In Late May, Austin Telco launched fundraiser pages for both Meals on Wheels Central Texas and Central Texas Food Bank. Thanks to our generous members, we surpassed our $5,000 goal for both organizations! For Meals on Wheels Central Texas, we raised $5,277 and for the Central Texas Food Bank we raised $9,905.14. Austin Telco matched an additional $5,000 to each, bringing the grand total for Meals on Wheels to be $10,277, and Central Texas Food Bank $14,905.14! We couldn’t have done it without the amazing support of our members! Thank you.
Meals on Wheels Central Texas
Central Texas Food Bank
In April 2020, Austin Telco donated $10,000 to Central Texas Food Bank.
Defending Our Title - Best of the Best
Last year, Austin Telco received Best of the Best Credit Union award in Austin by the Austin American Statesman. We have entered the nomination phase for 2020, which means that you can follow the link below once a day until July 12th and write in "Austin Telco Federal Credit Union" under the credit union category. Once we secure the nomination, we will send out an email to let you know when the voting begins. Let's be the Best of Best in 2020! Click here to nominate us!
Access to Your Account
We strongly advise all members to sign up for Online Banking and download the Austin Telco mobile banking app. You will have easy access to your account including Card Center, Secure Messaging, Bill Pay, and more. The mobile app features mobile deposit allowing you to deposit checks directly to your account.
To download the Austin Telco FCU app, please select your designated app store.
Get Your Maximum Refund and Special Savings on TurboTax
Tax time doesn’t have to be stressful! With TurboTax, you’ll get your biggest possible refund fast and your taxes done right. PLUS, credit union members save up to $15 on TurboTax federal products, all through tax season.
TurboTax makes it easy to find the best solution for your unique tax situation. Simple filer? Homeowner? Independent contractor, freelancer or side-gigger? TurboTax has a product that is right for you.
File with confidence, knowing that TurboTax guarantees 100% accurate calculations and runs thousands of error checks as you go. And if you need help, TurboTax has it: from answers online anytime, to unlimited advice and a final review from a CPA or Enrolled Agent with TurboTax Live.
Save on TurboTax today! Try it for free and pay only when you’re ready to file.
*Visit http://turbotax.intuit.com/lp/yoy/guarantees.jsp for TurboTax product guarantees and other important information. Limited time offer for TurboTax 2019. Discount applies to TurboTax federal products only. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries.
Refinancing an Auto Loan with Austin Telco
With economic insecurity hitting an all-time high due to COVID-19, many across the country are worried about paying their bills, auto loans included. If you are one of the millions of Americans who have hit financial hardship, there are options that can help, such as refinancing your auto loan.
Refinancing an auto loan could be a great way to lower car payments and reduce your monthly financial burden. Has your income changed? Has your credit score moved? Are interest rates lower now than when you purchased your car? How much time is remaining on your loan? These factors could also help you with refinancing, allowing you to free up cash flow for other bills and essential items.
Refinancing an auto loan through Austin Telco can be done safely from home without ever needing to step into a branch. The process can be done entirely online, and Austin Telco has even implemented electronic signatures so that there's no reason to leave your house. Payments are as easy and can be done through Online Banking or our Mobile Banking app.
The Major Retirement Planning Mistakes
Why are they made again and again?
Provided by Austin Telco Retirement & Investment Services
Much is out there about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Aside from these blunders, some classic financial missteps plague retirees.
Calling them “mistakes” may be a bit harsh, as not all of them represent errors in judgment. Yet whether they result from ignorance or fate, we need to be aware of them as we plan for and enter retirement.
Leaving work too early. As Social Security benefits rise about 8% for every year you delay receiving them, waiting a few years to apply for benefits can position you for higher retirement income. Filing for your monthly benefits before you reach Social Security’s Full Retirement Age (FRA) can mean comparatively smaller monthly payments. Meanwhile, if you can delay claiming Social Security, that positions you for more significant monthly benefits.1
Underestimating medical bills. In its latest estimate of retiree health care costs, the Center for Retirement Research at Boston College says that the average retiree will need at least $4,300 per year to pay for future health care costs. Medicare will not pay for everything. That $4,300 represents out-of-pocket costs, which includes dental, vision, and long-term care.2
Taking the potential for longevity too lightly. Actuaries at the Social Security Administration project that around a third of today’s 65-year-olds will live to age 90, with about one in seven living 95 years or longer. The prospect of a 20- or 30-year retirement is not unreasonable, yet there is still a lingering cultural assumption that our retirements might duplicate the relatively brief ones of our parents.3
Withdrawing too much each year. You may have heard of the “4% rule,” a guideline stating that you should take out only about 4% of your retirement savings annually. Many cautious retirees try to abide by it.
So, why do others withdraw 7% or 8% a year? In the first phase of retirement, people tend to live it up; more free time naturally promotes new ventures and adventures and an inclination to live a bit more lavishly.
Ignoring tax efficiency & fees. It can be a good idea to have both taxable and tax-advantaged accounts in retirement. Assuming your retirement will be long, you may want to assign this or that investment to its “preferred domain.” What does that mean? It means the taxable or tax-advantaged account that may be most appropriate for it as you pursue a better after-tax return for the whole portfolio.
Many younger investors chase the return. Some retirees, however, find a shortfall when they try to live on portfolio income. In response, they move money into stocks offering significant dividends or high-yield bonds – something you might regret in the long run. Taking retirement income off both the principal and interest of a portfolio may give you a way to reduce ordinary income and income taxes.
Avoiding market risk. Equity investment does invite risk, but the reward may be worth it. In contrast, many fixed-rate investments offer comparatively small yields these days.
Retiring with heavier debts. It is hard to preserve (or accumulate) wealth when you are handing portions of it to creditors.
Putting college costs before retirement costs. There is no “financial aid” program for retirement. There are no “retirement loans.” Your children have their whole financial lives ahead of them. Try to refrain from touching your home equity or your IRA to pay for their education expenses.
Retiring with no plan or investment strategy. An unplanned retirement may bring terrible financial surprises; the absence of a strategy can leave people prone to market timing and day trading.
These are some of the classic retirement planning mistakes. Why not plan to avoid them? Take a little time to review and refine your retirement strategy in the company of the financial professional you know and trust.
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.
The Austin Telco Retirement & Investment Services program is offered through CUNA Brokerage Services, Inc.*, a broker/dealer focused on serving credit union members. CUNA Brokerage Services, Inc. is an affiliate of CUNA Mutual Group. For more information about CUNA Brokerage Services, Inc., please visit cunabrokerage.com.
Austin Telco Retirement & Investment Services Advisors are registered representatives of CUNA Brokerage Services, Inc. Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No financial institution guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.
1 - forbes.com/sites/bobcarlson/2019/01/25/5-ways-to-maximize-social-security-benefits [1/25/19]
2 - fool.com/retirement/2019/12/11/4-steps-to-making-sure-youre-ready-to-retire.aspx [12/11/2019]
3 - ssa.gov/planners/lifeexpectancy.html [12/11/2019]