Age 50: At 50, it truly hits us that retirement is around the bend. This is a good time to consider long-term care insurance, as it will be more costly when you’re older. Also, pay down debts and begin to think about how you’ll take your pension plan payouts.

Age 55: You can withdraw funds from your 401(k) or other qualified plan at 55 without paying a 10% penalty tax for early withdrawals–if you’re leaving your current employer. You’ll pay taxes on withdrawals.

Age 59½: At this age, you can withdraw funds from your regular IRA, 401(k), or other qualified plan without paying penalties. Again, you pay taxes on withdrawals.

As with 401(k) or other qualified plans, you can take early penalty-free withdrawals from your regular IRA, too. But the rules are more complicated.

You must take those IRA withdrawals–which can begin at any age–as “substantially equal periodic payments” that continue over a five-year period or until you reach age 59½, whichever happens later. Beginning withdrawals at 57, for example, means you’d have to keep taking them until 62, or face penalties.

Early withdrawals from IRAs or qualified plans are best reserved for emergencies. In fact, don’t rush to withdraw funds just because you reach age 59½. The longer you leave that money tax-deferred, the better.

Age 62: Now is the time to decide whether to take early Social Security benefits. Doing so will mean smaller monthly checks—for the rest of your life-than if you waited until full retirement age. But you likely will get checks for more years by starting early. What’s the best move? It depends on your health, expected life span, and finances.

Ages 65 to 67: This is the full-retirement-age spectrum for Social Security benefits, depending on when you were born. Or you could wait until age 70 to start taking benefits and get bigger monthly checks.

Whenever you’re retiring, sign up for Medicare three months before you turn 65. Signing up late means you’ll pay higher premiums for Medicare Part B.

Age 70½: This is when you must begin taking required minimum distributions from your regular IRA, whether you’re working or not. If you’re in a 401(k) or other qualified plan and you’re still working at 70½, you can wait to take your first minimum distribution in the year you retire, if your employer allows that.

Failure to take your distribution results in a hefty penalty: 50% of the difference between what you should have taken and what you actually took. You must take your first required minimum distribution by April 1 in the year after you turn 70½. From then on, the distribution deadline is Dec. 31 each year.

Cooperatives are a major economic force in developed countries and a powerful business model in developing ones. Worldwide, over 800 million people are members of cooperatives. The economic activity of the largest 300 cooperatives in the world equals the 10th largest national economy.

The United Nations General Assembly Resolution 64/136 proclaims the year 2012 as the International Year of Cooperatives (IYC). The Resolution encourages all member States and all relevant stakeholders to take advantage of the IYC to promote cooperatives, to raise public awareness of the contribution of cooperatives to social and economic development and promote the formation and growth of cooperatives.

The theme of the International Year of Cooperatives is “Cooperative Enterprises Build a Better World.”

Cooperatives in the United States…

• More than 29,000 cooperatives operate in every sector of the economy and in every congressional district; Americans hold over 350 million co-op memberships.
• U.S. cooperatives generate 2 million jobs and make a substantial contribution to the U.S. economy with annual sales of $652 billion and possessing assets of $3 trillion.
• The majority of our country’s 2 million farmers are members of the nearly 3,000 farmer-owned cooperatives. They provide over 250 thousand jobs and annual wages of over $8 billion.
• Over 7,500 credit unions provide financial services to 91 million U.S. consumers.
• More than 900 rural electric co-ops deliver electricity to more than 42 million people in 47 states. This makes up 42 percent of the nation’s electric distribution lines and covers 75 percent of our country’s land mass.
• Approximately 233 million people are served by insurance companies owned by or closely affiliated with co-ops.
• Food co-ops have been innovators in the areas of unit pricing, consumer protection, organic and bulk foods and nutritional labeling.
• More than 50,000 families in the U.S. use cooperative day care centers, giving co-ops a crucial role in the care of our children.
• About 1.2 million rural Americans in 31 states are served by the 260 telephone cooperatives.
• In the United States, more than 1.2 million families of all income levels live in homes owned and operated through cooperative associations.

This fact sheet was produced by the National Cooperative Business Association, which represents America’s cooperatives and has a mission to develop, advance and protect cooperative enterprise. To learn more, visit www.ncba.coop. 

1. Document what you need—and want—in a new house.

2. Select a real estate agent—ask for personal recommendations from family or friends, and interview agents before choosing the best fit. Once you’ve selected an agent, meet face to face to review the criteria defined in step one.

3. Once your real estate agent sends you listings to review, select up to five houses for your first showing.

4. Take good notes after visiting each property…it’s hard to remember which is which afterward.

5. Once you find a property you like, revisit and ensure it’s what you want.

6. When you’re ready to make an offer, sit down with your real estate agent to define your offer terms.

7. Wait for a response.

8. Counteroffer if necessary.

9. When you’ve agreed on terms, schedule an inspection within three days.

10. Visit Wendy Bussa at Hopewell Federal Credit Union. We have great rates, and she will walk you through all your mortgage options step by step.

11. Wendy will walk you through the loan process. Note: You’ll need to find and pay for your first year’s homeowners insurance at this time.

12. On closing day, take time to read the documents you’re signing. Don’t feel pressured to hurry.

Walking through the home search methodically makes the process of buying a house much more enjoyable. Hopewell Federal’s are here for you along the way.

Copyright 2012 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

Programmable thermostat …Electronic thermostats that lower the temperature while you are in bed or away from home are the fastest, easiest way to save energy. In a cold climate, you can save about 5% for a 5° setback that lasts for eight hours. Most of these thermostats sell for less than $100, and they’re ultra-easy to install.

Insulation

Floor of unheated attic: Check recommended insulation levels, and lay new insulation at right angles to the old.

Basement or crawl space: Fasten foam or fiberglass panels to the walls and cover with drywall. Either glue panels to the wall or fasten them to furring strips.

Heating ducts: Insulate in unheated attic or basement by wrapping with fiberglass insulation.

Weatherstrip… Weatherstripping is a flexible sealer for the moving parts of windows and doors. Many new windows and doors require a specific type of weatherstrip, which you may locate in hardware stores or on the Web. The generic “V-strip” adapts to many doors and windows and can even be applied in cold weather. The weatherstrip at the threshold often needs replacement. If the door bottom is still leaky, add a door sweep to seal against the floor or threshold.

Caulking… Caulking seals exterior cracks around windows, doors, pipes, and vents. Scrape away old caulking and dirt, then squirt caulking into the crack.

Replace windows… Jamb kits are an easy way to update double-hung windows, with a product that can be installed and cleaned from the inside. You can install a jamb kit in less than an hour without touching the storm window, jambs, or casing molding. Order a kit to match the size of your window. Nail the vertical tracks inside the side jambs and insert the replacement sash.

Replace storm door… Battered storm doors are easy to replace on a standard-size door opening. A wooden door has better durability and will insulate better. Strip off the old door and follow directions while screwing the new one to the jambs, using a drill and other basic tools.

Copyright 2006 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

These suggested resolutions are different in two ways—they’re in the ‘set and forget’ category, and they can make your life so much easier that you’re likely to keep them:

* Set up direct deposit. Once you arrange to receive regular payments like your paycheck or Social Security and pension checks with direct deposit, you’ll never have to worry about making timely deposits again. You’ll know that your deposit is in your account exactly when you expect it to be.

* Set up automated transfers to savings to pay yourself first. The next smart step, after direct deposit, is to get funds into savings right away so they can begin earning dividends from the get-go.

* Automate your mortgage payment. Even with the typical grace period that most mortgage lenders allow, it’s always a good move to take care of that big monthly payment. Again, you’ll never have to worry about making the payment on time.

* Automate minimum credit card payment or payments. The penalty for a late credit card payment is not pretty. Set up an automated payment to cover at least the minimum due on all your credit cards; you always can pay additional amounts so you retire those debts as soon as you can. Set payments a few days before the due dates to protect your credit score.

* Arrange to have any overdrafts automatically covered from your savings account. Even if an overdraft is rare in your household, it can happen to the best money managers. Make sure you can cover any inadvertent overdraft with a direct transfer from your savings account and there’s another worry you’ll never have again.

If you’ve already managed these resolutions, think of one or two more that could help you get on and stay on the straight and narrow financially. See www.hopewellfcu.org or call 740.522.8311 for more ideas.

Keep your reports accurate:

* You are allowed one free report every 12 months from each credit bureau: Experian, Equifax, and TransUnion. Visit annualcreditreport.com or call 1-877-322-8228.

* Check the basics first. Check variations in name, Social Security number, and address. Experian lists all variations reported to it to ensure the consumer has a full account of the identifying information reported and can act on it. Often, variations are simply the use of a nickname or a transposed address digit.

* Verify data. Some can get complicated. If a loan is sold, the lender listed may not be the original.

* Look for errors. Problems can be large or small. A study by the Policy and Economic Research Council, Durham, N.C., of more than 2,000 consumers found that only 0.93% of credit reports examined by consumers prompted a dispute that resulted in a credit score change of 25 points or more. It also found that only 0.50% of consumers had credit scores that moved to a higher “credit risk tier” upon dispute resolution.

When counselors at credit counseling agencies review reports with clients, they often find that the unfavorable information is valid. But when it is in error, it’s important to start the correction process right away.

* Dispute errors. Contact the company that has provided the incorrect information and the credit reporting agency in writing and keep copies. Work with both the source of the information and the credit reporting company to resolve the issue quickly.

For help understanding your credit score, talk to the professionals at Hopewell Federal Credit Union. They will be happy to explain the details.

Copyright 2011 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

Armed with discarded credit card receipts, checks, or deposit slips, today’s crooks are making unauthorized transactions from victims’ accounts, and even opening new–fraudulent–credit card and checking accounts.

There are steps you can take to prevent your identity from theft.

* Examine all your financial statements. Promptly reconcile your monthly share draft account statement. Save check stubs and credit, debit, and ATM (automated teller machine) receipts. Report discrepancies between your records and monthly statements to the appropriate company. Check credit bureau reports at least once a year.

* Limit the paper trail. Store receipts and share draft carbons in a safe place. Or rip them up, especially areas where account numbers are visible. Destroy blank checks from closed-out accounts and expired or unused credit cards. And tear up any credit card receipt carbons.

* Guard your purse or wallet. Thieves often target unoccupied vehicles, unlocked office drawers, and health club locker rooms.

* Protect your personal identification number (PIN). Never keep your ATM PIN in the same place as your card.

* Beware of phone scams. Never give your PIN or any other personal financial information to an unknown caller.

* Check your mail. If you haven’t received mail for a few days, you may be the victim of mail diversion fraud. This scam involves a crook forging an individual’s signature on a change-of-address form to divert your mail and obtain financial information. If you suspect your address has been changed without your permission, contact the post office.

* Track financial statements. Find out when financial statements and plastic cards are due to arrive. If they’re late, contact your credit union or appropriate issuer.

* Protect yourself online. New technology allows online vendors to assure customers reasonable security from online theft. If you doubt the security of the vendor, order the items over the telephone.

* Visit the Federal Trade Commission identity theft Web site (ftc.gov/bcp/edu/microsites/idtheft/) to view a copy of its publication, “Take Charge: Fighting Back Against Identity Theft.”

Copyright 2008 Credit Union National Association, Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved. 

Deanna Mox of Zanesville Signs On as Member Services Associate

Hopewell Federal Credit Union (HFCU) announced the recent hiring of Deanna L. Mox as Member Services Associate.  Her hiring continues HFCU’s quest to offer the best support and services to help its members get ahead financially.   

Mox will round out the HFCU Sales and Services team where she will assist members with new accounts, lending as well as saving and investment assistance.  Mox brings more than twenty years of financial institution experience to this new roll and she shared her enthusiasm by saying, “I’m thrilled to join the dynamic team at Hopewell Federal and look forward to assisting its many members in the coming years.”    

An Ohio native, Mox graduated from Tri-Valley High School (1987) and Mount Vernon Nazarene University (2003).  She resides in Zanesville with her husband Wayne and daughter Paige.  She has a passion for horses and actively serves on several organizations.

Interested in Making a Donation?
Drop off your donations at the gazebo on the Square from 6 p.m. to 8 p.m. each evening between Now and December 24, 2011.

Visit your Hopewell Team Players…
Hopewell Federal has volunteered to assist in the effort on December 7th from 6PM-8PM.  We would like to invite you to share in the joy of giving this holiday season and consider giving some much needed food to this worthy cause.  Bring your family and friends, enjoy the beautiful historic Courthouse Square Christmas lights and give to your Food Pantry Network Serving Licking County.

The Network
The Food Pantry Network of Licking County is a cooperative that was established in 1981 to coordinate the acquisition and distribution of emergency food supplies by working through its member food agencies. The largest support comes from the local community in the form of cash contributions and food drives. The Network receives funds from the Federal Emergency Management Association and C.R.O.P Walk, and it is also associated with the Mid-Ohio Food Bank in Columbus. There are 32 member pantries and social service agencies who distribute food or provide on-site feeding programs for the needy. The vast majority who work to distribute food are volunteers.

The Food Pantry Network was started in 1981 by a group of downtown churches and pantries responding to the hunger need. In 1987, the Food Pantry Network of Licking County was chartered as a 501-3 organization with the determination to ensure that no one in Licking County would have cause to suffer from hunger. Twenty Seven years later, the Food Pantry Network continues to hold true to its purpose that no one in our area goes hungry.

Working toward this goal, the network strives daily to accomplish the mission of acquiring, storing, and distributing nutritious food to the financially deprived and otherwise needy in Licking County. The work of the Food Pantry Network is accomplished on a daily basis through the operation of food pantries, soup kitchens, emergency shelters, youth camps and after-school programs. The affiliated pantries utilize over 300 volunteers in fighting the war against hunger.

Learn more at:  http://www.foodpantrynetwork.net

Protecting your privacy is essential when shopping online. These signals indicate that you have entered a secure Web page:

* A screen notice that says you are visiting a secure site

* A closed lock or unbroken key in the bottom corner of your screen

* The first letters of the Internet address you are viewing change from “http” to “https”

Source: Federal Citizen Information Center