"Three Mortgages Every Home Buyer Should Know" above the SRP logo and next to a key with a house-shaped keychain inside the door lock.

Image for an article describing the different types of mortgages available.

Three Mortgages Every Home Buyer Should Know

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Because of the high cost of most real estate, very few people can purchase a home with savings alone.

 

Therefore, if you are like the vast majority of people, you will be borrowing money from a financial institution to purchase the property you want. Called mortgages, these loan products can be quite complicated. Knowing the basics of how mortgages work can help guide you to the loan that is most appropriate for you. 

 

Mortgage Terms 

How long is it going to take you to repay the loan? That depends on the term of your mortgage. A term is the number of years that you agree to pay back the amount you borrow. 

 

The term also affects the cost of your mortgage payments. Shorter repayment periods mean higher monthly payments but less interest you pay over the life of the loan, while longer terms will give you lower payments but will cost more over the long run. The traditional mortgage term is 30 years, but they have ranged from ten to 40 years. 

 

Types of Mortgages 

There are several types of mortgages available, with the most common being fixed-rate, adjustable, and interest-only. 

 

Fixed-rate mortgages come with an interest rate that remains constant over the life of the loan. 30-year mortgages are the most common, but you may also choose a 20-year, 15-year, and even 10-year fixed-rate mortgage. In certain high-cost areas some mortgage lenders were even offering 40 year-loans. Though the mortgage interest rates tend to be higher than for other loan types, the rate is fixed and your payment won’t change. This stability makes them the most secure type of mortgage for buyers. 

 

Adjustable-rate mortgages (ARMs) have a period of fixed interest, but after that the payment changes with whatever index the loan is based on. The period of fixed interest may be three, five, or seven years. With a 5/1 (the first number stands for the number of years in the initial fixed period, while the second indicates how often the new rate will adjust) ARM, for example, the initial interest rate remains fixed for the first five years, and then adjusts annually for the remaining term. 

 

There are several types of caps that may apply to an ARM: an overall cap limits how much the interest rate can increase over the life of the loan; a periodic cap limits the amount the interest can increase from one period of adjustment to the next; and a payment cap limits the amount the monthly payment can increase at each adjustment. 

 

While ARMs are less secure than fixed-rate mortgages, they tend to have lower initial rates and therefore lower monthly payments. They can be a good option if money is tight in the early years, as long as you are confident you can meet future interest and payment increases. 

 

Interest-only mortgages are loans that allow you to pay just interest for between three and ten years. Once that period is over, the payment rises to include both principal and interest. While qualification can be easier and the monthly costs can be lower than other mortgage types, they can be a gamble. A downturn in housing prices could mean that you end up owing more than you own, and an interest rate hike could put the payments beyond your reach. 

 

Certainly there are benefits and drawbacks to each mortgage type. Long before you borrow, consider each option carefully to know which is most appropriate for your situation. With so much money at stake, making the best mortgage decision is important. 

 

This article is for informational purposes only. All loans subject to approval. Actual rate and terms may vary depending on individual’s credit history and other factors. Membership required. SRP is federally insured by NCUA. Equal Housing Lender. NMLS ID #612441.

Article Credit: BALANCE

A figure of a person is being pulled in two different directions by a bomb that reads, "Debt," and a piggy bank that reads, "Save." The graphic reads, "To pay down debt, first you have to save."

To Pay Down Debt, First, You Have to Save

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When you want to pay off debt fast, that impulse often means depleting your savings. So how do you pay off debt AND save money?

 

Mathematically, based on the interest rates of your loans versus your savings account (or other savings products), your debt is likely costing you more money every month than your savings is earning you. Thus, looking simply at the highest net impact of your dollar, it would make sense to use extra income to pay off debt rather than save the money.

 

But this strategy usually results in more debt. Crazy, right? But think about it. If you're taking all your spare dollars and diverting them to your credit card or other loans, completely neglecting your savings account, what will you do when an emergency comes along, things like car repairs, vet bills, etc.?

 

Life happens, and since you don’t have a savings account, you'll probably have to slap these expenses onto your credit card. You know, the one you've been working so hard to pay off?

 

Here's how to get out of this cycle.

  1. Put away the credit cards and stop adding to your debt.

 

  1. Set a goal for your savings account that you’re comfortable would cover most emergencies, for instance, $500.

 

  1. Pay at least the minimum payments on your loans while you build your savings account until you reach $500.

 

  1. Then dedicate more money to paying down debt.

 

  1. If an emergency comes along that takes your savings below $500, switch back to paying the minimum on debt and put extra money into savings to build that back up.

 

  1. Once savings is steady at $500 and you feel you've gotten your debt under control, start increasing your savings. Most personal finance experts say your emergency savings should be able to cover three to six months of living expenses.

 

And don’t stop contributing to your retirement savings or dip into your retirement savings unless it’s truly an emergency—your future self will thank you.

 

With patience and some baby steps, you'll soon have your finances under control and find yourself resting on a comfortable nest egg.

 

This article is for informational purposes only. Membership required. SRP is federally insured by NCUA.

Article Credit: CUNA

A calculator, pen, and clock next to a sticky note that reads, "Tax Time!"

The Tax Man Cometh: Quick Tips From BALANCE

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Since we all know what the other certainty in life is (death), maybe we shouldn’t be all that upset about the onset of tax season, right? And while it may seem that the tax code gets more complicated every year, the good news is there are also a lot more tools now than ever before to streamline the process of tax preparation and make sure you complete your return correctly. Here are a few quick tax tips to dial down the pain.

 

Tax Software

You’ve probably heard of Turbo Tax. It’s the market leader in tax prep software, but it’s not the only option. If your adjusted gross income is $84,000 or less, you may qualify for free software to file your federal return. Go to the IRS website’s Free File page to learn more.

 

Different companies have different eligibility criteria to get the freebie. You’ll be asked to answer a few questions to match you with the right commercial tax software. And remember, not all of the IRS’ partner companies offer free state tax returns, so check those details before proceeding.

 

IRS Mobile App

Some filers may also qualify for free tax preparation assistance. You can use the IRS mobile app (IRS2GO) to find IRS Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly (TCE) sites.

 

You can also use IRS2GO to:

  • Subscribe to tax tips from the IRS.
  • Follow the IRS on social media.
  • Connect to other online tools from the IRS.
  • Check your refund status.

Report Everything (yes, everything)

Finally, few things will trigger an audit faster than failing to report all of the income that’s been reported to the government under your Social Security number. You’re not likely to forget income noted on the W-2 you get from your employer, but be sure to also include other sources of income throughout the year, like freelance work, unemployment compensation, scholarships, and prize winnings such as gambling and lottery winnings.

 

This article is for informational purposes only and is not intended to provide tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors for advice. Membership required. SRP is federally insured by NCUA.

 

Article Credit: BALANCE

A heart-shaped cake on a plate next to text that reads, "Frugal Date Nights."

Frugal Date Nights: Keep Your Partner and Wallet Happy

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When you and your partner are focusing on paying down debt, it’s easy to put relationship fun on hold. After all, dining out is a sure-fire way to blow the budget. Expensive vacations? Entirely out of the question! But you can still keep the spark alive with regular frugal date nights.

 

First, schedule the time on your calendar. Often, busy couples find that if it doesn’t get scheduled, it doesn’t happen. If you have young children, consider coordinating with another family to swap babysitting duties. This way, each set of parents gets an evening out without paying for a babysitter.

 

Now that you’ve got the date set and the sitter lined up, here are some frugal date ideas so you and your partner can make great memories without spending much money.

 

Go on a hike

A hike (or a leisurely walk) in a beautiful location is a great way to spend some distraction-free time with your spouse. Enjoy the scenery, get some fresh air, and get your blood pumping. Apps like AllTrails and Hiking Project are good free resources for local hikes.

 

Play Tourist

If a friend or family member was coming to visit your city, where would you take them? Often, the most impressive or entertaining spots get overlooked by locals. Pretend you’re just visiting the area and hit up some of the top tourist destinations and local landmarks. The local Chamber of Commerce is an excellent resource for inspiration.

 

Star Gazing

You don’t need a telescope to take your honey stargazing! It’s best to choose a night when you’ll have clear skies and a new moon. Pack up a blanket and some snacks and head out of town to a place with dark skies and little light pollution. Spread out the blanket, look up at the stars, and bask in the awe of a starry sky.

 

Eat Cake

If you miss going out to restaurants while you’re tightening the budget, you can get that restaurant enjoyment without having a full sit-down meal. Coffee and dessert at your favorite restaurant still feel like a splurge. Who said you can’t have your cake and eat it, too?

 

Have a Picnic

A picnic doesn’t have to be a fancy (read: expensive) affair. A lunch sack will do just fine if you don’t have a dedicated picnic basket. Cheese, crackers, fruit, and your favorite drinks require almost no prep and taste even better at a local park or wilderness area.

 

Visit a Farmers Market

You might be amazed at how much is happening at your local farmer’s market! Of course, you’ll find farmers selling their freshly grown produce, but there’s likely also baked goods, meat and eggs, crafts (like handmade candles and soap), and ready-to-eat food. Wandering around the farmer’s market is a great way to spend a few frugal hours. You might even come home with local produce and inspiration to try a new recipe.

 

Hit up the Yard Sales

If you like the thrill of the hunt, it’s worth getting up early on a Saturday morning and hitting the yard sale circuit. Decide how much money you’re willing to spend ahead of time and bring it in small bills. This helps to ensure you stay within your budget. You never know what you might find at a yard sale—and sometimes you’ll come home empty-handed! Not knowing is all part of the fun.

 

Gather Fruit

Nearby orchards or berry farms can make for great frugal dates. The “u-pick” fruit farms are typically less expensive and tastier than the comparable fruit at the grocery store, and you get to spend some quality time outside with your partner. Make sure to research the right time to go for ripe fruit and bring some containers from home.

 

Wrapping it Up

Date nights are so important in relationships. Taking the time to talk without the day-to-day stressors and sharing new experiences help keep the romance alive. These things don’t have to be expensive. Keep your budget on track with frugal date nights and watch your relationship and savings account grow.

 

This article is for informational purposes only. Membership required. SRP is federally insured by NCUA. Article Credit: BALANCE

 

4 Signs You Need to Clean Up Your Finances

 

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4 Signs You Need to Clean Up Your Finances

 

It’s easy to see when your house needs cleaning: clothes are on the floor; dirty dishes are stacked in the sink. But it may be a little harder to know when to "tidy up" your finances. Here are a few signs:


1. You’re living paycheck to paycheck

If you barely make ends meet at the end of the month, it’s time to buy yourself some wiggle room for unexpected events. Start by cutting back on at least one major expense and putting that money into an emergency fund. The goal of an emergency fund is to be able to cover a three-month period of unemployment, at minimum. Consider downsizing to a smaller home or apartment, going from a two-car household to one, or commuting by bus or bike. Getting a side gig is another way to boost your emergency funding.


2. You’re not saving for retirement

According to Northwestern Mutual’s 2018 study, 21% of Americans have not saved for their retirement. If you’re one of those people, it’s time to start. Your goal should be to save 15% or more of your monthly income for your retirement. If you’re not used to saving, going from 0 to 15% might be hard. So, start small and simply set aside $50 each month. Increase that amount when you get a raise or get a better handle on your expenses.


3. You’re carrying credit card debt

There is good debt—mortgages for homes and loans for education—but there is also bad debt. Credit card debt is the worst kind of debt you can have, and the longer you carry it, the more money you end up losing in interest. If you’re up to your chin in credit card debt, maybe it’s time to create a budget and move to a cash-only system until your debt is under control.


4. You don’t have a budget in place.

Do you follow a budget? Many Americans don’t, even though it’s probably the most effective way to manage money. Without a budget in place, you’ll have a hard time seeing where your money is going, where you’re overspending, and where you can make changes.


If any of these signs apply to you, it’s time to clean up your finances and learn how to manage your money. You’ll be thankful in the long run.


This article is for informational purposes only. Membership required. SRP is federally insured by NCUA.

Article Credit: CUNA

Habit Stacking: The Secret to Sticking to Your New Year's Financial Resolutions

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Every January, we set lofty financial resolutions. Save more. Spend less. Finally, stick to a budget. But by February? Let’s just say the motivation fizzles out faster than the New Year’s sparklers. Sound familiar?

 

Coming up with the things we’d like to improve or change in our lives is the easy part – keeping those resolutions is where the real work starts. When life gets busy and motivation fades, our goals often get pushed to the back burner, and that’s why having a strategy is essential.

 

One tool that’s risen in popularity over the years is habit stacking. It’s an easy and effective way to gain momentum when it comes to any goal, even financial ones.

 

What Is Habit Stacking?
Habit stacking is exactly what it sounds like: stacking a new habit on top of an existing one.

 

Think of it as piggybacking on something you’re already doing or using the buddy system by pairing a new habit with an existing habit.

 

For example:
• After you brew your morning coffee, you check your bank balance.
• After you pay a bill, you transfer $5 into savings.
• Before brushing your teeth at night, you review your daily spending.

 

Attaching a new habit to an established habit (or inserting it into an existing routine) makes it easier to remember and implement during those beginning stages than starting a new routine from scratch.

 

It doesn’t require you to rely on willpower or force yourself to remember or schedule your new habit. Your morning coffee becomes a trigger to check your finances. Paying a bill becomes a cue to save a little extra. Over time, these small actions add up.

 

You’re not just sticking to your resolutions—you’re building new financial habits that last.

 

Here Are Four Easy Habit Stacks You Can Use Today To Reach Your Financial Goals

  1. Morning Coffee + Check Your Bank Balance
    Most of us can’t start the day without that first cup of coffee (or a cold energy drink). This ritual is the perfect “buddy” for a new financial habit. While you brew your coffee, take one minute to log into your banking app and check your balance or scan for unusual transactions. It’s a quick way to stay on top of your finances and set the tone for mindful spending all day.
  2. Online Shopping + Save While You Spend
    We all love a little online shopping, especially with post-holiday sales everywhere. Here’s a twist: every time you make a purchase, transfer a small amount—say $5—into your savings account. It’s like giving yourself a gift that keeps on giving. Think of it as a necessary self-induced tax.
    Bonus: you’ll think twice about unnecessary purchases when saving is part of the process.
  3. Paying Bills + Find Savings Opportunities
    When paying a bill, take an extra minute to review the expense and ask, “Can I reduce this?” Maybe you can switch to a cheaper phone plan, bundle insurance policies, or cut back on streaming subscriptions. It’s a simple habit that can save you hundreds over the course of the year.
  4. Evening Routine + Review Your Spending
    Before brushing your teeth or settling in for the night, take two minutes to review the day’s spending. Did you stick to your budget? Are there any adjustments you need to make for tomorrow? This nightly check-in keeps your finances at the forefront of your mind and helps you track your progress.

In Conclusion:
Starting small and slowing incorporating new habits into your current routines is what makes this strategy so effective.

 

You don’t need to overhaul your life or spend hours trying to live a completely different lifestyle. Focusing on one or two habits that take less than five minutes helps you build consistency.

 

Consistency helps those new baby habits graduate and grow into automatic, seasoned habits that can show next year’s resolutions the ropes!

 

Slow and steady wins the race! Let’s turn those ambitious financial goals into manageable actions that we can stick with long after January is over. One cup of coffee, one bill, one step at a time. You’ve got this!

 

This article is for informational purposes only. Membership required. SRP is federally insured by NCUA.

Article Credit: BALANCE

Giving During the Holiday Season

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Emotional Giving, it’s More Than Money

Let’s set the stage… you’re home on a Friday night watching your favorite sitcom, and suddenly there it is… the familiar sad song combined with images of mistreated animals. Now, instead of laughing, you’re tearing up and reaching for your computer or phone to make a donations.

 

Here’s another scenario… lunch is being catered at work today. You ask the source of the generosity and discover it was sponsored as part of the kickoff to a charity campaign. You’ve already eaten the food, so now you feel obligated to give to the charity.

 

Giving happens for a variety of reasons, but for many, it’s done in pursuit of a better life. A better life for the person or group you are giving to and an improved feeling about yourself for knowing you have helped others. Though the beneficiary of the donations may vary, the motivation to help is shared among the people that give.

 

Giving for “Healthy” Reasons

When the University of California, Berkley studied giving, the research found that elderly individuals who volunteered for two or more organizations were 44% less likely to die over a five-year period. In a Johns Hopkins University study, it was found giving improves physical health and longevity by reducing stress. In addition, the University of Tennessee reported lower blood pressure for givers compared to their peers who do not donate.

 

Social Connection of Giving

When individuals give, they become connected to the cause they’re supporting. In that respect, givers tend to be more socially conscious and feel a connection to the people they’ve helped. Of course, human connection can be complicated, but connected people generally want the best for each other.

 

More Than One Way to Give

 

Your money

Whether you’re writing a check or swiping your credit card to donate, make sure the organization you are supporting has been thoroughly vetted. Researching how much their CEO is paid, the employees’ payroll, the overall impact of the organization, and the way they spend their donations will paint a picture of how their organization operates.

 

Employees are essential, administrative tasks must be done, and an organization cannot run without significant maintenance costs. Still, donors want to see the money they’ve given reach the people needing help. We would like to fund a new project or outreach; however, keeping the old initiatives alive is important too. Perhaps consider donating to an existing program with proven, ongoing results.

 

Your possessions

Many organizations keep a wish list of items they’re hoping to receive. These donation lists are usually on their website or may be available by request. The wish lists usually include everyday items that could help their organization.

 

Your time

If you’ve got budget constraints, consider volunteering. For most organizations, volunteers are harder to find than donations. Why? Because a donation can be a one-and-done transaction, but volunteerism cuts into the most valuable human resource: time. Volunteering reduces administrative costs and preserves resources. Ongoing volunteerism is a great way to alleviate stress for the organization’s employees. Every task performed by a volunteer allows the staff to concentrate on using their specialized skills. Even what seems to you like a small contribution can make a big difference.

 

Volunteering can create a connection and sense of gratitude few other tasks can. Plus, the people you meet while volunteering are some of the most hard-working and dedicated people around. Although their mission may vary, people who choose to work for a nonprofit have a shared passion for improving the world.

 

Your commitment

Ongoing donations are the lifeline of charitable and nonprofit organizations. It’s estimated that acquisition costs for new donors range between $.50 to $1.00 for every new donor dollar. Additionally, only 23% of donors are attracted to give a second time. Ongoing donors reduce the need to spend time and money on fundraising campaigns, advertising, and events, allowing the staff to concentrate on the actual work. After all, if the amount spent to attract donors detracts from accomplishing the organizations mission, the people needing assistance will receive less help.

 

Reasons this Season

The holiday season is packed with events needing volunteers and donations.  You may join team members of SRP Federal Credit Union, your credit union in Augusta, Ga. and the CSRA, out volunteering this holiday season! You may donate because of a passion you feel for a cause, because you’re thinking of looming deadlines for tax-deductible gifts, or you may just have some extra money to share. Whatever your motivations to donate may be, the organization you give to will be appreciative of your contribution. Whether it’s your time, money, or both, the staff at these charitable organizations and nonprofits understand the significance and sacrifice of your donation.

 

This article is for informational purposes only. Membership required. SRP is federally insured by NCUA.

 

Article Credit: BALANCE

Be Safe Shopping Online

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Online shopping is more prevalent than ever. At SRP Federal Credit Union, we understand that it can be difficult to discern whether or not certain websites are safe. Make sure to do everything you can to avoid becoming a victim of cybercrime:

 

  1. Secure mobile devices and computers. Keep the operating system and application software updated/patched on all of your computers and mobile devices. Also be sure to check that any antivirus/antispyware software installed is running and receiving automatic updates.
  2. Limit your online shopping to merchants you know and trust. If you know the store, shopping their online store is very safe. If you have issues, you can always visit the brick-and-mortar store. But, if you don’t know the store, be weary. Especially ads for stores that pop up on social media sites. It may be legit but take precautions. Conduct your own background check by checking with the Better Business Bureauor the Federal Trade Commission, or at online sites that review e-stores. If the store isn’t reviewed or doesn’t have good reviews, don’t order from their website.
  3. Look for "https" when making an online purchase.The "s" in "https" stands for "secure" and indicates that communication with the webpage is encrypted. If you submit your credit card information through a website, make sure the site is secure. Look for a padlock or key icon in the browser's status bar and "https" appears in the website's address bar before making an online purchase. Also keep your browser software up to date.
  4. Password protect your mobile device and computer. It's one of the most important steps to secure your mobile device and computer. When you create an account with the merchant, be sure to use a strong password. Use at least eight characters, with numbers, special characters, and upper and lowercase letters.    
  5. Do not respond to offers that seem too good to be true.An online store whose prices seem too good to be true, or that promises too much at too low a price is suspicious. The online store may not have come by these items legally, or you may never receive them, or you may get a bait and switch and end up with something you didn’t order.
  6. Avoid scams and fraud.Don't ever give your financial information or personal information over email or text. If you receive an email asking for donations, contact the organization directly to verify the request.

If a website you are trying to shop on claims to have an issue with your card and portrays itself to be a contact with SRP asking for your personal information to verify a purchase, don’t fall for it. SRP Federal Credit Union will NEVER solicit you for personal information via email, text, or telephone. If you require assistance, please send a secure message by using the Message Center in SRP Online or SRP Mobile.

  1. Do not use public computers or public wireless for your online shopping. Public computers may contain malicious software that steals your credit card information when you shop online. Criminals can also intercept traffic on public wireless networks to steal credit card numbers and other confidential information.
  2. Pay by credit card, not debit card.  It's safer to shop on the internet with a credit card rather than debit card. Credit cards are protected by the Fair Credit Billing Act and may reduce your liability if your information was used improperly.

At SRP in Augusta, no matter the card you choose, you will enjoy amazing benefits such as no annual fees, no balance transfer fees, and EMV micro-chips for security among other benefits.

  1. Print your online transactions. Print or save records of your online transactions, including the product description and price, the online receipt, and the emails you send and receive from the seller. Carefully review your credit card statements as soon as you receive them to confirm that all charges are legitimate. Contact your credit card company immediately if you have unauthorized charges on your account.
  2. Review privacy policies.Review the privacy policy for the website/merchant you are visiting. Know what information the merchant is collecting about you, how it will be stored, how it will be used, and if it will be shared with others.

With online shopping not going away anytime soon, educating yourself on online shopping safety is paramount to your financial health. If you would like the discuss the subject further, visit one of SRP’s many locations throughout the Augusta area.

 

This article is for informational purposes only. Membership required. SRP is federally insured by NCUA.

 

Article Credit: CUNA

Life Stages: How to Manage Your Finances Through the Years

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There are certain times in life when particular money management areas need special
focus. The list below may remind you of areas of your finances that need special
attention now or in the near future. Bear in mind that our stages are generalizations:
some people are married with children in their twenties while others do not have
dependents until their 50s, if ever. Whatever your situation, it’s important to plan ahead
to accommodate the coming changes in your financial situation.


20s
This is a time when you probably finish your formal education and begin your first “real”
job. Now is the time to start developing sound financial habits for a lifetime.

 

  • Establish credit and maintain a good payment record. Do not charge more than you can pay off in 3 months (or better yet, within the month).

 

  • Set up an emergency savings fund, typically 3-to-6 months’ living expenses. Keep this money as liquid (accessible with few, if any, penalties) as possible.

 

  • Start learning about investing and establish an automatic savings program to reach your financial goals.

 

  • If you can, buy a home, or start saving for the down payment.

 

  • Make sure you are taking full advantage of the savings benefits available to you through your employer: 401(k) or 403(b), et cetera.

 

  • Make sure you have adequate insurance coverage (life, home, auto, health, disability, liability).


30s

 

If you have children, begin investing for their education.

 

Continue to keep credit under control and avoid paying finance charges and annual
fees.


Write a will or review the one you have.


Review your insurance coverage in light of changes in your family situation,
increasing assets, or professional activities.

40s

 

As your income grows, look for investments and savings plans that shelter some of it
from taxes.


Use a retirement planning software program or see a financial planner to figure out
exactly how much you’ll need to have saved to maintain your lifestyle in retirement.


Step up personal and employer-sponsored retirement savings accordingly.


Review your investment allocation and make sure you are still well diversified


50s

 

Review your will and estate plan.


Pay off your debts. Depending on the going rates for different types of investments,
it may or may not be wise to pay off your mortgage now.


Maximize your savings for retirement.


Make sure your growing assets are protected by liability insurance.

60s

As you near retirement, switch a portion of your investments to low-risk types to
produce income rather than higher-risk growth.

 

With life expectancy increasing, make sure a portion of your retirement nest egg is
invested so that it continues to outpace inflation.


Maintain your health and long-term-care insurance.


Remain wary of scams aimed at seniors.


Research reverse mortgages if you are a homeowner. You may need to tap the equity
in your property to supplement your retirement income.

 

It’s good  to remember that no matter what life stage you are in, SRP Federal Credit Union can help. With twenty branches in our ten-county service area that includes Augusta, Ga., and Aiken, SC, there’s sure to be one near you. With the services you want, like convenient online availability, to services you may desire, like one-on-one financial counseling, SRP is here for you. We look forward to assisting you soon.

This article is for informational purposes only.  Membership Required.  SRP is federally insured by NCUA.

 

Article Credits: Balance

After Disaster Scams

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Many of us living in the CSRA are still experiencing the aftermath of Hurricane Helene. It was a devastating storm that has changed the landscape of our community. A few weeks have passed, and some are still without power and or internet. Trees and branches have been pushed to roadsides where possible, but there’s some cables and wires still lay in roadways. Some businesses have opened while some have not. Thankfully, volunteers and workers from other states have come to Georgia and South Carolina to bring supplies and lend a hand. Communities have come together through the turmoil.

 

However, as unfortunate as it is, there are always those who try to take advantage of individuals who are in crisis situations. At SRP, we know you have had enough to deal with over the last several weeks to have to worry about fraud and scammers too. Below is information to help protect yourself through what may have already been a trying time. We’re here to help.

 

Tips on how to safeguard against fraud and scams post-natural disasters:

  • Scammers will go door-to-door targeting people affected by storms. They also text, call, or try to reach you any way possible to promise you aid quickly. Never give out your personal information without confirming the legitimacy of the person who is contacting you. If possible, work with local businesses. Check their references – it may even be someone you know.
  • Government workers are required to carry official identification and produce it when someone asks to see it. The worker will never charge you to fill in government forms, and if you are unsure the identification is real, just get their agency’s phone number. You can always call directly to see if this person works there.
  • FEMA Disaster Survivor Assistance (DSA) crews, housing inspectors and other officials will work in areas affected by storms. If an inspector comes to your home, and you didn’t apply, your information may have been used without your knowledge. Do not give FEMA representatives your personal financial information. (Report scams immediately to 866-720-5721).
  • You will get many requests for donations after disasters. Do your research. There are charity reviews online, charity reports, ratings with the Better Business Bureau and state regulators for charities.
  • Scammers spoof organization’s phone numbers, so don’t always believe your caller ID. If you wish to donate to a charity, you should verify the phone number yourself and call them directly. If someone calls you and starts pressuring you to donate, it could also be a scam. Once again, contact the charity directly to donate.
  • Never click on links from sources you are not familiar with. This could be an attempt to download malware onto your device.
  • Remember, SRP or any financial institution, will never call and ask for your passwords or financial information.

Hopefully, you find these tips to be helpful as you navigate your way through the aftermath of the storm. We hope you and your families are safe and well.

 

This article is for informational purposes only. SRP is federally insured by NCUA.