Categories
Announcements Financial Planning & Retirement News Seminars

Home Buyers Seminar – Tuesday, March 30 at 6pm and Saturday, April 3 at 9am

Home Buyers Seminar – Tuesday, March 30 at 6pm and Saturday, April 3 at 9am

Mortgage rates are at a historic low! Kick-start the home loan process by attending our FREE online Zoom seminar! Learn all the basics of buying a home and the home loan process from CPCU’s Home Loan Specialist, Susan Dombrowski. Questions are welcomed! The seminar will last one hour. If you have attended this seminar before, you are welcome to join us again. Each session is tailored to the participants so you can learn something new every time.

To register email Elizabeth Zachow [email protected] with the date and time most convenient for you. The seminar will take place through Zoom and attendees will be emailed a secure link after registering.

Susan Dombrowski

Home Loan Specialist

NMLS #1835648

Categories
Announcements Financial Planning & Retirement News Seminars

Three Transitions to Retirement Virtual Seminar – Wednesday, March 17 at 6PM

Three Transitions to Retirement: It’s about more than just the money

Virtual Seminar Wednesday, March 17 at 6PM

Are you ready to retire? You might be prepared for the financial transition, but you’ll experience lifestyle and emotional transitions as well. We can help you understand these upcoming changes and provide the information you need to better prepare for this exciting season of your life. Working together, we’ll gain clarity and confidence about your path to retirement.

Here’s an opportunity to attend a valuable educational seminar on this important topic, at no cost and no obligation:

During this session, you’ll learn:

Ø  How to confidently address the financial, lifestyle and emotional transitions to retirement

Ø  How to guard against risks and manage those that are inevitable

Ø  Whether you are ready for retirement

 

You are welcome to bring a guest, but space is limited so please make your reservations today. Contact your CorePlus Wealth Management representative, Holland Rajaniemi at (860) 885-3680, or email at [email protected] with any questions.

 

Click here to reserve your place at this upcoming seminar.

 

Holland Rajaniemi

CorePlus Wealth Management Advisor

CorePlus Credit Union

202 Salem Turnpike
Norwich, CT, 06360

 

If you do not wish to receive marketing-related material from CUNA Mutual Group at this email address, please send a reply message to this email with “remove” in the subject line. The sender will contact you to ensure we comply with your wishes.

This workshop is educational only and is not investment advice. If you need advice regarding your financial goals and investment needs, contact a financial advisor. All guarantees are backed by the claims-paying ability of the issuer. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates.  Annuities are issued by CMFG Life Insurance Company (CMFG Life) and MEMBERS Life Insurance Company (MEMBERS Life) and distributed by their affiliate, CUNA Brokerage Services, Inc., member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, IA, 50677. CMFG Life and MEMBERS Life are stock insurance companies. MEMBERS® is a registered trademark of CMFG Life. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution. All contracts and forms may vary by state, and may not be available in all states or through all broker/dealers.

Financial advisors are not tax experts. For information regarding your specific tax situation, please consult a tax professional. Variable annuities are sold by prospectus only. You can obtain a prospectus by contacting your financial advisor or the insurance company. Read it carefully.

MGA-1875464(CM).2-0319-0421                                                                                                                               © 2019 CUNA Mutual Group

Categories
Announcements Financial Planning & Retirement News Seminars

Income for Life: Guaranteeing retirement income to last a lifetime – Virtual Seminar

Income for Life: Guaranteeing retirement income to last a lifetime

Virtual Seminar

January 27th at 6PM

You have retirement goals and plans for your future. Without a regular paycheck to count on, achieving a steady stream of retirement income will be an important part of the road ahead. Will Social Security be enough? What about your 401(k)?

Here’s an opportunity to attend a valuable educational seminar on this important topic, at no cost and no obligation:

Join us for an informational session that can help you set your financial direction and answer more of your questions:

  • What sources of retirement income will you rely on?
  • What retirement risks do you face now that you’re drawing on their savings?
  • Which income strategies should you consider?
  • How can you use annuities to guarantee income for life?

Click here to reserve your place at this upcoming seminar. 

You are welcome to bring a guest, but space is limited so please make your reservations today. Contact your CorePlus Wealth Management representative, Holland Rajaniemi at (860) 885-3680, or email at [email protected] with any questions.

Holland Rajaniemi
CorePlus Wealth Management Advisor
CorePlus Credit Union

202 Salem Turnpike
Norwich, CT, 06360

 

 

 

 

 

If you do not wish to receive marketing-related material from CUNA Mutual Group at this email address, please send a reply message to this email with “remove” in the subject line. The sender will contact you to ensure we comply with your wishes. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates.  Annuities are issued by CMFG Life Insurance Company (CMFG Life) and MEMBERS Life Insurance Company (MEMBERS Life) and distributed by their affiliate, CUNA Brokerage Services, Inc., member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, IA, 50677. CMFG Life and MEMBERS Life are stock insurance companies. MEMBERS® is a registered trademark of CMFG Life. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution. All contracts and forms may vary by state, and may not be available in all states or through all broker/dealers. Representatives are not tax advisors or Social Security experts. For information regarding your specific tax situation, please consult a tax professional. To discuss your specific Social Security benefits, please contact the Social Security Administration office in your area.

MGA-1866660(CM).2-0119-0221                                 

 If you do not wish to receive marketing-related material from CUNA Mutual Group at this email address, please send a reply message to this email with “remove” in the subject line. The sender will contact you to ensure we comply with your wishes.

All guarantees are backed by the claims-paying ability of the issuer. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Annuities are issued by CMFG Life Insurance Company (CMFG Life) and MEMBERS Life Insurance Company (MEMBERS Life) and distributed by their affiliate, CUNA Brokerage Services, Inc., member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, IA, 50677. CMFG Life and MEMBERS Life are stock insurance companies. MEMBERS® is a registered trademark of CMFG Life. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution. All contracts and forms may vary by state, and may not be available in all states or through all broker/dealers. Not NCUA/NCUSIF/FDIC insured, may lose value, no financial institution guarantee. Not a deposit of any financial institution.

Financial advisors are not tax advisors, attorneys or Social Security experts. For information regarding your specific tax situation, please consult a tax professional. For legal questions consult your attorney. For questions about Social Security, please contact your local Social Security Administration office. Variable annuities are sold by prospectus only. You can obtain a prospectus by contacting your financial advisor or the insurance company. Read it carefully.

MGA-1372208(CM).3-0918-1020                                                                      © 2018 CUNA Mutual Group

Categories
Announcements Financial Planning & Retirement News

How The SECURE Act May Impact Your Retirement Planning

Retirement Seniors

The SECURE Act (Setting Every Community Up for Retirement Enhancement) was signed into law Dec. 20, 2019. With it came significant changes to the retirement planning landscape. This article provides an overview of the Act sections that may impact your retirement planning choices.

Here are some of the items covered in the full article:

  • No more Inherited Stretch Provision (generally)
  • Required Minimum Distributions (RMDs) to begin at 72
  • Elimination of age limit

Download the FULL ARTICLE HERE

 

CPCU Financial Services
 
For more information please contact:

Holland Rajaniemi, Associate Financial Advisor
860-885-3680
[email protected]

Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.

The Representative is neither a tax advisor nor attorney. For Information regarding your specific tax situation, please consult a tax professional. For legal questions, including information about estate planning, please consult your attorney.

 

Categories
Financial Planning & Retirement News Seminars

Retirement Seminar & Wealth Management

Retirement Couple

Are you ready for the “Big R” ?

Feb. 24th
CPCU Norwich, 202 Salem Turnpike, Norwich


Retirement Seminar & Wealth Management Participants will learn:

  • How to confidently address the financial, lifestyle and emotional transitions to retirement.
  • How to guard against risks and manage those that are inevitable.
  • Whether they are ready for retirement.

For more information please contact:

Jay Noyes, Financial Advisor
CorePlus Financial Planning & Retirement Services
860-885-3679 office
[email protected]

or

Holland Rajaniemi, Associate Financial Advisor
CorePlus Financial Planning & Retirement Services
860-885-3680
[email protected]

 

 

 

Categories
Financial Planning & Retirement News

A Retirement Fact Sheet

Reality of retirement


Some specifics about the “second act.”

 Provided by Holland Rajaniemi

Does your vision of retirement align with the facts? Here are some noteworthy financial and lifestyle facts about life after 50 that might surprise you. 

Up to 85% of a retiree’s Social Security income can be taxed. Some retirees are taken aback when they discover this. In addition to the Internal Revenue Service, 13 states currently levy taxes on some or all Social Security retirement benefits: Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia. (West Virginia, incidentally, is phasing out such taxation.)1

Retirees get a slightly larger standard deduction on their federal taxes. Actually, this is true for all taxpayers aged 65 and older, whether they are retired or not. Right now, the standard deduction for a single filer in this age bracket is $13,850, compared to $12,200 for those 64 or younger. It is scheduled to rise to $14,050 in 2020.2

Retirees can still use IRAs to save for retirement. There is no age limit for contributing to a Roth IRA, as long as the owner earns income. So, a retiree can keep directing money into a Roth IRA for life, provided they are not earning too much. A senior can potentially contribute to a traditional IRA until the year they turn 70½.3

A significant percentage of retirees are carrying big debts. Looking at data from the Federal Reserve’s triennial Surveys of Consumer Finances, the median debt of senior households (age 65+) has more than doubled since the start of the century.4

The most stressful debt for seniors, according to a 2019 study from Ohio State University researchers, is credit card debt. The study calculates that each new dollar of credit card debt taken on by a senior household creates financial stress approximating an additional $14-20 of home loan debt.4

Moreover, a sudden financial liability may delay retirement. Another 2019 study, co-authored by researchers from the Urban Institute and the Congressional Budget Office, looks at the potential impact of a new $10,000 debt on an individual between 55-70 years old carrying the median amount of credit card debt for their age. The researchers concluded that this jump in debt would make a baby boomer 9% more likely to put off retiring.4

Fewer seniors live alone than you may think. The Administration for Community Living (a federal agency) says around 14% of older adults (65+) live by themselves. With millennials living at home and blended and extended families becoming common, perhaps this is not so surprising. The ACL does note that nearly half of women older than age 75 are on their own.5

Just 15% of women say they have a retirement strategy set down in writing. This factoid comes from the 2019 Transamerica Retirement Survey of American Workers. Another 42% say they have unwritten strategies. The remaining 43%? No strategy at all.6

Few older Americans budget for travel expenses. While retirees certainly love to travel, a Merrill Lynch study says that only about a third of people aged 50 and older earmark funds for their trips.7

What financial facts should you consider as you retire? What monetary realities might you need to acknowledge as your retirement progresses from one phase to the next? The reality of retirement may surprise you. If you have not met with a financial professional about your retirement savings and income needs, you may wish to do so. When it comes to retirement, the more information you have, the better.

Holland Rajaniemi Holland Rajaniemi, Associate Financial Advisor,
can speak with you regarding options available
for your retirement plans.

 

CPCU Financial Services

To set a no-cost, no-obligation appointment, call 
Holland Rajaniemi at (860) 885-3680. 

 

*CorePlus Financial Planning and Retirement Services Advisors are registered representatives of CUNA Brokerage Services, Inc.

Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. 

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Citations:

1 – aarp.org/retirement/social-security/questions-answers/how-is-ss-taxed.html [4/9/19]
2 – efile.com/tax-deduction/federal-standard-deduction/ [12/4/19]
3 – investopedia.com/ask/answers/03/120403.asp [11/8/19]
4 – nextavenue.org/retirement-older-americans-debt/ [8/9/19]
5 – forbes.com/sites/howardgleckman/2018/05/04/a-new-snapshot-of-older-adults-in-the-us/ [5/4/18]
6 – transamericacenter.org/docs/default-source/women-and-retirement/tcrs2019_op_women_and_retirement_fact_sheet.pdf [11/19]
7 – kiplinger.com/article/retirement/T037-C032-S014-5-surprising-facts-to-know-about-retirement.html [11/11/19]

NCUA  Equal Housing Lender

Categories
Financial Planning & Retirement News

Leaving Your Job? Your Retirement Savings Plan Options

Advisor-News-Retirement

Are you leaving your job and considering whether to take a distribution from your 401(k), 403(b), or governmental 457(b) plan? if so, make sure you’ve considered all your options.

In general, you have the following four options when you’re eligible to receive a distribution from your employer retirement savings plan.1

Option 1: Leave the money in the plan

This is the easiest option — you don’t do anything at all.

  • Continued tax-deferred growth (or potentially tax-free growth in the case of Roth accounts)
  • While IRAs typically provide more investment choices than an employer plan, there may be certain investment opportunities in your particular plan that you can’t replicate with an IRA
  • You can receive penalty-free distributions as early as age 55 (50 for qualified public safety employees) compared with age 59-1/2 for IRAs
  • Qualified plans generally provide greater creditor protection than IRAs

Note: This may not be an option if your vested plan balance is $5,000 or less; if you’ve reached your plan’s normal retirement age; or if the payment is a required minimum distribution. Consult your plan’s terms.

Option 2: No rollover — take the distribution in cash (and securities if applicable)

Most plans allow you to take a lump-sum distribution of your account balance.

  • Defeats the primary purpose of your plan — saving money for retirement; you risk not having enough money at retirement to cover your expenses
  • All or part of your distribution may be subject to federal (and possibly state) taxes, and the taxable portion may be subject to an additional 10% early distribution penalty tax if you haven’t reached age 55 (50 for qualified public safety employees); (this may significantly reduce the amount you’ll actually receive)
  • You’ll lose the benefit of continued tax-deferred (or tax-free) growth

Note: If your distribution includes employer stock or other securities, special tax rules may apply that can make taking a distribution more advantageous than making a rollover. Consult a tax professional.

Option 3: Roll the funds over to an IRA

Distributions from designated Roth accounts can be rolled over only to a Roth IRA; distributions of non-Roth funds can be made to a traditional IRA or “converted” to a Roth IRA.

  • Continued tax-deferred (or tax-free) growth
  • Generally more investment choices with an IRA than with an employer plan
  • You can freely move your money among the various investments offered by your IRA trustee, and you can freely move your IRA dollars among different IRA trustees/custodians (using direct transfers)
  • With an IRA, the timing and amount of distributions are generally at your discretion (however you must start taking required minimum distributions from traditional IRAs at age 70-1/2)
  • No required distributions must be made from Roth IRAs during your lifetime

Option 4: Roll the funds over to your new employer’s plan (if the plan accepts rollovers)

  • Has all of the advantages of Option 1, above
  • Can consolidate your employer plan retirement savings
  • You may be eligible for a plan loan, and you may be able to delay required distributions beyond age 70-1/2

One of the most common questions people ask is: Should I roll over my retirement money to an IRA or to another employer’s retirement plan? Assuming both options are available to you, there is no right or wrong answer to this question. There are strong arguments to be made on both sides. You need to weigh all of the factors and make a decision based on your own needs and priorities.2

When evaluating whether to initiate a rollover, always be sure to (1) ask about possible surrender charges that may be imposed by your existing employer plan, or new surrender charges that your IRA or new plan may impose; (2) compare investment fees and expenses charged by your IRA (and investment funds) or new plan with those charged by your existing employer plan (if any); and (3) understand any accumulated rights or guarantees that you may be giving up by transferring funds out of your employer plan. It is best to have a professional assist you with this, because the decision you make may have significant consequences — both now and in the future.

Keep in mind that you don’t have to roll over your entire distribution. You can roll over whatever portion you wish. If you roll over only part of a distribution that includes taxable and nontaxable amounts, the amount you roll over is treated as coming first from the taxable part of the distribution.

1 Special rules apply if you’re the beneficiary of a plan participant.

2 If your distribution is eligible for rollover, you’ll receive a statement from your employer outlining your rollover options. Read that statement carefully. You cannot roll over hardship withdrawals, required minimum distributions, substantially equal periodic payments, corrective distributions, and certain other payments.

Holland Rajaniemi Holland Rajaniemi, Associates Financial Advisor,
can speak with you regarding options available
for your retirement plans.

 

CPCU Financial Services

 

To set a no-cost, no-obligation appointment, call 
Holland Rajaniemi at (860) 885-3680. 

 

*CorePlus Financial Planning and Retirement Services Advisors are registered representatives of CUNA Brokerage Services, Inc.

Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. 

NCUA  Equal Housing Lender