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  Planning / Financial Tidbits

Benefit from our wealth of knowledge

 
 
Delta Community wants to do everything we can possibly do to help your life come together, including giving you access to our library of helpful articles, turning you on to important financial events and providing you with a forum where you can share and learn from others.
 
The more you read, the more you learn.
 
There’s so much helpful information out there these days, and we’ve come across our fair share of it to provide to you. Feel free to help yourself to our wide variety of financial articles and our very insightful Insights newsletter. We do our best to cover as much financial territory as possible so you’ll find exactly what it is that interests you.
 

Real Estate

 
First-Time Home Buying
Buying your first home is a big step, but it doesn't have to be a scary one. The more you know about the home-buying process, the more confident you'll feel about making these important decisions that will shape your future. We give you a chance to play with the numbers and understand how your credit picture can make owning a home a financial reality.
 
 
 
Purchasing a Home
Time to move into another home? Maybe you've outgrown the one you're living in now. Perhaps you're in a better financial position than you were when you bought your last house. Maybe you're moving to a new town with a new job. While it really doesn't matter why you need a new house, it does matter how you go about purchasing it. No one likes the hassle of buying a home the old way, including us. That's why we've invested our energy into streamlining and updating the entire mortgage process. We're pleased to bring you a faster, more technologically advanced way to finance your home
 
 
Refinancing
Why should you refinance? If the current value of your home has increased it may make sense to refinance at a better rate, or refinance to consolidate debt or plan a home improvement project. If your home value has remained stable or you are in an area where the value of your home has declined, this may not be the best option for you. Refinancing requires you to go through our simplified application process.
 
  • Want to refinance an ARM mortgage to a fixed-rate mortgage?
  • Get another ARM with a more favorable rate?
  • Build equity in your home at a faster pace (by going from a 30-year loan to a 15- or 20-year loan)?
  • Convert your existing equity to cash for college, home improvements, debt consolidation or financing a vacation home?
  • Reduce monthly payments on a fixed loan?
   
Tips and Helpful Information
 
You can save thousands of dollars over the life of your mortgage loan by making a few simple changes. Consider refinancing to a lower rate. Even lowering your interest rate by ½% can make a difference. And for even more long-term savings, look into switching from a 30- to a 15-year mortgage loan. If you’re not able to refinance, consider making an extra principal payment monthly or whenever you have extra cash. On a 30-year loan an additional principal payment of only $25 each month would allow you to pay off the loan years in advance.
 
 
 

Retirement and Investment

Retirement
Retirement has changed over the years. Increased life expectancy and changes to employer-sponsored retirement plans have impacted both the approach and scope of retirement planning. Because of these changes, it's now more important than ever to think long term and to have a comprehensive, "big picture" strategy. As your financial coach for life's events, here are a few examples of the type of retirement planning questions you need answered:
 

Protecting Your Health and Your Wealth
Does the distribution of assets in your Will or Trust complement or contradict the beneficiary designations in your 401(k), life insurance and credit union accounts?


Principles of Investing
How actively involved do you want to be in everyday investment decisions?



The Ins and Outs of IRAs

If you inherited an IRA account, would you know how to avoid immediate taxation and penalties?
 
 
Investment Expenses

Do you understand the difference between load, transaction fees and expense ratios for the investments you hold, including your 401 (k) plan at work?
 
 
Income Tax Issues in Retirement
Did you know that if you draw a pension from your employer before age 59 years, that you may be subject to a 10% early withdrawal penalty based on your age at retirement?


Social Security

Will your Social Security payment be reduced if you continue to work while collecting a benefit?
 
 
Job Change or Relocation
 
Changing Jobs? Retiring? Don't leave your retirement plan dollars up in the air.
 
If you're changing jobs or retiring, you're in the midst of an enormous change. You should seriously be considering what to do with your money in your employer's pension plan, 401(k), 403(b)/TSA or 457 plan. After all, it's probably one of your biggest assets. The wrong move could cost you thousands and greatly affect the quality of your retirement years.
 
Generally, there are four options for your retirement plan:
• Leave it in your former employer’s plan
• Transfer it to your new employer’s plan
• Roll it over to a traditional lRA
• Cash out and pay taxes and possibly penalties

Each decision has its pros and cons. Need help deciding what option is best for you? Contact us.


Loss of a loved One
 
Discussing death is difficult for many people. Avoiding the topic, however, leaves many critical legal and financial issues for survivors to deal with on their own. We can help you prepare now to avoid decisions that may be overwhelming at a time of grief.
 
 When the time is appropriate, we know that you may have questions regarding the best way to handle your loved ones' financial affairs. Our team of professional financial advisors is available to help. They can provide guidance with IRAs, 401(k)s, investments, pensions and life insurance proceeds. They can also provide you with a "What Do You Do Now?" booklet to better assist you in working with attorneys, dealing with important papers, current bills, estate and inheritance taxes, probate and overall financial management. 
 

Changes in Marital Status
 
In a relationship, there is usually one saver and one spender. Make sure you and your spouse communicate about money and your household budget. Make sure you have the same financial goals, and ensure your purchases are consistent with your goals.
 
Getting Married? Review our helpful checklist:
  • Show me your credit report
  • Assess your finances
  • Create a budget
  • Set financial goals
  • Update personal information with name changes (financial and legal)
  • Change marital status on employer benefits
  • Discuss life insurance
  • Change beneficiaries on retirement accounts and life insurance policies
  • Establish Will, Financial Power of Attorney, and Health Care Power of Attorney
 First Year Priorities
  • Paying off debt
  • Saving for a new home
  • Starting a family
  • Saving for retirement
  • Life Insurance
 
 
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