What’s Your Money Personality?

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Have you ever wondered why you use money in a particular way? For example, maybe you’re the type of person who overanalyzes every purchase even though you have plenty in savings. Or maybe you can’t seem to say no to your teenager’s request for a new computer when you’re losing sleep over the amount of your credit card debt. Many people find themselves stuck in an illogical pattern with money, but why?

It’s what’s known as your money personality, or a powerful set of ideas formed early in a person’s life that govern spending, giving and investment decisions.

Big Opportunity for IRA Conversions Coming in 2010

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The Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) will take effect January 1, 2010, and with it comes changes that could affect how you deal with any IRAs you may have.

As you likely know, there are two types of Individual Retirement Accounts (IRAs), Traditional and Roth. Here’s a short breakdown of each:

When Should You Begin Taking Social Security Benefits?

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The oldest Baby Boomer on record, Kathleen Casey-Kirschling, turned 62 at the stroke of midnight on January 1, 2008, and promptly applied for Social Security. Nearly 80 million people will follow her lead over the next 20 years. But while you can file for Social Security at age 62, does that mean you should?

The timetable for receiving full Social Security benefits has changed to accommodate changing times and funding. When you were born dictates when you’re able to receive full benefits.

Helping the Elderly with Personal Finance

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The last time you were at your parents’ home, you discovered unpaid bills. They had forgotten to pay their gas bill for the past two months. You called the gas company and explained the situation, and then wrote out a check for the amount due, so everything turned out all right. But what if you hadn’t noticed the unpaid bills, and it was the middle of winter? Your parents’ heating could have been shut off.

New Job? Options for Retirement Savings

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Ahhhhh. Every once in a while you catch yourself drifting off into thoughts of retirement. No alarm clocks, a secluded beach and nothing but time. Then your phone rings and it’s back to work. Not that you don’t enjoy your career; it’s helping you save for the day on that secluded beach. And your retirement saving is going pretty well. So is your career. You just accepted a position at a new company that’s a good step up the corporate ladder. Now, after participating in your old employer’s retirement savings plan for a number of years, you have to make a decision regarding what happens to your retirement savings as you move on to a new job. You have several options:

Celebrating a Big, Fat Tax Refund?

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Uncle Sam just sent you a big, fat tax refund. Woo-hoo! It’s time to celebrate! Maybe a new home theatre is in your future. Or a tropical vacation. Not so fast. If you usually receive a big, fat tax refund, it simply means Uncle Sam is enjoying a big, fat, interest-free loan, courtesy of the Bank of You.

Federal Insurance Increases

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UPDATE: $250,000 Share Insurance Protection Extended to 2013

The Helping Families Save Their Homes Act of 2009, signed into law May 20, 2009, includes a provision extending $250,000 share insurance coverage provided by the National Credit Union Share Insurance Fund through December 31, 2013. Previously, this level of coverage (up from $100,000) was set to expire December 31, 2009. The new law also requires NCUA to use the higher $250,000 standard maximum share insurance amount when making decisions about premiums and administering insurance deposit adjustments.

Does that mean any funds you have at Vantage are insured to only $250,000? Not necessarily. Contact us for more information on how you may qualify for additional coverage through NCUA.

The Assurance of Life Insurance

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If something happened to you as the main provider, what would happen to your family? Would your death bring more than just emotional grief? Would your spouse and kids be able to make ends meet financially? Could they pay the mortgage and other bills? Would the kids still be able to go to college?

Long-Term Care Insurance and You

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Here’s a startling figure: $74,806.

That’s the average annual cost of nursing home care according to Genworth Financial’s 2007 Cost of Care Survey. This pays for any assistance needed with the basic activities of daily living, such as bathing, dressing and eating. If you become severely ill, disabled, or mentally impaired so that you can’t take care of yourself, you’ll need some help. And many people need help paying for the high costs of such assistance. Because standard health insurance policies don’t cover these costs, long-term care insurance is available.

Will Power

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Do you have a will? Up to two-thirds of Americans don’t. A will ensures that your personal property will go to a person/organization you designate. Failure to have a will means the courts will make that decision.

Get the Skinny on Stocks and Bonds

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Most people know something about the stock market, but many investors who see stock as a way to get rich quick might not understand exactly what stock is and how it works. Before jumping feet-first into investing in stocks, it's important to understand some of the basics and the risks involved in owning stocks.

Is there an up side to investing in a down economy?

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It goes without saying, when it comes to investing, you don’t want your hard-earned money just sitting around in some afterthought account earning next to no returns. That’s not what investing is all about. You could just as well invest in a few mason jars, a shovel, some elbow grease, and start digging in the backyard. No, you want your money to grow.

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