What Forces Are Driving the Housing Market?

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What Forces Are Driving the Housing Market?
Many hopeful homebuyers are having issues securing a home.

Provided by Wendy Otterness and Anthony Bye

Recently, you may have seen reports that a record-low number of homes are available for sale—roughly 1.03 million nationwide. If you compare that to the average number of homes for sale during the past 10 years, it's no surprise that many hopeful homebuyers are having issues securing a home.1

Lack of inventory. There are a few major differences between 2007 and now, however, but the biggest difference? What we’re seeing now isn’t a bubble; it's simply a lack of inventory.

It’s a seller’s market. In many ways, this may be the most friendly market we’ve seen in quite a while for home sellers. Right now, nearly half of homes are selling within roughly a week or less. At the same time, median prices are rising at a phenomenal rate, and national prices, in general, have increased 17.2 percent over last year.2

Why now? Listings are skyrocketing for a number of reasons. Many experts believe the continued low mortgage rates, a pandemic-era construction slowdown, and an increase in money available for a down payment are all factors.3

In this hyper-competitive market, many people are thinking of taking advantage of the situation by listing a property or home. If this sounds like you, give our office a call. We may be able to put you in touch with a housing professional who can offer some guidance and support.

Wendy Otterness may be reached at 715.398.8917 or [email protected]

Anthony Bye may be reached at 715.398.8975 or [email protected]

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. 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.
Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), members FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members.
Citations
1. NAR.realtor.com, March 22, 2021
2. Axios.com, April 11, 2021
3. Axios.com, April 11, 2021
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REC LOAN RATES AS LOW AS 2.99% APR1

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With warmer months just around the corner, there’s never been a better time to finance that recreational vehicle you’ve been dreaming of. The best part? Superior Choice Credit Union makes getting your hands on a new toy easy with flexible terms, an easy application process, and rates as low as 2.99% APR!1

With a recreational loan, you can discover adventure with a new:

  • Boat
  • RV
  • Camper
  • ATV
  • UTV
  • Jet Ski®

So, what are you waiting for? Apply for your recreational loan today – online or at an SCCU branch.

1APR = Annual Percentage Rate. Rates effective April 9, 2021, and are subject to change at any time without notice. The rate posted is the lowest possible rate and may vary depending on past credit history, down payment, and approximate term. All loans are subject to approval. Membership eligibility is required. Terms and conditions apply.

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TOWER AVE. DRIVE-UP CLOSED – April 21 & 22

TOWER AVE. DRIVE-UP CLOSED – April 21 & 22
 
Tower Ave Sales & Service Center Drive-Up will be closed Wednesday & Thursday to improve security systems and drive-up equipment. We apologize for the inconvenience! Normal Operations are set to resume Friday, April 23rd.
 
Tower Ave. lobby services are still available or our Shoreline & Duluth-Denfeld Drive-Ups are ready to serve your needs.
Click here to find another location nearest you.
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Updated Hours!

On April 3rd we updated our hours and added lobby hours on Saturdays at multiple branch locations! Appointments are no longer necessary to meet with a financial specialist, the commercial department, or a mortgage originator.

 

See the new hours below.

Uphours4.21

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Uniform Transfers to Minors Act

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The Uniform Transfers to Minor’s Act (UTMA) provides a simple and inexpensive method of making a gift or bequest to a minor without the expense of a trust.

What is an UTMA Account dragged

Duties of the Custodian 

  • Collect, hold, manage, invest and reinvest the assets.
  • Deal with assets as a prudent person would.

Payments by Custodian

  • Make payments to the minor (or for his or her benefit) in whatever amounts the custodian considers advisable.
  • Consideration need not be made as to:
    • Another’s duty or ability to support the minor, or
    • Any other income available to the minor.

Life Insurance Rules for Policies Held in Custodianship

  • Life or endowment policies on the minor’s life must name his or her estate as the sole beneficiary.
  • The minor, his or her estate, or the custodian (as custodian for the minor) must be the irrevocable beneficiary of policies on the life of someone other than the minor.

Termination of a Custodianship

The custodianship is generally ended when the minor becomes of age (18 or 21). A few states have provisions allowing the custodianship to be extended to age 25.1 Some states permit the donor to select any age between 18 and 21 to distribute the assets.

Further Considerations

  • Both real and personal property can be transferred.
  • The donor may be the custodian. Sometimes a transfer of possession and control to a third party is necessary to establish one’s intent to complete the transfer. If notice is given to the appropriate third person (e.g., bank, insurance company, etc.) or is made a public record, as with the recording of a deed, the donor can be the custodian. However, if the donor dies prior to distributing the assets to the minor, the value of the assets will be included in his or her gross estate.
  • A transfer may be for only one minor and only one person may act as custodian at a time. Successor custodians may be appointed. Title to the property vests in the minor and he or she is subject to income tax on the earnings or gain. For certain children, unearned income in 2021 in excess of $2,200 is subject to taxation (the “kiddie” tax) at the higher of the child’s marginal income tax rate, or the marginal income tax rate of the parent(s).
  • These rules may vary slightly from state to state.

 

1 If the donor specifies that the custodianship will extend past the child’s reaching age 21, the transfer will not qualify as a gift1 If the donor specifies that the custodianship will extend past the child’s reaching age 21, the transfer will not qualify as a gift of a present interest.

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Start saving for your child's education

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How a 529 Education Savings Plan Works

A “529” education savings plan is a tax-favored program operated by a state designed to help families save for future education costs. While the fees, expenses, and features of these plans will vary from state to state, as long as a plan satisfies the requirements of Section 529 of the Internal Revenue Code,1 federal tax law provides tax benefits for both the contributor and the beneficiary.

How Does It Work?

How do 529 Plans Work dragged

Investing In Your Child's Future video:

1 Federal law does not allow income tax deductions for contributions to 529 plans, although growth inside a plan is taxdeferred1 Federal law does not allow income tax deductions for contributions to 529 plans, although growth inside a plan is tax-deferred and qualified distributions are tax-exempt. State or local tax law can vary widely. 529 plans involve investment risk, including possible loss of funds, and there is no guarantee an education – savings goal will be met.

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REFER-A-FRIEND

Proof 3 Superior Choice CU Refer Friend PC F21362 A42 Page 2

GET REWARDED WHEN YOU REFER FRIENDS AND FAMILY TO SCCU

For a limited time, our referral promotion is back and better than ever! If you love being a member of Superior Choice, invite your friends and family members to join us. After all, don’t they deserve the same great financial products and services that you enjoy every day? 

When you refer a friend or a family member to SCCU, we’ll give you both $50* and enter you in a drawing to win a YETI® cooler!

Referring is simple. Just visit Refer2SCCU.com and enter you and your referral’s contact information. We’ll reach out to your referral and provide instructions on how to become a member. All they need to do is complete our online membership application and use code REFER21 on the "confirm account selections" page on the application. Your referral would rather open an account in person? No worries! Click here to view a list of all our branch locations, each with a financial specialist happy to help. 

This promotion only lasts until May 31, 2021, so start sharing the joys of membership with your friends and family today. 

*Member eligibility required. Must be 18 or older to participate in referral promotion. New members must open up a checking account. Checking accounts require an initial minimum $25 deposit. Referring members and new members will receive the $50 incentive on 6/8/21 if the referring member and new member meet account requirements. Account must not have a negative balance when cash bonus is deposited. The offer is only valid for the first checking account opened. Fiduciary accounts are excluded from this offer. Bonus will be deposited to the membership savings account if qualifications are satisfied. Bonus Annual Percentage Yield (APY) = 0.00%. Bonus will be reported on IRS Form 1099, and you will be responsible for taxing and reporting. If qualifications are met, referring members and the new members will each be entered one (1) time into drawing for the YETI® cooler. read below for the official rules and guidelines. The promotion expires 5/31/2021 and is subject to change or discontinuation at any time without notice.

Official Rules & Guidelines 
This promotion is only available to entrants who participate during the promotional period. The promotion runs, April 07, 2021, and will end at 11:59 PM CST on  May 31, 2021. One (1) winner will be randomly drawn to win a Yeti®cooler. When an entrant meets the requirements set forth below, the entrant will be entered in the drawing. To enter, a current member of SCCU must refer a. non-member. The non-member must open a Membership Savings account and a checking account. Check accounts require a $25 minimum deposit. An entrant must be 18 years old or older. Entries limited to one per person. If a winner is disqualified, cannot accept the cooler, or rejects the giveaway, SCCU at its sole discretion may decide whether to offer the cooler to an alternate winner. Giveaways are not transferable, redeemable for cash, or exchangeable. The winner, by entering this contest and accepting the giveaway, is granting SCCU the right to use and release their name and photos in connection with the advertising of this promotion and accordingly, must sign a publicity release form. Winners are responsible for any applicable local, state, or federal tax implications resulting from the acceptance of the giveaway. By participating in the promotion, participants and winners waive any and all claims of liability against SCCU, its employees, volunteers, and agents for any injury, loss, or damage that may occur in connection with the promotion and end-use of the prize giveaway. SCCU reserves the right to end this promotion at any time and for any reason or to modify the promotional period or otherwise modify the entrant requirements and restrictions. No purchase necessary. SCCU membership required. This promotion is governed by all applicable state and federal laws. This promotion is void where restricted or prohibited by law. Restrictions apply.  SCCU reserves the right to discontinue this giveaway at any time for any reason. Odds of winning depend on the number of entries. Giveaway is administered by Superior Choice Credit Union PO Box 127, Superior, WI 54880. 

Additional entrant requirements, restrictions, and binding covenants:
The potential prize winners will be selected in a random drawing from amongst all eligible entries received during the promotional period. The random drawing will be conducted on or before July 1, 2021. The winner will be notified via phone or email no later than July 2, 2021. The winner will be required to respond by phone or email within five (5) business days to coordinate receipt of the prize. No purchase necessary. The prize is not transferable and not eligible for substitutions, exchanges, or cash, and has a fair market value of $50. Winner and all entrants, by participating in the drawing, agree to release and hold SCCU and all related entities and their officers, employees, directors, and agents harmless from any and all losses, damages, rights, claims, and actions of any kind in connection with the drawing. By participating in the drawing, all entrants have agreed that SCCU may use the information provided in connection with the drawing for internal purposes; however, information on entrants will not be provided to third parties except as necessary to administer the drawing or as required by law. The terms of the drawing and these rules and any dispute will be governed by the laws of the State of Wisconsin.

Federally Insured by NCUA.

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BUILDING YOUR EMERGENCY FUND DURING CHALLENGING TIMES

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BUILDING YOUR EMERGENCY FUND DURING CHALLENGING TIMES

We are living through great uncertainty, and much about the economy is out of our control now and in the future. However, there are things we can do right now to provide a layer of security and comfort – and creating or building on an emergency fund is an essential first step.

Start your emergency savings today with these tips in mind:

  • Set a goal: Experts recommend setting aside three to six months’ worth of expenses, but remember that it’s okay to start small.
  • Be consistent: Even if you only have $5 – $10 to spare, that adds up over time and turns saving into a habit.
  • Automate it: Set up automatic transfers or direct deposit with us to put money straight into your emergency fund – so you won’t even be tempted to spend it.

Want to automatically save a little every time you make a purchase? Consider opening a Round-Up Checking account. This service rounds every debit card purchase to the next dollar and deposits it into your Membership Savings account.

Check your spending. Cut back on unnecessary costs, such as underused subscription services, online shopping, and eating out, so you can put that money into your emergency fund instead. Creating and sticking to a budget is a great way to keep your spending in check. Need help setting one up? Contact one of our Certified Financial Counselors!

Get everyone on the same page. Have a calm and open conversation with your family so everyone understands the necessary changes, and point out that they won’t necessarily be forever.

We understand it might be difficult to save right now, but knowing you have even a small stash of cash is a measure of comfort when things get tight. If you need financial assistance, please contact us. We want to do anything we can to support our members during this time, and we remain committed to giving you our best service.

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STRATEGIES TO BUILD CREDIT AT EVERY STAGE

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STRATEGIES TO BUILD CREDIT AT EVERY STAGE

Good credit history goes a long way in helping achieve some of your biggest life goals, such as buying a car or financing your home. But, to build a credit history, you need a loan and, to get a loan, you need a credit history.

So, how do you even start?
No one comes into this world with a credit history. As you live your life, how you manage your finances begins to paint a picture of a person who is reliable and responsible with their money or isn’t. Favorable credit history will help you get lower interest rates on loans and credit cards and get approved for jobs and leases for rental properties.

Creating debt isn’t necessarily a bad thing. You just have to do it responsibly. In other words, it’s best to give yourself a leg up as early as you can.

In your youth
If you can, starting in your late teen years will lay the foundation for stable credit history. Here are some ways to do this:

  • Parents with good credit can add their teenagers as authorized signers on their credit cards, so teenagers can build credit with supervision and minimal risk.
  • Teenagers can apply for a secured credit card, which matches an amount placed on a deposit with a financial institution.
  • Parents can co-sign for a small loan in the teenager’s name. A co-signer is an added layer of security for financial institutions and is responsible for making payments on the loan if the signer is unable to do so.

If you take out a credit card, be careful to only make purchases you can pay in full every month. You never want to have a high credit utilization, or “max out” your credit card.

As a young adult
Taking out a loan to purchase a car is common at this point in your life. As you begin car shopping, keep the price in mind, and look for auto financing from Superior Choice, as your local financial institution often has more benefits than dealer financing.

It may also be time to apply for a credit card of your own. Watch your timing, though. When you apply for loans, lenders request your credit history from the credit bureaus to see how reliable you are. Multiple queries in a short span of time are one factor in lowering your credit rating.

Be sure to avoid credit cards that charge large fees, like annual fees. There are plenty of affordable options out there. We offer a Visa Platinum card, Max Cash Preferred card, and Real Rewards Card as options for someone who is just starting to build credit.

While an unfortunate accumulation, student loans show you’re conscientious about paying off debt. If you’ve started paying these off, make full payments by or before the monthly due date to continue improving your credit rating.

Your middle years
Around this time, you’ve probably begun to build a decent credit history, and maybe you’re thinking about buying your first home. A mortgage is a great way to diversify your credit.

Remember the “credit utilization” term we talked about earlier? With the products you’ve likely taken out at this point, now is a good time to look into the ratio of how much credit you have versus the credit you’re using. As much as possible, you should try to use no more than 30 percent of your available credit. One strategy to do this is to request a credit limit increase on an existing credit card.

Avoid borrowing more than you can repay. A bankruptcy or foreclosure will damage your credit rating for a long time.

As a senior citizen
At this stage in your life, you’ve worked hard for your credit rating. Now, the most important thing to do is keep it safe.

  • Check your credit report regularly and challenge discrepancies.
  • Watch for signs of identity theft. If you see suspicious activity on your credit report, put a credit alert on your account.
  • Fraudsters tend to prey on senior citizens, especially online, so check your account activity frequently.
  • Keep your credit cards active, and make sure you can pay off the balance every month.
  • Continue to pay your bills on time.

The bottom line: Your credit history is the work of a lifetime of financial habits, and it will likely change over time. From the time you start to well past retirement, pay your bills on time, don’t borrow more money than you’ll be able to repay and don’t max out credit cards. These key steps will put you on the path to building a robust credit history.

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Access Your Money When You Need It

ATM Man

Have you received a check lately, shoved it in your purse or wallet, and put off depositing it until you realized the branches were already closed? SCCU offers deposits (cash and checks) at our ATMs, any time - day or night.

HOW TO MAKE DEPOSITS AT AN SCCU ATM

Locate an ATM nearest you: Click here for a complete list of SCCU's ATM locations.

Prepare ahead of time: If you're depositing a check, make sure you have endorsed the back of the check before making your deposit.

Follow on-screen instructions: When you arrive at the ATM, insert your debit or ATM card and enter your PIN. Choose the "deposit" option. Select which account you'd like your funds to be deposited into (typically checking or savings), insert your check or cash into the ATM, confirm the dollar amount on the screen, make any adjustments if needed, and be sure to grab your receipt and your card.

When your deposit will be available: Funds from any deposit (cash or check) made at the ATM will follow Reg CC, meaning the first $225.00 of each deposit, will be made available on the first business day1, typically the day of the deposit. Any deposits above $225.00 will be made available on the second business day after the deposit2.

Check deposit is available from anywhere: You can also deposit your checks right from your couch. Click here to read about all the features our mobile app offers, and how you can make deposits from your smartphone or tablet, without leaving your home or on-the-go.

1End of business day cut off is at 5:00 PM. If you make a deposit after this cut-off time, SCCU will treat the deposit as if was made on the next business day. "Business day" excludes Saturdays and Sundays and all federal holidays.

2If it is determined during the review process that an extended check hold is needed, a credit union employee will attempt to contact via phone call or email the member to inform them of the delayed availability. If staff are unable to contact via phone or email, they will mail a notice of delayed availability no later than the following business day. Checks will be reviewed throughout the day.

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ENTER TO WIN SCCU X EARTH RIDER POT OF GOLD

*GIVEAWAY HAS ENDED*

March Member Giveaway

Do you have the luck of the Irish to win the SCCU X Earth Rider Pot of Gold

Enter to win an Earth Rider sweatshirt, 2 goblet glasses, and a sticker by clicking here, "liking" the post, and comment with your favorite Earth Rider brew.

We will draw one (1) lucky winner. The drawing will end Wednesday, March 17, 2021, at 11:59 CST.

Official Rules & Guidelines 
This promotion is only available to entrants who participate during the promotional period. The promotion runs 10:00 AM CST on Monday, March 15, 2021, and will end at 11:59 PM CST on Wednesday, March 17, 2021. One (1) winner will be randomly drawn to win an Earth Rider hoodie sweatshirt, two goblet glasses, and a sticker. Alternative entry method: email [email protected] When an entrant meets the requirements set forth below, the entrant will be entered in the drawing. To enter, participants must “Like” SCCU’s promotion post and “Comment” with their favorite Earth Rider brew under SCCU’s promotional post. Entrants are not being asked to share on their Facebook timeline, share on a friend's timeline, or tag friends in the promotional post to enter or gain additional entries. An entrant must be 21 or older, a legal U.S. resident as of the date of entry with valid government-issued identification. Entries limited to one per person. SCCU employees, board members, and their immediate family are not eligible to enter; immediate family is defined as spouse/significant other, child, sibling, and parent (including “step”). If a winner is disqualified, cannot accept the gift card, or rejects the giveaway, SCCU at its sole discretion may decide whether to offer the "Pot of Gold" to an alternate winner. Giveaways are not transferable, redeemable for cash, or exchangeable. The winner, by entering this contest and accepting the giveaway, is granting SCCU the right to use and release their name and photos in connection with the advertising of this promotion and accordingly, must sign a publicity release form. Winners are responsible for any applicable local, state, or federal tax implications resulting from the acceptance of the giveaway. By participating in the promotion, participants and winners waive any and all claims of liability against SCCU, its employees, volunteers, and agents for any injury, loss, or damage that may occur in connection with the promotion and end-use of the prize giveaway. SCCU reserves the right to end this promotion at any time and for any reason or to modify the promotional period or otherwise modify the entrant requirements and restrictions. No purchase necessary. SCCU membership not required. This promotion is governed by all applicable state and federal laws. This promotion is void where restricted or prohibited by law. Restrictions apply.  SCCU reserves the right to discontinue this giveaway at any time for any reason. Odds of winning depend on the number of entries. Giveaway is administered by Superior Choice Credit Union PO Box 127, Superior, WI 54880. This giveaway promotion is in no way sponsored, endorsed, or administered by Facebook, and entrants, by participating in this giveaway, have agreed to release Facebook from any and all liability arising from or related to this promotion. Participants are providing all information for this promotion to SCCU and not to Facebook. Name, photo, and comments of winners may be used for promotional purposes.

Additional entrant requirements, restrictions, and binding covenants:
The potential prize winners will be selected in a random drawing from amongst all eligible entries received during the promotional period. The random drawing will be conducted on or before March 18, 2021. The winner will be notified on Facebook via SCCU’s publicly available page through Facebook messenger (or by email for email entrants) no later than March 19, 2021. The winner will be required to respond by private message within five (5) business days to coordinate receipt of the prize. No purchase necessary. The prize is not transferable and not eligible for substitutions, exchanges, or cash, and has a fair market value of $50. Winner and all entrants, by participating in the drawing, agree to release and hold SCCU and all related entities and their officers, employees, directors, and agents harmless from any and all losses, damages, rights, claims, and actions of any kind in connection with the drawing. By participating in the drawing, all entrants have agreed that SCCU may use the information provided in connection with the drawing for internal purposes; however, information on entrants will not be provided to third parties except as necessary to administer the drawing or as required by law. The terms of the drawing and these rules and any dispute will be governed by the laws of the State of Wisconsin.

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Retirement Questions That Have Nothing to Do With Money

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Think about these factors before you leave work for the last time.

Provided by Wendy Otterness and Anthony Bye

Retirement planning is not entirely financial. Your degree of happiness in your “second act” may depend on some factors that don’t come with an obvious price tag. Here are some non-monetary factors to consider as you plan your retirement.

What will you do with your time? Too many people retire without any idea of what their retirement will look like. They leave work, and they cannot figure out what to do with themselves, so they grow restless. It’s important to identify what you want your retirement to look like and what you see yourself doing. Maybe you love your career, and can’t imagine not working during your retirement. There’s no hard and fast rule to your dream retirement, so it's important to be honest with yourself. An EBRI retirement confidence survey shows that almost 74% of retirees plan to work for pay, whereas just 27% of retirees report that they’ve actually worked for pay.1

While this concept doesn’t have a monetary value, having a clear vision for your retirement may help you align your financial goals. It’s important to remember that your vision for retirement may change—like deciding you don’t want to continue working after all.

Where will you live? This is another factor in retirement happiness. If you can surround yourself with family members and friends whose company you enjoy, in a community where you can maintain old friendships and meet new people with similar interests or life experiences, that is a definite plus. If all this can occur in a walkable community with good mass transit and senior services, all the better. Moving away from the life you know to a spread-out, car-dependent suburb where anonymity seems more prevalent than community may not be the best decision for you. 

How are you preparing to get around in your eighties and nineties? The actuaries at Social Security project that the average life expectancy for men is 84 years old and the life expectancy for women is 86.5 years. Some will live longer. Say you find yourself in that group. What kind of car would you want to drive at 85 or 90? At what age would you cease driving? Lastly, if you do stop driving, who would you count on to help you go where you want to go and get out in the world?2

How will you keep up your home? At 45, you can tackle that bathroom remodel or backyard upgrade yourself. At 75, you will probably outsource projects of that sort, whether or not you stay in your current home. You may want to move out of a single-family home and into a townhome or condo for retirement. Regardless of the size of your retirement residence, you will probably need to fund minor or major repairs, and you may need to find reliable and affordable sources for gardening or landscaping.

These are the non-financial retirement questions that no pre-retiree should dismiss. Think about them as you prepare and invest for the future.

Wendy Otterness and Anthony Bye may be reached at 715.398-8918 or [email protected]

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. 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.

Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services Inc. (CBSI) members FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the Credit Union. CBSI is under contract with the Financial Institutions to make securities available.

Not NCUA/NCUSIF/FDIC Insured, May Lose Value, No financial institutions Guarantee. Not a deposit of any financial institution.

Citations

1. EBRI/Greenwald Retirement Confidence Survey, 2020

2. SSA.gov, 2021

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Youth Month 2021 is almost here!

Blog Youth Month 2021
 
Join us in celebrating our youth members!
 
April 1 – 30, 2021, SCCU will offer youth & teen account specials, scholarships for high school seniors, a prize drawing contest, and more!
Every child dreams about their future. Some of those dreams may require money to come true. How do you help your children achieve their dreams?
One way is to help them learn how to save their money.
In April, Superior Choice Credit Union is celebrating Youth Month, which is a program that helps teach and encourage kids to develop good financial habits.
The theme this year is “Be a Credit Union Saver & Your Savings Will Never Go Extinct”. By making saving money fun it helps make it easier and more desirable for kids. This year’s Youth Month inspires children to begin saving the money they earn so they can attain their dreams of a happy future.
Superior Choice Credit Union will celebrate Youth Month from April 1, 2021, through April 30, 2021, with the following activities and promotions:
1Membership eligibility required. Must be under the age of 18 to open a Youth Savings Account. Promotion available April 1-30, 2021 but is subject to change or discontinue at any time. Bonus is deposited directly into the new savings account. Account opening bonus Annual Percentage Yield = 0.00%.
2Membership eligibility required. Promotion available April 1-30, 2021 but is subject to change or discontinue at any time. Gift cards will be mailed to new account holders in early May 2021. Account opening gift card APY = 0.00%. Bonus will be reported on IRS-1099 and members will be responsible for tax filing and reporting. Cannot be combined with other offers.
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AUTO LOAN RATES AS LOW AS 2.19% APR1

Auto Loan 2021 Blog Picture

If you’ve been thinking about purchasing a new or used vehicle, consider this your sign to take the leap. At SCCU, our auto loans are tailored to fit your lifestyle and offer everything you need to feel confident about your purchase:

  • Low Rates
  • Flexible Terms
  • Access to our free AutoSmart car-buying resource

Plus, through our CUDL dealer program, you can take care of financing and sign all the paperwork right at the dealership! Move full speed ahead with a feel-good loan today.

Shop for your next vehicle with Superior Choice Credit Union and see how easy it is to find and finance it. Get your low-rate today! To see if you qualify, visit superiorchoice.com to fill out an online application for an auto loan with a rate as low as 2.19% APR1.

APR1  = Annual Percentage Rate. Up to 120% MSRP financing including taxes, licenses, warranties, and all other adds. The rate posted is current as of 02/15/21 and is subject to change. Rate posted is the lowest possible rate. Your rate may vary depending on vehicle age or type, past credit history, down payment, and approximate term. Loan subject to approval. Membership eligibility required. Federally insured by NCUA.

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Will You Have Enough to Retire Comfortably?

Retirement Beach

JOIN US FOR AN INVESTMENT & RETIREMENT WEBINAR WEDNESDAY, MARCH 10th, 2021!

Most of us imagine retirement as a happy time, a reward for a lifetime of hard work, full of possibility and potential. We have good reason to see retirement in a positive light. Americans are living longer, healthier lives than ever before. In fact, for some of us, retirement will make up a full third of our lives. Of course, this means that our retirement assets will have to do more for us over a longer period of time. This makes planning for our retirement essential.

In this seminar on Retirement Basics, you'll learn:

  • How to put together a retirement road map
  • Factors that influence when you should retire and how long your retirement could last
  • How to "crunch the numbers" by estimating your retirement expenses and retirement income.
  • How to use tax-advantaged savings vehicles like IRAs and 401(k)s

CLICK HERE TO REGISTER  

Contact Anthony at

715.398.8975

[email protected]

IMPORTANT DISCLOSURES
Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer, and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.

Some items and links provided on this page may be from third parties not affiliated with this advisor or CUNA Brokerages Services. Information is provided for educational purposes only. Any opinions expressed are those of the author and not necessarily those of CBSI or its advisors.

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SCCU Scholarship!

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APPLY FOR A 2021 SCHOLARSHIP TODAY!

As a community-focused financial cooperative, Superior Choice Credit Union believes in and supports higher education by offering scholarships. These scholarships are to be representative of our membership and our Credit Union philosophy, “Not for profit, not for charity, but for service.”

Scholarship money will be paid to the student in his or her name as well as the name of the institution he or she will be attending.

Scholarship applicants will be judged on the written questions, school and community activities, and college plans. Letters of recommendation are not required; however, they will be accepted should the applicant have them. Financial need is not a sole consideration, but applicants who have all school expenses paid are ineligible.

Ten $500 scholarships will be offered in 2021 for high school students in SCCU's membership field communities.

Eligibility

Recipients/students must be members of Superior Choice Credit Union (SCCU) and not have any negative account balances or delinquent loans. The recipient must be a high school senior about to enter a post-secondary education program as a full-time student as determined by their respective schools.

Application Forms

Applicants must use the standard Student Application Form (SAF). Applications will not be returned and will become the property of SCCU. Click here to download a printable PDF Student Application Form.

Selection

Scholarship Committee made up of SCCU staff will select recipients based on the applicants’ academic histories, goals, needs, and extra-curricular activities. The decision of the Scholarship Selection Committee is final and not subject to review.

Deadline

Your completed and signed SAF needs to be received by Friday, April 30, 2021, and can be mailed to:

Superior Choice Credit Union
Attn: Scholarship Program
1320 Grand Avenue
Superior, WI 54880

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ENTER TO WIN A $50 GIFT CARD TO ONE OF YOUR FAVORITE LOCAL BLACK-OWNED BUSINESSES

*GIVEAWAY HAS ENDED*

giftcard giveaway

In honor of Black History Month and in support of Black-owned businesses in our community, we are giving away three $50 gift cards to a few of our favorite local restaurants. 

Enter to win a gift card to Jamrock Cultural Restaurant, Stop and Go Pizza, and King of Creams by clicking here, liking the post, and commenting with your favorite small business in your community.

We will draw three separate winners. The drawing will end Wednesday, February 24th, 2021 at 11:59 CST.

Official Rules & Guidelines 
This promotion is only available to entrants who participate during the promotional period. The promotion runs 9:00 AM CST on Thursday, February 18, 2021, and will end at 11:59 PM CST on Wednesday, February 24, 2021. Three (3) winners will be randomly drawn to win a $50 gift card to King of Creams, Jamrock Cultural Restaurant, and Stop and Go Pizza. Alternative entry method: email [email protected] When an entrant meets the requirements set forth below, the entrant will be entered in the drawing. To enter, participants must “Like” SCCU’s promotion post and “Comment” with their favorite local small business under SCCU’s promotional post. Entrants are not being asked to share on their Facebook timeline, share on a friend's timeline, or tag friends in the promotional post to enter or gain additional entries. An entrant must be 18 or older, a legal U.S. resident as of the date of entry with valid government-issued identification. Entries limited to one per person. SCCU employees, board members, and their immediate family are not eligible to enter; immediate family is defined as spouse/significant other, child, sibling, and parent (including “step”). If a winner is disqualified, cannot accept the gift card, or rejects the giveaway, SCCU at its sole discretion may decide whether to offer the gift card to an alternate winner. Giveaways are not transferable, redeemable for cash, or exchangeable. The winner, by entering this contest and accepting the giveaway, is granting SCCU the right to use and release their name and photos in connection with the advertising of this promotion and accordingly, must sign a publicity release form. Winners are responsible for any applicable local, state, or federal tax implications resulting from the acceptance of the giveaway. By participating in the promotion, participants and winners waive any and all claims of liability against SCCU, its employees, volunteers, and agents for any injury, loss, or damage that may occur in connection with the promotion and end-use of the prize giveaway. SCCU reserves the right to end this promotion at any time and for any reason or to modify the promotional period or otherwise modify the entrant requirements and restrictions. No purchase necessary. SCCU membership not required. This promotion is governed by all applicable state and federal laws. This promotion is void where restricted or prohibited by law. Restrictions apply.  SCCU reserves the right to discontinue this giveaway at any time for any reason. Odds of winning depend on the number of entries. Giveaway is administered by Superior Choice Credit Union PO Box 127, Superior, WI 54880. This giveaway promotion is in no way sponsored, endorsed, or administered by Facebook, and entrants, by participating in this giveaway, have agreed to release Facebook from any and all liability arising from or related to this promotion. Participants are providing all information for this promotion to SCCU and not to Facebook. Name, photo, and comments of winners may be used for promotional purposes.

Additional entrant requirements, restrictions, and binding covenants:
The potential prize winners will be selected in a random drawing from amongst all eligible entries received during the promotional period. The random drawing will be conducted on or before March 1, 2021. The winner will be notified on Facebook via SCCU’s publicly available page through Facebook messenger (or by email for email entrants) no later than March 1, 2021. The winner will be required to respond by private message within five (5) business days to coordinate receipt of the prize. No purchase necessary. The prize is not transferable and not eligible for substitutions, exchanges, or cash, and has a fair market value of $50. Winner and all entrants, by participating in the drawing, agree to release and hold SCCU and all related entities and their officers, employees, directors, and agents harmless from any and all losses, damages, rights, claims, and actions of any kind in connection with the drawing. By participating in the drawing, all entrants have agreed that SCCU may use the information provided in connection with the drawing for internal purposes; however, information on entrants will not be provided to third parties except as necessary to administer the drawing or as required by law. The terms of the drawing and these rules and any dispute will be governed by the laws of the State of Wisconsin.

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WIN SOMETHING SWEET - JUST BECAUSE WE

*SWEEPSTAKES HAS ENDED*

WIN SOMETHING SWEET - JUST BECAUSE WE <3 OUR MEMBERS

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At SCCU, we love our members every day of the year, but this Valentine’s Day, we’re giving one member everything needed to make the holiday extra special. Enter our Date Night In Sweepstakes before Wednesday, February 10, for a chance to win a bundle of fantastic (and romantic!) prizes.

Don’t miss your shot at scoring this carefully curated date-night package featuring goods from your favorite local shops, including Sweeden Sweets, Keyport Liquor, and Huckle Berry! If you’re the lucky winner, you’ll receive:

  • Popcorn and seasoning
  • Box of delicious candy
  • Playing cards
  • Gorgeous flowers
  • Bottle of red and white wine – plus coasters!
  • Scrumptious chocolate
  • Candle
  • $50 gift card to Black Woods

Your Valentine’s Day could be extra sweet this year – make sure to enter our Date Night In Sweepstakes before Wednesday, February 10.

Must be 21 or older to enter. The winner will be selected on February 11 and must be able to pick up the prize on February 12 at our Administration Building located at 1320 Grand Ave, Superior, WI.

 

OFFICIAL RULES AND GUIDELINES

This giveaway promotion is in no way sponsored, endorsed, or administered by Facebook, and entrants, by participating in this giveaway, have agreed to release Facebook from any and all liability arising from or related to this promotion. Participants are providing all information for this promotion to SCCU and not to Facebook.

Promotion is for the giveaway of the "Date Night In Sweepstakes" which includes: popcorn and seasoning, a box of candy, playing cards, flowers, wine, coasters, chocolate, candle, gift card. This promotion is only available to entrants who participate during the promotional period, beginning 12:00 pm CST on Monday, February 1, 2021, and ending at 11:59 pm CST on Wednesday, February 10, 2021. When an entrant meets the requirements set forth below, the entrant will be entered in the drawing. 

To enter, participants must visit sccuvalentinesgiveaway.com, and fill out the form - first name, last name, and email are required fields, and press "Submit".

Winners must be at least 21 years old and a resident of Minnesota or Wisconsin as of the date of entry with valid government-issued identification. Only one drawing entry is permitted per person. Employees, Board members, and volunteers of SCCU and their immediate family or household are not eligible. By entering, the entrant agrees to these rules and the decisions of SCCU.  The odds of winning are contingent on the number of eligible entries received and are all equal.  If a winner is disqualified, cannot accept the giveaway, or rejects the giveaway, SCCU at its sole discretion may decide whether to offer the giveaway to an alternate winner.  Giveaways are not transferable, redeemable for cash, or exchangeable.  The winner, by entering this giveaway and accepting the giveaway, is granting SCCU the right to use and release their name and photos in connection with the advertising of this promotion, the credit union, and accordingly must sign a publicity release form. Winners are responsible for any applicable local, state, or federal tax implications resulting from the acceptance of the giveaway. By participating in the promotion, participants and winners waive any and all claims of liability against SCCU, its employees, volunteers, and agents for any injury, loss, or damage that may occur in connection with the promotion and end-use of the prize giveaway.  SCCU reserves the right to end this promotion at any time and for any reason or to modify the promotional period or otherwise modify the entrant requirements and restrictions.  No purchase necessary.  SCCU membership not required. This promotion is governed by all applicable state and federal laws. This promotion is void where restricted or prohibited by law. Restrictions apply.

Additional entrant requirements, restrictions, and binding covenants:

The potential prize winners will be selected in a random drawing from amongst all eligible entries received during the promotional period. The random drawing will be conducted on or before February 11, 2021. The winner will be notified via email or phone no later than February 11, 2021.  The winner will be required to respond by 5:00 pm on Thursday, February 11 coordinate receipt of the prize. The prize is not transferable and not eligible for substitutions, exchanges, or cash. The guaranteed entries have no fair market value. Winner and all entrants, by participating in the drawing, agree to release and hold SCCU and all related entities and their officers, employees, board members, and agents harmless from any and all losses, damages, rights, claims, and actions of any kind in connection with the drawing. By participating in the drawing, all entrants have agreed that SCCU may use the information provided in connection with the drawing for internal purposes; however, information on entrants will not be provided to third parties except as necessary to administer the drawing or as required by law. The terms of the drawing and these rules and any dispute will be governed by the laws of the State of Wisconsin.

FEDERALLY INSURED BY NCUA

 

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OUR LOBBIES ARE RE-OPENING 01-20-21

WELCOME BACK
 
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SCCU staff is working diligently on a plan to re-open our lobbies in a way that is as safe and smooth as possible. As we move forward, we want you to know that prioritizing the health and safety of our members and staff is always at the top of our list. This includes increased distancing, safety procedures, and strict guidelines for sanitation that comply with the Centers for Disease Control (CDC).

JANUARY 20, 2021
Our branch lobbies at all locations will be re-opening. Although appointments are still necessary to see a financial specialist, mortgage originator, or commercial lender, our teller lines will be open for all transactions. If you would like to schedule an appointment, please call our Contact Center at 800-569-4167 or email [email protected].

For the best social distancing practices, we still strongly encourage you to utilize our digital banking services as much as possible, drive-ups & ATMs, and scheduled appointments

Reminder: For the safety of our team and our members, it is required that you wear a mask or face covering at all times while visiting a branch. For members who are diagnosed with COVID-19 or are exhibiting symptoms, we are asking you to please refrain from visiting our branches.

WE LOOK FORWARD TO SEEING YOU
From all of us at SCCU we want to say thank you for trusting us, and your continued patience during these uncertain times. We are committed to meeting your financial needs and look forward to the safe interactions to come.
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2021: THE YEAR TO START PLANNING FOR YOUR RETIREMENT

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If 2020 taught us anything, it’s that we need to have a plan for our futures. Retirement plans are a great way to start saving specifically for your future. When looking into different plans there are a few things to think about. First, your income, some retirement plans such as a Roth IRA (Individual Retirement Account), have a yearly maximum that can be contributed based off your income. You want to start this plan as early as possible to make sure you can contribute as much as possible. To those who have just landed your first job, this is the perfect time to think about your retirement, when you are likely able to contribute the maximum amount. The second thing you want to think about is the dreaded taxes. In the case of retirement, you have some control over your taxes. You can decide whether you want to be taxed when you take your money out when in retirement or when you put your money in before you retire. In most cases its smart to diversify and have some plans that are taxed before and some that are taxed after. Third, your age, some plans have an age limit that you’ll want to keep in mind. Again, the earlier you start thinking and planning for your retirement, the better. But, if you are late to the game, don’t worry! There is likely still time for you to plan, an IRA allows contributions from those over the age of 50 (dol.gov).

Want to research more on IRAs and see if a Traditional or Roth would suit you best? Click here for the SCCU Retirement Central Tool. Research options, get answers to frequently asked questions, and even contribute online!

*Consult a tax advisor for additional information.

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