Understanding 401(k) Plans

While retirement may seem like a lifetime away for many, making smart investing decisions early is the best move to ensure you can retire comfortably down the road. There are several retirement accounts to consider, such as Roth IRAs and 403(b) accounts, but one of the most popular options for many is a 401(k) plan. Since most employers offer an easy-to-set-up, low-risk employee 401(k) plan with matching contributions, taking advantage of this option is a no-brainer.  Your company’s HR specialist can help you understand the specifics of your company’s 401(k) offerings, but it’s a good idea to have a basic understanding of how 401(k) plans work and how they can benefit you. After you…

August 30, 2021Future Planning No Comments
Understanding 401(k) Plans

While retirement may seem like a lifetime away for many, making smart investing decisions early is the best move to ensure you can retire comfortably down the road. There are several retirement accounts to consider, such as Roth IRAs and 403(b) accounts, but one of the most popular options for many is a 401(k) plan. Since most employers offer an easy-to-set-up, low-risk employee 401(k) plan with matching contributions, taking advantage of this option is a no-brainer.  Your company’s HR specialist can help you understand the specifics of your company’s 401(k) offerings, but it’s a good idea to have a basic understanding of how 401(k) plans work and how they can benefit you. After you…

Raising Financially Savvy Kids: The Ins and Outs of Loans

When teaching your children about money, we know that actions speak louder than words. So how about an activity to show them the way?  The Chief Revenue Officer of a software company was shopping with his six-year-old daughter when they came across a popular doll with a $20 price tag. The girl, a bit dismayed, only had $15.  Typical responses you might have given your children at any given time include:  Give her the $5  Lend her the $5  Buy the toy yourself  Tell your child she’s out of luck  The girl’s father, being a savvy money manager himself, decided to teach a different lesson. He presented her with three different options:  Buy something cheaper. She would receive instant gratification but likely wouldn’t love what she got.  Continue to save. After all, she was only $5 away.  Invest…

August 16, 2021Borrowing Basics No Comments
Raising Financially Savvy Kids: The Ins and Outs of Loans

When teaching your children about money, we know that actions speak louder than words. So how about an activity to show them the way?  The Chief Revenue Officer of a software company was shopping with his six-year-old daughter when they came across a popular doll with a $20 price tag. The girl, a bit dismayed, only had $15.  Typical responses you might have given your children at any given time include:  Give her the $5  Lend her the $5  Buy the toy yourself  Tell your child she’s out of luck  The girl’s father, being a savvy money manager himself, decided to teach a different lesson. He presented her with three different options:  Buy something cheaper. She would receive instant gratification but likely wouldn’t love what she got.  Continue to save. After all, she was only $5 away.  Invest…

Retirement Strategies That Work 

Whether you are close to retirement age, or just kicking off your dream job, having a solid retirement plan is essential to a financially secure retirement. Let’s check out a few key strategies to get you started.  Invest a Consistent Amount Each Month. With this strategy, you can automatically contribute to your IRA or other retirement accounts with every paycheck (up to the maximum annual contribution).  Plan for Retirement Adjustments. It is important that you plan to adjust your income after retirement. While some of your retirement income will probably be a fixed amount each month, you will also have some retirement accounts that will pay different amounts based on market performance. If possible,…

August 9, 2021Future Planning No Comments
Retirement Strategies That Work 

Whether you are close to retirement age, or just kicking off your dream job, having a solid retirement plan is essential to a financially secure retirement. Let’s check out a few key strategies to get you started.  Invest a Consistent Amount Each Month. With this strategy, you can automatically contribute to your IRA or other retirement accounts with every paycheck (up to the maximum annual contribution).  Plan for Retirement Adjustments. It is important that you plan to adjust your income after retirement. While some of your retirement income will probably be a fixed amount each month, you will also have some retirement accounts that will pay different amounts based on market performance. If possible,…

National Financial Awareness Day 

At PEFCU, we aim to provide our members with financial education so you can live your best financial life. August 14 is National Financial Awareness (NFA) Day. It’s a great day to consciously think about your finances and make sure you’re on the right track. The origins of NFA Day are unknown, but the goal of it is to help people develop and instill good financial practices that will solidify their current financial status and serve them through retirement.  Taking control of your finances can seem overwhelming, but everyone has the capacity to learn sound financial principles and save up. Just making small changes to our daily habits can…

August 9, 2021Wallet Wins No Comments
National Financial Awareness Day 

At PEFCU, we aim to provide our members with financial education so you can live your best financial life. August 14 is National Financial Awareness (NFA) Day. It’s a great day to consciously think about your finances and make sure you’re on the right track. The origins of NFA Day are unknown, but the goal of it is to help people develop and instill good financial practices that will solidify their current financial status and serve them through retirement.  Taking control of your finances can seem overwhelming, but everyone has the capacity to learn sound financial principles and save up. Just making small changes to our daily habits can…

10 Things to Do If You Lose Your Wallet

You don’t think it will ever happen to you — and then it does. You lost your wallet. And you didn’t even realize it was missing until you needed it the most.  You may naturally want to panic, but simply stay calm and take these ten steps:  Call Your Debit Card Issuer If your wallet is lost or stolen, this should be your first step: Call the financial institution that issued your debit card so that you can stop anyone who may have it from doing a lot of damage. If your PEFCU Visa® Debit Card is missing, you can call our Member Contact Center at (800) 226-6673…

August 8, 2021Wallet Wins No Comments
10 Things to Do If You Lose Your Wallet

You don’t think it will ever happen to you — and then it does. You lost your wallet. And you didn’t even realize it was missing until you needed it the most.  You may naturally want to panic, but simply stay calm and take these ten steps:  Call Your Debit Card Issuer If your wallet is lost or stolen, this should be your first step: Call the financial institution that issued your debit card so that you can stop anyone who may have it from doing a lot of damage. If your PEFCU Visa® Debit Card is missing, you can call our Member Contact Center at (800) 226-6673…

How Your First Job Can Impact Your Retirement 

The moment you walk through the front door, hear the ring. You fumble the smartphone out of your pocket and answer it eagerly, talking to the job interviewer that you just saw an hour ago. They happily give you the good news as you barely hold back the scream of joy. You landed your first job and will start work on Monday. When you go to bed, you start thinking about all the things you want to do with your new salary.  Time to Think About Retirement  Initially, you might spend most of your time imagining the luxurious lifestyle your new income will bring, but you should eventually push those fantasies aside to consider a retirement fund. It doesn’t sound that exciting, especially if you are…

August 2, 2021Future Planning No Comments
How Your First Job Can Impact Your Retirement 

The moment you walk through the front door, hear the ring. You fumble the smartphone out of your pocket and answer it eagerly, talking to the job interviewer that you just saw an hour ago. They happily give you the good news as you barely hold back the scream of joy. You landed your first job and will start work on Monday. When you go to bed, you start thinking about all the things you want to do with your new salary.  Time to Think About Retirement  Initially, you might spend most of your time imagining the luxurious lifestyle your new income will bring, but you should eventually push those fantasies aside to consider a retirement fund. It doesn’t sound that exciting, especially if you are…

Should You Have a Credit Card in College?  

Graduating from high school to college is a big milestone in a teen’s life and brings many changes. Since some of these changes are linked to finances, teenagers and their parents often wonder if having a credit card while they are in college is a good idea. Here are some pros and cons of credit card use during college, and some tips to avoid overspending.   The Upsides of Credit Cards  Despite their potential drawbacks, credit cards can also have significant upsides for college students. While the following benefits can be true for anyone, they can be especially useful for students who often have limited financial resources and short credit histories. With a credit card, students can:  Pay for emergency items, like car repairs  Purchase school…

July 19, 2021Borrowing Basics No Comments
Should You Have a Credit Card in College?  

Graduating from high school to college is a big milestone in a teen’s life and brings many changes. Since some of these changes are linked to finances, teenagers and their parents often wonder if having a credit card while they are in college is a good idea. Here are some pros and cons of credit card use during college, and some tips to avoid overspending.   The Upsides of Credit Cards  Despite their potential drawbacks, credit cards can also have significant upsides for college students. While the following benefits can be true for anyone, they can be especially useful for students who often have limited financial resources and short credit histories. With a credit card, students can:  Pay for emergency items, like car repairs  Purchase school…

What Parents Need to Know about the Advance Child Tax Credit

Brought to you by KOFE, Knowledge of Financial Education The financial crisis caused by the COVID-19 pandemic has been tough on people’s finances and lives overall. Parents, in particular, have faced some monumental challenges—from how to balance homeschooling with remote work to how to manage childcare as they’re called back to the office. In response to these challenges, the American Rescue Plan Act of 2021 expanded the Child Tax Credit, offering advance payments that are set to begin July 15. If you are a parent with qualifying child dependents in your household, these advance payments may provide crucial funds that…

July 14, 2021Wallet Wins 2 Comments
What Parents Need to Know about the Advance Child Tax Credit

Brought to you by KOFE, Knowledge of Financial Education The financial crisis caused by the COVID-19 pandemic has been tough on people’s finances and lives overall. Parents, in particular, have faced some monumental challenges—from how to balance homeschooling with remote work to how to manage childcare as they’re called back to the office. In response to these challenges, the American Rescue Plan Act of 2021 expanded the Child Tax Credit, offering advance payments that are set to begin July 15. If you are a parent with qualifying child dependents in your household, these advance payments may provide crucial funds that…

IRAs: Your Future, Your Money, Your Priorities 

No matter your age, focusing on your financial future is one of the best things you can do. As you are first settling into a career, you may think retirement is far enough away to give you time to come up with a strategy later. But as the years go by, it creeps higher and higher up on your list of priorities.   The best way to plan for retirement is to not let it sneak up on you; start your game plan now, so that you can live comfortably as a retiree. Individual Retirement Accounts (IRAs) are designed to get you there. An IRA is basically a savings account with big tax breaks created specifically to help you put away the…

July 5, 2021Future Planning No Comments
IRAs: Your Future, Your Money, Your Priorities 

No matter your age, focusing on your financial future is one of the best things you can do. As you are first settling into a career, you may think retirement is far enough away to give you time to come up with a strategy later. But as the years go by, it creeps higher and higher up on your list of priorities.   The best way to plan for retirement is to not let it sneak up on you; start your game plan now, so that you can live comfortably as a retiree. Individual Retirement Accounts (IRAs) are designed to get you there. An IRA is basically a savings account with big tax breaks created specifically to help you put away the…

Make Sure You’re Immune to These COVID-19 Vaccine “Survey” Scams

Make Sure You’re Immune to These COVID-19 Vaccine “Survey” Scams Scammers take a stab at preying on the public health fears with COVID-19 schemes If you’re fully vaccinated against COVID-19 or will be vaccinated soon, you’re probably already feeling safer. However, once you receive both doses of the Pfizer or Moderna vaccine or the one-dose Johnson & Johnson, you may be at risk for a whole new threat: Scammers after your credit card number or other personally identifiable information (PII) for purposes of identity theft and fraudulent charges. That’s according to the U.S. Department of Justice (DOJ), which recently warned…

June 29, 2021Wallet Wins No Comments
Make Sure You’re Immune to These COVID-19 Vaccine “Survey” Scams

Make Sure You’re Immune to These COVID-19 Vaccine “Survey” Scams Scammers take a stab at preying on the public health fears with COVID-19 schemes If you’re fully vaccinated against COVID-19 or will be vaccinated soon, you’re probably already feeling safer. However, once you receive both doses of the Pfizer or Moderna vaccine or the one-dose Johnson & Johnson, you may be at risk for a whole new threat: Scammers after your credit card number or other personally identifiable information (PII) for purposes of identity theft and fraudulent charges. That’s according to the U.S. Department of Justice (DOJ), which recently warned…