to protect yourself. Today’s topic – ATM fraud. So, pull up a seat and let’s get started.
Skimming is the most prevalent form of fraud these days as far as ATMs go – it’s been named one of the top ten fraud threats for 2010.
What is it?
Skimming is a method of stealing account information during an ATM transaction. Most of the time a fraudulent card reader is placed on top of the ATM card reader and the thief gets your account number when you slide your card.
Here are a few tips to keep your account safe:
