Mixed Signals on Inflation

Mixed Signals on Inflation
What to know as markets look forward.
Provided by Wendy Otterness and Anthony Bye

Are you having a tough time keeping track of inflation's mixed signals? You’re not alone.

Consumer prices in July climbed at their fastest rate since August 2008. Worse, producer prices, which can be an indicator of future price changes at the consumer level, rose at the highest rate since tracking began.1

However, in recent weeks, the stock market has shrugged off the inflation news, believing that the worst is over and rising prices will moderate in the future.

It’s important to remember that the stock market is a discounting mechanism, which means it’s always looking forward. Put another way, the stock market’s price today represents all available information about current and future events. How far forward is the stock market looking? Most would agree it’s “discounting” activity six to nine months into the future.2

Does that mean inflation will be lower in six to nine months? That’s what the stock market is suggesting. But the stock market also has a less-than-perfect record as a discounting mechanism, largely because the future is somewhat unknowable.2

Inflation is just one factor to consider when making adjustments to a portfolio. But if you’re unsure, thanks to the mixed messaging I've seen lately, please reach out. We’d welcome the chance to hear your perspective.

Wendy and may be reached at 715.398.8918 or [email protected] 
Tony may be reached at [email protected]

 

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. The S&P 500 Composite Index is an unmanaged group of securities considered to be representative of the stock market in general. Index performance is not indicative of the past performance of a particular investment. Past performance does not guarantee future results. Individuals cannot invest directly in an index.

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.

 

Citations

1. CNBC, August 11, 2021
2. Investopedia.com, April 28, 2021

Continue reading
  156 Hits
156 Hits

How to enroll in Zelle | Step by Step with pictures

Zelle_Standard_Logo_Lockup_Generator_06092021.png

Step 1
Sign on or enroll in online banking

OLB_log_in.PNG

Step 2
Agree to new terms & agreements

Zelle3.PNG

Step 3.
Select the payments tab

Step 4.
Hit “pay your bills” under the payments tabZelle2_copy.png

Step 5.
“Accept” privacy policy and any additional terms and agreements and hit “continue”Zelle5_copy.png

Step 6.
Select “What else can I do?”Zelle_6_copy.png

Step 7.
Select either “Send Money with Zelle” or “Send money to friends and family”Zelle7.png

Step 8.
Hit “Get started”Zelle8_copy.png

Step 9.
Select your email or phone number to securely send and receive money. Select “continue”Zelle9_copy.png

Step 10
Type the verification code sent to your phone or email & hit “verify”Zelle10_copy.png

Step 11.
If all information looks correct select “confirm account” Zelle11_copy.png

NOW YOU ARE ENROLLED!

Continue reading
  217 Hits
217 Hits

Can having three good friends promote a happy retirement?

RF pic1

MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES
Presented by Wendy Otterness and Anthony Bye  - August 2021


QUOTE OF THE MONTH

“Getting old is like climbing a mountain; you get a little out of breath, but the view is much better!”

INGRID BERGMAN


CAN HAVING THREE GOOD FRIENDS PROMOTE A HAPPY RETIREMENT?

We can reasonably say that the more money you retire with, the more potential you have to enjoy retirement. Now, what about friendship? If you maintain some strong friendships and an active social circle after age 60, can that make a big difference in the quality of your "second act"?

You may need only two or three close friendships to experience a positive effect. The challenge is that friendships are harder to maintain these days. Social media lets us keep in touch, but it can also be a facile, arm's-length substitute for the quality time we spend together in person. Dan Buettner, a National Geographic Fellow who studies longevity data in different cultures, writes in his book Blue Zones that Americans average 1.7 close friends today, compared with three in the 1990s. Wes Moss, a financial columnist for the Atlanta Journal-Constitution, contends that the happiest retirees have an average of 3.6 close friends (he has been researching retiree friendships for a book of his own). At financial news websites, articles sometimes warn retirees that when they walk away from the office, their daily social "safety net" will disappear and they will feel alone. While these warnings may make for good clickbait, they discount the fact that some of our closest friendships involve people we don't work with. Two, three, or four good friends may make our retirements feel that much richer.1 

Picture4

TRAVEL TIP

Need to show your ID? You may have a new option: a digital driver's license

Arizona, Colorado, Delaware, Florida, Idaho, Iowa, Louisiana, Maryland, Michigan, Oklahoma, Texas, and Wyoming now offer digital driver's licenses valid for all transactions or situations requiring ID. You might want one for when you travel: you can quickly update details, and if you lose your phone to theft or inattention, you have the ability to remotely erase the information. 

Source: USA TODAY, June 17, 20212


 

THE POWER OF VOLUNTEERING

Many retirees think about volunteering and some follow through on that thought, although according to an AgeWave survey published in June, the retirees who do volunteer spend fewer hours helping their communities or favorite causes than they would like. What if they devoted just two or three hours more per week to it? Would the effect be sizable, even profound? Maybe.  

This year, AgeWave learned that the average U.S. retiree spends less than an hour a week volunteering or doing some form of pro bono work. On average, however, retirees would like to volunteer 3.3 hours per week. The missing elements, according to the survey findings, are community resources and leader/mentor guidance. While some retirees may find volunteer opportunities through their house of worship, through friends, or by reading about an organization needing help in the media, some opportunities are less than evident. A good leader or mentor teaches volunteers how to take ownership of their roles and perform work that feels enriching and significant. If retiree volunteering did reach 3.3 hours per week, AgeWave believes that over 20 years, it would, directly and indirectly, contribute $6.8 trillion to society.3

Picture3

DID YOU KNOW?

One beautiful Brazilian island never gets any tourist traffic

Ilha da Queimada Grande, about 90 miles offshore from Sao Paulo, has perhaps the world's greatest concentration of venomous snakes – between 2,000 and 4,000 golden lancehead vipers, whose bite has a 7% chance of being fatal. Aside from clandestine visits by reptile smugglers and annual stopovers by the Brazilian navy to maintain a lighthouse, the island sees no people. The Brazilian government requires that a physician go along in the event of any legally sanctioned visit.4


 

ON THE BRIGHT SIDE

Annual inflation is currently above 5%, and because of this, the 2022 Social Security cost-of-living adjustment (COLA) may be much larger than it has been in recent years. The non-partisan Senior Citizens League projects that the 2022 COLA will be 6.1%.5

Picture4

BRAINTEASER

Which word can be placed between the words “table” and “house” to make two new words?

STUMPED? CALL 715.398.8975 FOR THE ANSWER!


 

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

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

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.

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. 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.

CITATIONS.
1 - Atlanta Journal-Constitution, July 2, 2021
2 - USA TODAY, June 17, 2021
3 - Los Angeles Daily News, July 4, 2021
4 - Smithsonian Magazine, June 25, 2014
5 - Morningstar, July 15, 2021

Continue reading
  154 Hits
154 Hits

We're switching to Zelle!

Zelle Standard Logo Lockup Generator 06092021

On September 2, 2021, Superior Choice Credit Union will be replacing Popmoney® with Zelle®!

If you like Popmoney, you are going to love Zelle. It’s a fast, safe, and easy way to send and receive money with friends, family, and others you know and trust.  Best of all, money arrives typically within minutes between enrolled users.²

Getting started is easy. After you complete your quick one-time enrollment, your Popmoney account information, activity, history, and contacts will be available in Zelle.

  1. Navigate to Bill Pay in DNAWeb
  2. Select Send Money with Zelle®
  3. Accept terms and conditions
  4. Choose the account you want to use
  5. Review and start sending money!

Important Reminders:

  • Scheduled or recurring Popmoney payments sent to an email address or mobile number will be canceled unless you enroll in Zelle after August 29 and before the Send Date for the payment. Exceptions to this are:
    • Any scheduled Popmoney payments over $2,000.00 will be canceled due to a change in limits.
    • Any scheduled Popmoney payments using the Charitable Giving option will be canceled.
  • Scheduled or recurring payments sent directly to a bank account3 will continue unless they are over the limit amount.
  • Notify your Contacts that you will no longer be using Popmoney. Ask your contacts to enroll with Zelle before you send them money – this will help them get your payment more quickly.
  • For a full list of participating banks and credit unions live with Zelle go to Zellepay.com. If your recipient’s bank isn’t on the list, don’t worry! The list of participating financial institutions is always growing, and your recipient can still use Zelle by downloading the Zelle app for Android and iOS.
  • If you receive Popmoney payments, please ask the Sender to use Zelle to send money to you instead.  If the sender's bank does not offer Zelle, they can easily enroll in the Zelle app (available in the App Store or GooglePlay) with a U.S.-based VISA® or Mastercard® debit card.

If you have any questions, please contact our Call Center at 1-800-569-4167.

Thank you,

Superior Choice Credit Union

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license. 

¹Must have a bank account in the U.S. to use Zelle.
²Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle.

³Scheduled or recurring payments sent directly to your recipient’s account number (instead of an email address or mobile number) are made available by Superior Choice Credit Union but are a separate service from Zelle and can take 1–3 business days to process.

Continue reading
  632 Hits
632 Hits

IS FINANCIAL HEALTH A FACTOR IN YOUR OVERALL HEALTH?

RF pic1

MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES
Presented by Wendy Otterness and Anthony Bye  - July 2021


QUOTE OF THE MONTH

“Do something wonderful, people may imitate it.”

ALBERT SCHWEITZER


IS FINANCIAL HEALTH A FACTOR IN YOUR OVERALL HEALTH?

Data from a newly released Harris Poll of more than 1,000 U.S. workers suggests that a majority of pre-retirees might answer "yes" to that question. Sixty-six percent of respondents to the poll identified their financial health as a component of their overall well-being. In fact, financial health ranked up near physical health (74%) and mental health (70%). Fifty-seven percent of those polled saw a relationship between all three factors, holding the opinion that their money, their lifestyle, and their health were integrated holistically, with each factor impacting another.    

Interestingly, 75% of those polled reported that their financial goals and strategies had changed within the last five years. Three-quarters of the respondents also said that they were striving for "financial independence" as well as retirement. Eighty-two percent of the 1,007 respondents said they believed there is no "single path" or cookie-cutter strategy toward retirement, and 88% believed that retirement looks different for everyone. Eighty percent felt that the traditional idea of a work-free retirement has become obsolete, and 56% felt that their financial future would differ from their parents and their children.1,2

 

Picture4

GOLF TIP

Fixing a bad hook

Why do golfers hit bad hooks? It may have nothing to do with their shoulders or arms. Rather, the right hand could be the culprit: it rolls over the left hand through the impact area. (The inverse applies for lefties.) Some golfers have a goal of staying "behind the ball" until the moment of impact and then crushing that tee shot (or fairway shot) with a powerful delayed-release. A good goal, but it cannot be accomplished by rotating your hands at the last possible moment. Instead, just let the club do the work and keep the clubface square to the ball at impact. Your hands will act naturally through impact and not spoil the arc of the shot. 

Source: Golflink.com, June 20, 20213


 

BETTER YOUR ODDS OF FINDING A JOB AFTER 50

For jobseekers older than 50, the hunt for satisfying work can be tough - but with such strong demand for skilled workers this year, your own search might lead you to a job you love. In a new book titled The Job Closer (recently the subject of a Next Avenue article), Duke University business professor and career coach Steve Dalton helps older (and younger) jobseekers out with some tips for 2021.  

To start, think about your best skill - the skill or ability you have (and excel at) that less than 1% of the people in the world have. You want your next job to take full advantage of it. Next, take a few minutes and write down every job you think you could do with your current skill set. After that, look at your resume. Bullet-point it per job so that it presents your "greatest hits" - accomplishments per job, keyed to stories you can tell in an interview. Ageism is real, so exclude dates of employment and graduation - and perhaps your earliest work experiences altogether. "It's completely optional to like networking," Dalton states, "but it's not optional to do networking." On popular networking websites, keep the per-job copy minimal and readable; if you are currently unemployed, don't disclose that. In interviews, ask plenty of questions about where the company is going, its challenges, and what the company is proud of achieving. Tell a story about yourself, a "hero story", for "the way to overcome ageism is to give people a story that makes sense about why you want to work there." Let them know what motivates you, and you could motivate them into hiring you.4

Picture3

DID YOU KNOW?

There is a 9-inch-diameter hole in the earth that goes down 7.5 miles

In the 1970s, scientists in the Soviet Union decided to see how far they could drill into the earth's crust. The resulting hole in Murmansk (now covered) is 0.7 miles deeper than the Mariana Trench, the deepest point of the world's oceans. The experiment halted when the temperature at the depth of drilling hit 180°C or 356°F.5


 

ON THE BRIGHT SIDE

Just 21% of baby boomers responding to a recent Nationwide Retirement Institute survey said the pandemic had complicated their personal finances, compared to 62% of millennials.6

Picture4

BRAINTEASER

Four kids raced across a yard: Tracy, Danny, Alexa, and Layne. Danny was as many places behind Alexa as Layne was ahead of Tracy. Alexa was not first, and Tracy was not second. Who was first, second, third and fourth?

STUMPED? CALL 715.398.8975 FOR THE ANSWER!


 

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

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

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.

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. 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.

CITATIONS.
1 - BenefitsPRO, June 15, 2021
2 - Franklin Templeton, June 14, 2021
3 - Golflink, June 20, 2021
4 - Next Avenue, May 20, 2021
5 - BuzzFeed, June 12, 2021
6 - Christian Science Monitor, June 1, 2021

Continue reading
  157 Hits
157 Hits

June Statements

StatementNotice 02

Did you receive a monthly statement with Lillie & Company, LLC on it?
No worries, that was us!

Our regulators recommend that we complete periodic account verifications.  Results from this audit are forwarded to our Board of Directors. 

FAQs

Was my personal information sold?
NO! We do not sell any personal information to anyone.

Who is Lillie & Company?
Lillie & Company was hired by SCCU to complete the full member account verification.

Will my statement always look like this?
Nope! Next month your statement will look as it has in the past.

Continue reading
  409 Hits
409 Hits

Core Upgrades

Core down copy4 

SCCU is making some small upgrades to our core system. Online banking, online applications, and access to your account balance from ATMs will be down Saturday, June 12th at 7pm to approximately 1am Sunday, June 13th, 2021. You can still access account funds through ATMs. This should not affect any transactions. We will be working to get the systems running as soon as possible Sunday morning.

Thank you for your patience.

Continue reading
  240 Hits
240 Hits

Retirement in Sight

RF pic1

MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES
Presented by Wendy Otterness and Anthony Bye  - May 2021


QUOTE OF THE MONTH

“Embrace the glorious mess that you are.”

ELIZABETH GILBERT


PANDEMIC ECONOMY OR NOT, SOME ARE ASPIRING TO RETIRE EARLY

A new study from Hearts and Wallets, a research firm founded in 2010 to study American retirement saving and investing trends, hints that the dream of retiring in late middle age is alive and well, although perhaps in need of a reality check.

The survey results, culled from responses to questions posed to almost 6,000 U.S. households, suggest that baby boomers and members of Generation X are eager to move on from the office. Thirty-nine percent of all respondents aspired to retire before they reached age 65, and 18% said they wanted to retire before age 59. In addition, 38% of people polled who were younger than age 54 indicated that they would prefer to stop working full-time by age 55. The question is whether these pre-retirees can maintain financial stability across the rest of their lives if they retire so early. People are being encouraged to work well into their 60s for practical reasons: the chance to retire closer to age 70 to obtain greater monthly Social Security benefits, the opportunity to contribute longer to tax-advantaged retirement accounts, and the potential benefit of additional compounding of invested retirement assets.   

As if to further illustrate the contrast between pre-retiree wants and pre-retiree needs, 34% of the respondents wanted to walk away from their careers at a particular age by choice, yet 53% indicated that they wanted to continue with their full-time job "as long as health permits."1

Picture4

TRAVEL TIP

Airports and resort hotels have become good places to get COVID-19 tests

This summer, you may need a negative COVID-19 test to board a flight, and another one before flying home. Many domestic airports (and some in Europe, the Caribbean, and Latin America) offer testing sites, and so do some large resorts catering to international visitors. Keep in mind, though, that some states and countries will only accept a negative PCR test result. At some airports and hotel properties, that type of COVID-19 test is not available. 

Source: The Points Guy, April 18, 20212


 

LIFELONG LEARNING, OR LONG LIFE LEARNING?

Many adults in their 40s, 50s, and 60s have migrated from their initial career to a second or even a third, learning new skill sets or even going back to college for another degree. You learn all your life, the thinking goes. A pair of higher education professionals are proposing a variation on that idea: keep schooling yourself for decades, not only to get new job skills but to understand how to age well and deepen the meaning of life's journey. 

Rovy Branon, a vice provost at the University of Washington, and Ingo Rauth, a professor at Spain's tech-focused IE University, have co-written a white paper calling for a "60-year curriculum" in which colleges would not simply cater to young adults, but to all generations. (According to Next Avenue, just 0.2% of U.S. college students are age 55 or older.) In this model, the university would be a place of respite, where workers phased out of fading or slumping industries could take a break of a year, two years or longer to explore other career or life paths. The model calls for an explicit emphasis on easily accessible online learning, which is commonly less expensive than the traditional college experience. The pandemic may have opened the door to this new style of curriculum, to the degree that it could become familiar for older adults in the decades ahead.3

Picture3

DID YOU KNOW?

There was once a 1,200' long painting of the entire Mississippi River

John Banvard, a self-taught painter, became internationally known for his spooled panorama presenting riverbank images of the whole waterway from the upper Midwest to the Gulf of Mexico. (The canvas was also 12' tall.) Pairing his minor artistic gifts with a major talent for promotion and audience rapport, Banvard toured his panorama throughout the 1840s and became the richest artist of his day.4


 

ON THE BRIGHT SIDE

Annual surveys conducted by the Harris Poll and the Nationwide Institute show that more women are choosing to turn to financial professionals for retirement strategies. In 2016, the annual Advisor Authority survey found that 44% of women who were saving for retirement had made such a choice; in the 2020 edition, that rose to 67%.5

Picture4

BRAINTEASER

A machine has four cogs in constant mesh. The largest cog has 72 teeth and the others have 36, 25, and 15 respectively. How many revolutions must the largest cog make before each of the cogs is back in its starting position?

STUMPED? CALL 715.398.8975 FOR THE ANSWER!


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

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

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.

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. 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.

CITATIONS.
1 - ThinkAdvisor, March 16, 2021
2 - The Points Guy, April 18, 2021
3 - Next Avenue, December 3, 2020
4 - Pierre Capital Journal, May 1, 2020
5 - Kiplinger, April 21, 2021

Continue reading
  222 Hits
222 Hits

What Forces Are Driving the Housing Market?

shutterstock 1439852297

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
Continue reading
  220 Hits
220 Hits

REC LOAN RATES AS LOW AS 2.99% APR1

RecLoans Article.Banner

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.

Continue reading
  1003 Hits
1003 Hits

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.
Continue reading
  354 Hits
354 Hits

Uniform Transfers to Minors Act

MomandDaugterSaving

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.

Continue reading
  326 Hits
326 Hits

Start saving for your child's education

Family grad

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.

Continue reading
  383 Hits
383 Hits

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.

Continue reading
  890 Hits
890 Hits

BUILDING YOUR EMERGENCY FUND DURING CHALLENGING TIMES

emergency fund web size

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.

Continue reading
  284 Hits
284 Hits

STRATEGIES TO BUILD CREDIT AT EVERY STAGE

life events web size

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.

Continue reading
  431 Hits
431 Hits

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.

Continue reading
  323 Hits
323 Hits

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.

Continue reading
  479 Hits
479 Hits

Retirement Questions That Have Nothing to Do With Money

retirementsign large

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

Continue reading
  343 Hits
343 Hits

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.
Continue reading
  1244 Hits
1244 Hits