Winter 12. in this issue: Low Rate Balance Transfer Offer. What s New Furthermore...

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1 A q u a r t e r l y n e w s l e t t e r f o r S u m m i t C r e d i t U n i o n m e m b e r s N o. 1 3 Winter 12 in this issue: Low Rate Balance Transfer Offer I ll Need How Much to Retire? What s New Furthermore...

2 Pay Down Your Credit Cards Faster HONEY, DO ALL THESE CARDS MAKE MY WALLET LOOK FAT? 3.9%! ANNUAL PERCENTAGE RATE* b a l a n c e t r a n s f e r The only card you need to carry. Trim inches from your wallet! Our low balance transfer rate will save you money and help you pay down debt faster. Beginning January 16, 2012 Transfer your high rate credit card balances and receive a low 3.9% APR 1 balance transfer rate until Feb. 29, Plus, new cards receive 0.5% cash back on purchases 2. The national average for credit card rates is around 14.74% 3. Department store credit card rates can be even higher. Check the rates on your cards and transfer your balances to a Summit credit card. In addition to the great balance transfer rate, you ll also enjoy: Low rate on purchases and cash advances 4, 5 No balance transfer, annual or cash advance fees Local service you talk directly to us, not a third party Two great credit card options: VISA Platinum 4 and VISA Platinum Rewards 5 Apply online at SummitCreditUnion.com, call us at or visit a branch today! 1. APR is ANNUAL PERCENTAGE RATE. The monthly periodic rate for our Visa programs for balance transfers is % %, which is an ANNUAL PERCENTAGE RATE of 3.9% %. Introductory APR for balance transfers will end on March 13, For qualifying members, the introductory APR on existing balances will increase to the non-discount rate on the first day of the billing cycle. The 3.9% balance transfer rate is for credit scores 650 and above. Actual rate is based on multiple criteria, including, but not limited to, credit-worthiness factors, current market conditions, and other factors that the credit union, in its discretion, believes are relevant in determining the appropriate APR. Current Summit loan and credit card balances are not eligible for the balance transfer promotion rate. Promotion ends February 29, Earn.5% cash back on net purchases through July 31, The cash back amount will be credited to your credit card balance no later than August 18, Cash back offer is for new credit card accounts only, opened from January 16, 2012 through February 29, The cash back amount is based on purchases (less returns) and does not include balance transfers or cash advances. 3. According to Creditcards.com as of November 30, The monthly periodic rate for our Visa Platinum program for purchases and cash advances is % %% which is an ANNUAL PERCENTAGE RATE of 9.9% %. Actual rate is based on multiple criteria, including, but not limited to, credit-worthiness factors, current market conditions, and other factors that the credit union, in its discretion, believes are relevant in determining the appropriate APR. 5. The monthly periodic rate for our Visa Platinum Rewards program for purchases and cash advances is % %, which is an ANNUAL PERCENTAGE RATE of 11.9% %. Actual rate is based on multiple criteria, including, but not limited to, 1 credit-worthiness factors, current market conditions, and other factors that the credit union, in its discretion, believes are relevant in determining the appropriate APR. Plus earn one point for every dollar purchased to earn Scorecard Rewards.

3 Summit _Summit /22/11 8:27 AM Page 1 I ll Need How Much to Retire? What is enough? What is not enough? If you re considering retiring in the near future, you ve probably heard or read that you need about 70% of your end salary to live comfortably in retirement. This estimate is frequently repeated but that doesn t mean it is true for everyone. It may not be true for you. You won t learn how much retirement income you ll need by reading this article. You ll want to meet with a qualified retirement planner who can help you plan to estimate you lifestyle needs and short-term and long-term expenses. That said, there are some factors which affect retirement income needs and too often, they go unconsidered. 2 Portfolio. Many people retire with investment portfolios they haven t reviewed in years, with asset allocations that may no longer be appropriate. New retirees sometimes carry too much risk in their portfolios, with the result being that the retirement income from their investments fluctuates wildly with the vagaries of the market. Other retirees are super-conservative investors: their portfolios are so risk-averse that they can t earn enough to keep up with even moderate inflation, and over time, they find they have less and less purchasing power. What s New Spending habits. Do you only spend 70% of your salary? Probably not. If you re like many Americans, you probably spend 90% or 95% of it. Will your spending habits change drastically once you retire? Again, probably not. Most people only change spending habits in response to economic necessity or in pursuit of new financial goals. People don t want to live on less once they have had more. Social Security (or lack thereof ). In 2005, SSI represented 39% of a typical 65-year-old retiree s income. But by 2030, Social Security may only replace 29% of that income, after deductions for Medicare premiums and income taxes. Since 1983, retirees earning more than $25,000 in SSI have had to pay income tax on a portion of their benefits. This is all presuming Social Security is still around in So will you have enough? When it comes to retirement income, a casual assumption may prove to be woefully inaccurate. Call us to meet with our Summit Financial Advisors while you are still working to discuss these factors and estimate how much you will really need. Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information WR-193 Who Will Win the $10,000? Summit Board of Director s Scholarship After seven months of working with their financial coaches, our four Project Money families have done an amazing job taking control of their finances. Stay tuned as we tally the numbers and prepare to announce the winner! Catch up on the participants' journeys at If you're interested in being a part of the 2012 Project Money challenge, send us an at ProjectMoney@summitcreditunion.com. Call for Candidates: Summit s Board of Directors Summit is beginning the election process for its Board of Directors. If you re interested in becoming a candidate, please contact Teena Hernandez at , ext or teena.hernandez@summitcreditunion.com for nomination information. All requests for nomination must be submitted by Friday, January 14, 2012 and written applications must be returned by Friday, January 28, Scholarship Winners* Pictured left to right Jim Hoelzel, Kim Sponem, Joshua Blumenfeld*, Katherine Kuecker*, Olivia Sanderfoot* Benjamin Neuman* and Dennis Sauey. Unable to attend - Khloe Frank* Over the last 10 years, Summit Credit Union has provided over $32,000 in student scholarships for continuing education. These scholarships are open to all undergraduate or graduate students who are members of Summit Credit Union and have a GPA of at least 3.0. Applications are due March 16, 2011 and are available on our website 3

4 I ll Need How Much to Retire? What is enough? What is not enough? If you re considering retiring in the near future, you ve probably heard or read that you need about 70% of your end salary to live comfortably in retirement. This estimate is frequently repeated but that doesn t mean it is true for everyone. It may not be true for you. You won t learn how much retirement income you ll need by reading this article. You ll want to meet with a qualified retirement planner who can help you plan to estimate you lifestyle needs and short-term and long-term expenses. That said, there are some factors which affect retirement income needs and too often, they go unconsidered. 2 Portfolio. Many people retire with investment portfolios they haven t reviewed in years, with asset allocations that may no longer be appropriate. New retirees sometimes carry too much risk in their portfolios, with the result being that the retirement income from their investments fluctuates wildly with the vagaries of the market. Other retirees are super-conservative investors: their portfolios are so risk-averse that they can t earn enough to keep up with even moderate inflation, and over time, they find they have less and less purchasing power. What s New Spending habits. Do you only spend 70% of your salary? Probably not. If you re like many Americans, you probably spend 90% or 95% of it. Will your spending habits change drastically once you retire? Again, probably not. Most people only change spending habits in response to economic necessity or in pursuit of new financial goals. People don t want to live on less once they have had more. Social Security (or lack thereof ). In 2005, SSI represented 39% of a typical 65-year-old retiree s income. But by 2030, Social Security may only replace 29% of that income, after deductions for Medicare premiums and income taxes. Since 1983, retirees earning more than $25,000 in SSI have had to pay income tax on a portion of their benefits. This is all presuming Social Security is still around in So will you have enough? When it comes to retirement income, a casual assumption may prove to be woefully inaccurate. Call us to meet with our Summit Financial Advisors while you are still working to discuss these factors and estimate how much you will really need. Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information WR-193 Who Will Win the $10,000? Summit Board of Director s Scholarship After seven months of working with their financial coaches, our four Project Money families have done an amazing job taking control of their finances. Stay tuned as we tally the numbers and prepare to announce the winner! Catch up on the participants' journeys at If you're interested in being a part of the 2012 Project Money challenge, send us an at ProjectMoney@summitcreditunion.com. Call for Candidates: Summit s Board of Directors Summit is beginning the election process for its Board of Directors. If you re interested in becoming a candidate, please contact Teena Hernandez at , ext or teena.hernandez@summitcreditunion.com for nomination information. All requests for nomination must be submitted by Friday, January 13, 2012 and written applications must be returned by Friday, January 27, Scholarship Winners* Pictured left to right Jim Hoelzel, Kim Sponem, Joshua Blumenfeld*, Catherine Kuecker*, Olivia Sanderfoot* Benjamin Neuman* and Dennis Sauey. Unable to attend - Khloe Frank* Over the last 10 years, Summit Credit Union has provided over $32,000 in student scholarships for continuing education. These scholarships are open to all undergraduate or graduate students who are members of Summit Credit Union and have a GPA of at least 3.0. Applications are due March 16, 2011 and are available on our website 3

5 Furthermore... Early Closing January 16, 2012 Martin Luther King Day January 16, 2012 All branches will be closing early Madison Area Branches Close at 1:30 pm Portage, Beaver Dam & Baraboo Branches Close at 12:30 pm Milwaukee Area Branches Close at 12:30 PM Lake Mills Branch Close at 1:30 pm Upcoming Seminars Financial Tips for Women Seminars February 9 & March 8, 2012 Homebuyer s Seminars March 13 & April 19, 2012 These seminars will be held: 6-8 pm Bonfyre American Grill 2601 W Beltline Hwy, Madison Visit SummitCreditUnion.com to sign up or for more information. Starting Points is published quarterly by Summit Credit Union. PO Box 8046 Madison, WI SummitCreditUnion.com Please address correspondence to Editor, Starting Points, or ask for ext Your Board of Directors can be contacted by at board@ An link is available on our Website. Federally insured by the NCUA