Open the Door to Financial Freedom! Begin Right in Your Backyard

Transcription

1 Summer 2016 Open the Door to Financial Freedom! Begin Right in Your Backyard Locally serviced CCFCU 10 Year Mortgages can be part of your financial plan for a mortgage free future. CCFCU s 10 year mortgages: Have low interest rates Help you own your home quickly Are serviced locally Contact Carrie Dyer Today! Call x151 or cdyer@myccfcu.com. NMLS#

2 Take It Easy! You work hard for your money. CCFCU s Money Market Checking Account helps your money return the favor. This high-yield checking account earns higher dividends while allowing immediate access to your funds with no penalties. As long as the average daily balance is $4,000 or more, dividends are earned. Plus, when the average daily balance is $10,000 or more the dividend rate increases. Free Basic Style Checks $4,000 Minimum Opening Balances No Monthly Fees No Debit Card Transaction Minimums Open a CCFCU Money Market Checking Account today! Call x260, send an to service@myccfcu.com, or stop by the branch nearest you.

3 Dream Up a Plan with CCFCU HELOCs CCFCU s Home Equity Line of Credit Loans (HELOCs) may provide you with the tools you need to help make your dreams come true. Easy and Convenient Our HELOC applications are taken over the phone. Plus, you save time by using esign to securely sign your loan documents during the application process. Whatever your dreams home improvements, continuing education, debt consolidation, or that vacation of a lifetime CCFCU s HELOCs may help. Follow your dreams! Apply Today! Call x250. It s So Simple! Choose your auto and then choose CCFCU as your lender! Call to get pre-approved at x 250 or loans@myccfcu.com.

4 A CCFCU IRA Takes the Gambling Out of Your Future! Your funds are secure. Deposit accounts are insured up to a total of $500,000 federally insured up to $250,000 by the National Credit Union Administration (NCUA) and an additional $250,000 privately insured through Excess Share Insurance (ESI). Call x260 today or service@myccfcu.com to get started! Are You An IRAchiever? If you know that a truly comfortable retirement will be up to you, you ve probably opened an IRA. It might be a traditional IRA, a Roth IRA, or a SEP-IRA if you re self-employed. But are you making the most of it? Take this quiz to see how much of an IRAchiever you are or could become. 1. Do you make an IRA contribution every year? q Yes q Sometimes q No q N/A 2. Do you max out your IRA contribution every year? q Yes q Sometimes q No q N/A 3. Do you contribute at the start of the tax year? q Yes q Sometimes q No q N/A 4. If you have children, have you told them why an q Yes q Sometimes q No q N/A IRA is important? 5. Have you taken money out of your IRA for priorites q Yes q Sometimes q No q N/A that aren t urgent? 6. Do you wait until the last minute to contribute to your IRA? q Yes q Sometimes q No q N/A BONUS QUESTIONS 7. If you re over 50, do you make the extra catchup contribution? q Yes q Sometimes q No q N/A 8. If you re married and your spouse doesn t work, have you q Yes q Sometimes q No q N/A explored his/her eligibility for a spousal IRA? RATE YOUR ANSWERS Questions 1-4: Congratulate yourself for every check mark in the Yes column. Did you check any Sometimes or No boxes? Here s why you may want to make your IRA approach more aggressive: Since you can t control fluctuating interest rates or investment market ups and downs, the surest way to keep building your savings balance is to fund your IRA regularly. Granted, it may be a financial stretch to contribute the maximum amount every year (currently $5,500, or $6,500 if you re 50 or older). But with the potential for compounded earnings, that $5,500 could grow to be a lot more by the time you retire. Over 25 years, for example, $5,500 will grow to more than $10,000 at a 3% rate of interest, or to nearly $15,000 at 5%. Questions 5-6: If you checked No, hooray! Withdrawing IRA funds for a non-urgent need like a vacation or new furniture can hurt financially in several ways: You could owe deferred taxes, plus a tax penalty in some situations. Worst of all, you ll rob your future self of that money and what it could have earned. Along the same lines, waiting until you file your taxes to send in an IRA contribution means losing a whole year of potential growth. Try to contribute as early in the tax year as you can. Bonus Questions: You re definitely an IRAchiever if you are 50 or older and you make the extra $1,000 catchup contribution, and/or contribute another $5,500 (or $6,500 if your non-working spouse is 50+) to a Spousal IRA. We think you already know the answer to Question #4: Make sure your kids know how important it is to save. If they understand that you re funding an IRA now so you can stay secure and independent when you quit working, you ll be modeling good financial behavior and perhaps help them become IRAchievers too. Cumberland County FCU does not provide tax advice. We recommend that you contact a qualified tax professional before making decisions that could affect your financial situation.

5 Come Grow with Us! CCFCU s Certificates: Earn higher rates Compound interest monthly Permit joint owners and beneficiaries Are available in 6, 9, 12, 24, 36, 48, or 60-month terms Are risk free We re planting seeds for a healthy financial future! Call x260 or service@myccfcu.com to get started today!

6 2016 Maine Summer Fairs and Festivals Annual Windjammer Days Boothbay Harbor, ME June 26 July 2, Moxie Festival Lisbon Falls, ME July 8 10, Maine Potato Blossom Festival Fort Fairfield, ME July 9 17, Yarmouth Clam Festival Yarmouth, ME July 15 17, Bangor State Fair Bangor, ME July 29 August 7, Maine Lobster Festival Rockland, ME August 3 7, Great Falls Balloon Festival Lewiston, ME August 19 21, Windsor Fair Windsor, ME August 28 September 5,

7 Holiday Closing Schedule Independence Day Saturday, July 2 and Monday, July 4 Labor Day Saturday, September 3 and Monday, September 5 Branch Information Falmouth Office 101 Gray Road Falmouth ME (207) Fax (207) Lobby Drive-Thru Mon-Thurs: 8:30-4:30 8:30-4:30 Friday: 8:30-5:00 8:00-5:00 Saturday: Closed Closed Gray Office 43 Lewiston Road Gray ME (207) Fax (207) Portland Office 1345 Washington Avenue Portland ME (207) Fax (207) Windham Office 808 Roosevelt Trail Windham ME (207) Fax (207) Lobby Drive-Thru Mon-Thurs: 8:30-4:30 8:30-4:30 Friday: 8:30-5:00 8:00-5:00 Saturday: 8:30-12:00 8:30-12:00 Westbrook Service Center Vocational Drive Westbrook ME (207) Fax (207) Service Center Hours Lobby Monday Thursday: 9:00-4:30 Friday: 9:00-5:00 Saturday: Closed It s Me 247 Online Banking CU*Talk Federally Insured by NCUA Equal Opportunity Lender