Newsletter - Louviers Federal Credit Union

Capital
IDEAS
Winter 2015
An information publication for the members of Louviers Federal Credit Union
PUT YOUR HOME TO WORK FOR YOU!
One of the biggest advantages of home ownership is the equity you
build in your home. The faster you pay your mortgage and build this
equity, the better financial shape you’ll be in. Equity can be a
SAVE THE DATE!
International Credit Union Day
powerful tool to manage your finances. As your equity increases
Thursday, October 15th
with time, it can be a source of financial stability for you, giving
Community Shredding Day
you collateral for a loan. A Home Equity Loan can be a source
Saturday, October 17th
of funds for virtually anything, college tuition, a new car,
9am - 12pm
Louviers FCU, 185 S Main St, Newark
vacation even home improvements.
Winning Strategies
for Your Retirement Income
Tuesday, October 20th
5:30pm - 7:00pm
Louviers FCU, 185 S Main St, Newark
Call (302) 722-6000 to sign up
The Truth About Medicare
Tuesday, November 3rd
5:30pm - 7:00pm
Louviers FCU, 185 S Main St, Newark
Call (302) 722-6000 to sign up
Louviers FCU will be closed in
observance of the following holidays
Columbus Day - Monday‚ October 12
Veterans Day - Wednesday‚ November 11
Thanksgiving Day - Thursday‚ November 26
Christmas Day - Friday‚ December 25
New Year’s Day - Friday‚ January 1
To apply for a low-rate home equity loan, visit us online at
www.louviers.mortgagewebcenter.com
or call our mortgage department at (800) 426-7140.
Louviers FCU Members save BIG
Receive a 10% discount on select regularly priced Sprint monthly data service. Plus,
•waived
activation fees on new lines and upgrade fees ($36 savings each)
• Save up to $200 on new DIRECTV service with monthly bill credits and a $140 gift card
Receive $850 in startup equipment plus an exclusive $425 in additional
•equipment
with the ADT Credit Union Member Plan
Save up to $427.96 on average with the TruStage Auto & Home Insurance Program.
•Combine
auto and homeowners coverage and you could save even more
Visit the Benefits of Membership page on
Louviers.com for more information!
now...or later?
Should You Apply For Social Security
By Craig E. Lytle, CFP®, MBA, CLU®
Now or later? When it comes to the question of Social Security income, the choice looms large.
Should you apply now to get earlier payments? Or wait for a few years to get larger checks?
Consider what you know (and don’t know). You know how much retirement money you have; you may have a clear
projection of retirement income from other potential sources. Other factors aren’t as foreseeable. You don’t know exactly
how long you will live, so you can’t predict your lifetime Social Security payout. You may even end up returning to work
again.
When are you eligible to receive full benefits?
The answer may be found online at socialsecurity.gov/retire2/agereduction.htm.
Why do 217 million people worldwide
choose credit unions? Because credit
unions have a “people-first” philosophy
that impels them to constantly improve
the communities and lives of their
members. Join credit union members
around the globe in celebrating
International Credit Union Day® and
experience the credit union difference.
Stop by any Louviers FCU location on
Thursday, October 15th and celebrate
International Credit Union Day with us!
Louviers Federal Credit Union
Website: www.louviers.com
Phone: (302) 733-0426
Toll-Free: (800) 572-2092
Teller Phone: (800) 291-3896
Newark Office Hours
Monday - Thursday 8:00am to 4:30pm
Friday 8:00am to 6:00pm
Saturday 9:00am to 12:00pm
(S Main St only)
Wilmington Office Hours
Monday - Friday 8:00am - 4:00pm
Lost or Stolen:
Visa Debit or ATM Cards
After 9pm, Weekends & Holidays
(800) 472-3272
Visa Credit Cards
(800) 847-2911
After 9pm, Weekends & Holidays
(800) 442-4757
Visit www.louviers.com for a complete listing of our
current rates and upcoming holiday hours.
Louviers FCU is federally insured by NCUA
Louviers FCU is an Equal Housing Lender
10069-NEWS-1015
How much smaller will your check be if you apply at 62?
The answer varies. As an example, let’s take someone born in 1953. For this baby boomer, the full retirement age is 66.
If that baby boomer decides to retire in 2015 at 62, his/her monthly Social Security benefit will be reduced 25%. That
boomer’s spouse would see a 30% reduction in monthly benefits.1 Should that boomer elect to work past full retirement
age, his/her benefit checks will increase by 8.0% for every additional full year spent in the workforce. (To be precise,
his/her benefits will increase by .67% for every month worked past full retirement age.) So it really may pay to work longer.2
Remember the earnings limit. Let’s put our hypothetical baby boomer through another example. Our boomer decides to
apply for Social Security at age 62 in 2015, yet stays in the workforce. If he/she earns more than $15,720 in 2015, the
Social Security Administration will withhold $1 of every $2 earned over that amount.3
How does the Social Security Administration (SSA) define “income”?
If you work for yourself, the SSA considers your net earnings from self-employment to be your income. If you work for an
employer, your wages equal your earned income.4 Please note that the SSA does not count investment earnings, interest,
pensions, annuities and capital gains toward the current $15,720 earnings limit.4 Some fine print worth noticing. Did you
know that the SSA may define you as retired even if you aren’t? This actually amounts to the SSA giving you a break. For
2014, the SSA considered you “retired” if you were under full retirement age for the entire year and your monthly earnings
were $1,290 or less.5 If you are self-employed, eligible to receive benefits and under full retirement age for the entire year,
the SSA generally considers you “retired” if you work less than 15 hours a month at your business.5 Here’s the upside of all
that: if you meet the tests mentioned above, you are eligible to receive a full Social Security check for any whole month of
a year in which you are “retired” under these definitions. You can receive that check no matter what your earnings total for
all of that year.5
Learn more at socialsecurity.gov. The SSA website is packed with information and is quite user-friendly. One last little
reminder: if you don’t sign up for Social Security at full retirement age, make sure that you at least sign up for Medicare
at age 65.
Craig E. Lytle, CFP®, MBA, CLU® may be reached at 302-722-6000 or online at incomeandestateplanningpartners.com.
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 the purpose of 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. CITATIONS1 socialsecurity.gov/retire2/agereduction.htm [11/6/14] | 2 socialsecurity.gov/retire2/delayret.htm [11/6/14] | 3 forbes.com/sites/
janetnovack/2014/10/22/social-security-benefits-rising-1-7-for-2015-top-tax-up-just-1-3/ [10/22/14] | 4 ssa.gov/retire2/whileworking2.htm [11/4/14] | 5 socialsecurity.
gov/retire2/rule.htm [11/6/14]
Louviers FCU on
Students and teachers stop in to our Newark High
School branch and start
saving today!
Newark High School
Room B 107
Monday, Wednesday, Friday
10:30am – 12:30pm
What you need to bring...
Your student ID
$5 deposit for your savings account