Our Quest is to Save you $1Million. We Accept the Challenge!

Saving money isn’t anything new. Coors Credit Union has been saving members money since our beginning in 1954.  Probably we’ve helped members collectively save millions over the years, but this year we’re keeping track.

On Monday, May 7^th we started tracking how much Coors Credit Union saves its members. And we’re not going to stop tracking the savings until our members reach $1 million!

What money qualifies as savings?  Well…

When you bring us that checking account with debit card from that other financial institution that charges you fees for said debit card—we’ll count how much you save by switching. Let us save you money on that auto loan or home loan you have elsewhere. Or bring your higher rate credit card balances to us and we’ll show you just how much we can save you in monthly payments.

And don’t forget, pretty much anyone in Colorado and within your family (whether they live in Colorado or not) can belong to Coors Credit Union - so refer them to us and they too can join in on the savings!

We’re Aiming for the Top!

Time to Play Catch Up: Investing at age 50 and Beyond

If money makes the world go around it’s probably because we talk about it so darn much. But for all those who are talking, how many are doing? Studies have shown that roughly 6 out of 10 individuals have never tried to calculate what they need in retirement. And that’s how 60% find ourselves celebrating 50^th Birthdays without a plan for the future. Now don’t be sad. Just because you haven’t done the calculations doesn’t mean you’re sunk.

Here’s some steps to get you started.

#1 Set Goals

Actually there is a step before #1, and that’s looking at what you’ve done already. Chances are that you’ve already been socking away some funds. You may for example, have a 401(k) that you contribute to regularly. What else have you got? How about an IRA?

Your strategy should be to first take complete advantage of your 401(k). Work yourself up to the maximum contribution. If you’re lucky and you’ve still got an employer that matches funds, then you’ve got yourself a sweet bonus.

Once you’ve maxed out the 401(k) or whenever you find yourself with a nice amount of extra cash, open an IRA. Okay, now back to setting your goals.

According to a recent study by the Fidelity Research Institute, people who are 55 or older, are on track to have  55% of their income during retirement through personal savings, Social Security and pension income, That means they’ll have to live on 45% less cash each month once they retire.

Is that enough? Well that depends on your lifestyle. Some people believe that they will need less income when they retire since their lifestyle changes. However, 39% of current retirees said that their expenses actually increased during retirement. So be careful about setting the bar too low.

#2 Get an Outside Opinion

Seeking professional advice is not a weakness. And, fortunately for Coors Credit Union members there is expert advice right in-house. Our Investment and Retirement Center offers no-cost, no-obligation consultations. This is a great way to try them out. Consulting an adviser can help you see things that you might have otherwise missed. They can also help you review all your investment options.

#3 Play Catch Up

Ugh, the dreaded catch-up factor! Fortunately, the US Government has some strategies in place that can help you. If you’re still working and over 50, you can put more money into tax-sheltered retirement accounts such as 401(k)s and IRA than those younger people. Check the latest contribution limits with the IRS for IRAs and 401(k)s.

These are the essential steps anyone 50 and better should explore in preparing retirement wealth. We hope this will get you started and encourage you to explore more wealth building strategies.

It’s Time for The 4th Annual RedSide Photo & Video Contest

See your name in Red! It’s the next best thing to seeing your name in lights, but without the crazy paparazzi. Yes, friends it’s our 4^th Annual RedSide Photo & Video Contest.

This is your chance to tell the world what Coors Credit Union means to you.

Past RedSide winners have shared their stories of how Coors Credit Union made a positive impact on their lives by helping them with things like buying their first car, believing in them when it seemed like no one else did and even making it possible for them to build their family.

What about you?

Do you have fond memories of watching your child fill their piggy bank along with that proud moment when they brought it to the Credit Union? When did you first join the Credit Union and why? Is a Coors Credit Union debit card the first thing you see when you open your wallet?

Whatever your story, we want to know about the part that Coors Credit Union plays. Find a creative way to tell us through writing, pictures or video.

We know that you’ve made our lives richer. And we’ll bet that when you actually sit down to think about it, you’ll realize how our relationship affects your every day, as well as the more obvious events that take place in your life.

Oh, and did we mention you could win a $300* VISA Gift Card or a $300 donation to the non-profit/cause of your choice?!

It’s easy to do, and fun! Simply click here to read about all the details and rules, to get some pointers, and how to submit your entries. The contest runs from May 1 – June 15, 2012 so get out those old photos, charge up the digital photo or video camera to take new photos/video, and put your creative thinking caps on.

Should you have any questions, please only email your questions to redside@coorscu.org and someone will get back to you within two business days.

How Often Can You Refinance?

The short answer to the question of How Often Can You Refinance Your Mortgage is that there are no limits on the number of times you can refinance. However, there are some built-in factors that can save you from overdoing it—just in case you’re worried that you might become addicted to refinancing (because it seems that it’s possible to become addicted to almost anything these days).

First of all, if you are wondering whether or not it is time to refinance, take a look at the rates. It only makes sense to refinance if the rate is at least 2% lower than your current rate. That’s enough to actually make a difference in your payment and make it worth your while to go through the process.

Many lenders require that the mortgage you are refinancing has been held for at least 1 year. That requirement alone puts some time between the frequency of refinances. Lenders also may require that you have a minimum of equity in your home.  Of course, these  requirements are not just designed to keep you from getting too much of a good thing. They are put in place to protect the lenders from getting into a bad loan.

Then there is the paperwork. Some people might tell you that the process of refinancing is just like getting the initial mortgage.  Remember that? Not so much fun. Yes, refinancing does require you to sign a lot of papers and the process is similar, but not nearly as overwhelming.

Often closing costs will be associated with mortgage refinancing, but don’t let that scare you either. If you’ve followed the rule that your refi should be at least 2% lower than your current loan, closing costs should not be a problem. Look at the amount of the closing fee compared to your savings for one year. The fee should not be equal to or greater than the savings of refinancing, depending upon your savings goal.

Remember that the goal of refinancing is always to lower the amount of money you need to pay back to the lender. This may mean lower monthly payments or it could mean less overall interest paid. Refinancing is always a good move and should not cause you to become deeper in debt.

Should You Use Your IRA to Pay for School?

Generally, it’s not a good idea to tap into your retirement fund. In most cases you’ll have to pay a 10% fee and repay the amount. However, the IRS says there are two situations when tapping into your IRA is okay, at least by them. You can use funds from your IRA when purchasing a home or paying for higher education without paying the 10% penalty. But, like anytime you mess with your nest egg you need to consider all the rules and consequences.

Now here are the rules when you use funds to pay for education:

1. You can use IRA funds to pay for schooling costs for yourself, your spouse or your children or grandchildren.

2. The school can be a college, university, vocational school or other postsecondary facility that meets federal student aid program requirements. If they require a FAFSA for financial aid, they are part of the federal student aid program.

3. The school can be public, private or nonprofit as long as it is accredited.

4. You can use retirement money to pay tuition and fees and buy books, supplies and other required equipment.

5. Retirement funds may also be used to cover expenses for special-needs students.

6. Funds may be used for housing expenses if the student is enrolled at least half time.

HOWEVER: You may owe income tax on at least part of the amount withdrawn from your IRA, but you may not have to pay the 10% additional tax.

Generally, if the taxable part of the distribution is less than or equal to the adjusted qualified education expenses (AQEE), none of the distribution is subject to the additional tax. If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax.

Got it? Yeah, not so simple, eh?

Figuring the Amount Not Subject to the 10% Tax

To figure if you will need to pay, first determine your AQEE. You do this by finding the difference between your total qualified education expenses and any tax-free educational assistance, which includes:

• Expenses used to figure the tax-free portion of distributions from a Coverdell education savings account (ESA),
• The tax-free part of scholarships and fellowships,
• Pell grants,
• Veterans’ educational assistance,
• Employer-provided educational assistance, and
• Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance.

Funds not included are wages, loans, gifts, inheritance, or personal savings.

If your IRA distribution is equal to or less than your AQEE, you will not pay the 10% additional tax.

Before you use IRA funds to pay for education, you may want to consult your tax advisor and/or financial advisor to determine if the withdrawal works for your situation.

Find A Need, Fill A Need

Every now and then, we can all use a little help from our friends. Now Coors Credit Union is ready to help you, help others.

This year we’re introducing Find A Need, Fill A Need.

Know someone who needs a little help? You could help out a friend, family member, neighbor or co-worker—anyone in the Denver and greater Denver area. We’ll be awarding $100 Visa Gift Cards or $1,000 Visa Gift Cards.

We know there are A LOT of needs out there, and while $100 or $1,000 might not fill each need completely, we know every little bit helps. The initiative is also an opportunity to share stories and forge connections within the community that inspires people to reach out and spread the word any way they can. Perhaps you know a recent college graduate who has landed his or her first “real job” and needs to buy some new clothes. Maybe a friend has medical bills piling up and could use a little relief – share their stories and we’ll do what we can to help out and share their story with others.

This initiative is supported by radio station, the morning show on Alice 105.9. Click here for details. Or, click here to nominate someone for Find A Need, Fill A Need.

Thank you for helping us help those in Colorado in need, and for joining us
in the credit union philosophy of people helping people.

What Goes on at the Annual Meeting?

The Annual Meeting is a chance for credit union staff, volunteers and general members to come together. Some credit unions go all out and have huge parties, others like to keep it low-key and just have a meeting. Coors Credit Union, like most credit unions, take this opportunity to kick back and have some fun while getting together with our members.

We do, however, cover the business as well. Typically, the Annual Meeting involves presentations by various staff and committees. The Supervisory Committee reports on the financial status of the credit union. The Volunteer Committee presents candidates for the Board of Directors. There will also be time for questions from the membership.

But, it’s not all business. The Annual Meeting is a great time to come meet your credit union staff and fellow members.

Come have some fun and learn more about your credit union. This year if you bring a friend or family member, you’ll get a second entry into our drawings. Check out the details below.

Coors Credit Union
Annual Meeting
Tuesday, April 17, 2012

It will be held at the Golden Recreation Center located at 1470 10th St., in the Community Room.

Doors will open at 5 PM and the meeting begins promptly at 6 PM.

• Learn about your credit union
• Enjoy refreshments
• Enter to win door prizes including:
  • 37″ JVC LCD 1080P TV
  • Xbox 360 w/ Kinnect
  • iPod Touch
  • $100 iTunes Gift Card
  • Nikon Digital Camera

Annual Meetings: Part of What Makes Credit Unions Different

Has your bank ever invited you to a meeting to discuss their financial health? My guess is that unless you are one of few stockholders, your answer would be “no”.

Your credit union, however, is different.

All credit unions are not-for-profit, cooperative financial institutions owned by members. When you opened your savings account, you became a member-owner because your deposit represents a share of ownership.  Every credit union member is a member-owner.

Contrary to credit union members, banks are accountable to a limited to a number of investors, a.k.a. stockholders. Therefore, the bank officials are responsible for creating a profit for these few individuals. Credit unions are different.

Any profit made by credit unions returns to the member-owners in the form of lower loan rates and better savings rates. As a cooperative we pool together to help all members reach their financial goals.

And so, the annual meeting is an opportunity for all member-owners to review the credit union financials and have their say about credit union operations.

Why an Annual Meeting?

Surely this isn’t the only time the credit union takes a look at their financial health. Of course, members have the right to this information all year long. Still, once a year all credit unions open their balance sheets to their members. This is also the time of year when new volunteer board of directors members are selected. Usually a few members volunteer for positions. Members are then given the opportunity to elect board members from the membership.

Join us for the Coors Credit Union 58^th Annual Meeting

Tuesday, April 17, 2012

It will be held at the Golden Recreation Center located at 1470 10th St., in the Community Room.

Doors will open at 5 PM and the meeting begins promptly at 6 PM.

• Learn about your credit union
• Enjoy refreshments
• Enter to win door prizes including:

• 37″ JVC LCD 1080P TV
• Xbox 360 w/ Kinnect
• iPod Touch
• $100 iTunes Gift Card
• Nikon Digital Camera
• iPad

Bring a non-member friend or family member and get a second entry into the drawings!

Keeping Passwords Safe

One day, like many others, I was driving around town running errands with NPR on the radio to entertain and inform me, when whoever was the interviewee of the moment said something so frighteningly wrong that it nabbed my attention. I wish I could remember what show it was or find a link on their site, but I can’t so you are going to have to take my word for it.

The so-called security expert was talking about password safety. When the host of the show asked her where one should keep their passwords she said….wait for it………your wallet.

WHAT!!!??? (my question to the radio)

Then she tried to redeem herself and said, “Well, maybe not next to your credit card.”

OMG!!!

Okay, I hope you know without reading into my reactions that this is B-A-double D advice. Just think if you “found” a wallet and tucked inside were things like:

Coors Credit Union, online banking password: Numbsku!!3
ATM PIN: 3665 (that’s ‘fool’ on a keypad)

Oh, don’t make me go on with all the logins, passwords, usernames, PINs, etc., because I could.

Each of us has dozens of passwords and usernames and they just keep on multiplying. But, the human brain, as wondrous as it is, just doesn’t want to store all these passwords and login information. So what’s a human to do?

There are loads of free and fee tools that will store your passwords safely. Just do a Google search and you’ll find some on the internet. There are also plenty of apps available for your smart(er) device. The best way to choose is to read reviews or ask friends. (Personally, I’ve been using Password Safe for a long time. It works for me.)

The only two downsides (and I don’t see them as downsides) to password storage software is 1) you’ll need a password to access the program (mind you this is just one password that your brain needs to store in order to gain access to all of your passwords) 2) unless you are running the app, you’ll only be able to access your password files from a single computer.

There are some programs that run off the Internet and are not stored on your hard drive, but I just have a personal leeriness about those. Again that’s just me.

It would be far too time consuming for me to review all the available password protection systems, therefore, I will instead give you some simple DOs and DO NOTs regarding password storage.

#1 Don’t put a list of passwords or other sensitive info in your wallet

#2 Don’t rely on your brain, it’s got more important things to do than remember all those access codes

#3 Don’t use the same password for everything, just don’t.

#4 DO use smart passwords

-tip: the longer the better

-tip: if allowed use numbers and symbols

#5 Don’t use: Your kids’ names, Your pet’s names, your spouse/mate’s name

#6 Change your passwords at least 2x per year

And if you’ve got any other thoughts regarding password safety please share.

CNN Reports: Credit unions hit a record number of members

CNN recently ran this piece about the gaining popularity of credit unions. NICE!!!

Here are some exerpts of from the print article:

Credit unions added 1.3 million new customers in 2011, bringing total membership to a record 91.8 million by the end of the year, according to data  collected by the National Credit Union Administration from the nation’s 7,094 federally-insured credit unions.

Total assets increased by $47.4 billion, or 5%, to $961.8 billion in 2011, boosted by $10.6 billion in new assets in the fourth quarter alone. Lending increased 1.2% during the year, bringing total loans to $571.5 billion by the end of the year — and two-thirds of that growth occurred in the last quarter. Industry earnings also improved significantly, with net income at credit unions jumping more than 40% in 2011 to $6.4 billion.

The defection rate for large, regional and midsize banks averaged between 10% and 11.3% last year (up from 7.4% to 9.8% in 2010), while the defection rates for small banks and credit unions averaged only 0.9% — down significantly from 8.8% in 2010.

And, here’s the broadcast coverage: