13
BANKING & FINANCE An Anton Media Group Special June 1 - 7, 2016
Financial
PLANNING • •
Organizing your finances
Retirement planning
Money-savvy middle schoolers
Free Mobile Banking! *
See Our Ad on the Back Cover for More Information
We’ve always been Local, now we’re Mobile Not a Customer? Now is a great time to switch! Our online switch kit makes transferring to Maspeth Federal Savings hassle free. $250,000
* Standard charges from your cell phone provider may apply for text messaging or Mobile Web access. Only available to consumer accounts.
56-18 69th Street | Maspeth, N.Y. 11378 (718) 335-1300 | maspethfederal.com
154340 C
ANDROID APP ON
14 2B
BANKING & FINANCE • JUNE 1 - 7, 2016
I SEE THE EXPRESSIONS
ON THE FACES OF AMSTERDAM RESIDENTS.
I SEE HOW HAPPY THEY ARE.
“It’s easy to be passionate about what I do.” As President and CEO of Amsterdam Continuing Care Health System, Inc. for more than 28 years, Jim Davis is at the very heart of The Amsterdam at Harborside retirement community. “It’s an extraordinary place to live on the North Shore of Nassau County, offering warm social connections with Residents and Staff, on-site activities and cultural performances second to none. As we celebrate more than 5 years as the only true life care community in Nassau County, I invite you to experience our carefree lifestyle. See the faces of Amsterdam Residents who are free to live life their way and really enjoy their retirement.”
Find out how life care provides for future health care when you need it. Call 516.939.8145 to schedule a personal tour.
Jim Davis President and CEO of Amsterdam Continuing Care Health System, Inc. 300 E. Overlook | Port Washington, NY 11050
AmsterdamLifeCare.com
Operated by Amsterdam House Continuing Care Retirement Community Inc., a not-for-profit organization.
154185 C
15 BANKING & FINANCE • JUNE 1 - 7, 2016
Organizing Your Documents Without Breaking The Bank BY LYNN SHERMAN
specialsections@antonmediagroup.com
If your tax returns, bank statements and old bills are piling up in a corner of your kitchen, it’s time to purge. Organizing financial documents will save you time and budgeting your allowances will save you money, so get cleaning this summer. Here are some financial tips and tricks for saving money, budgeting and how to file your statements and documents. How should someone organize financial papers and information from the past 5-7 years? When people talk about keeping financial papers for up to seven years, they are generally thinking of their tax returns. In a perfect world, it is best to scan everything to a cloud service, which allows you to access them at anytime, and easily transmit them. If you prefer to keep hard copies, keep each year’s return in a large envelope (marked with the tax year) along with back up material, including receipts,
and store them in a locked file cabinet. While the IRS won’t require that you keep your returns more than seven years, keep an electronic version of the return itself indefinitely, since it might be the only documentation you have for information. What is the best filing system? For financial documents that you plan to keep indefinitely, the best filing system is a digital one that is backed up to a cloud service, because the information is secure and can be accessed from anywhere. What should people keep and throw away? With the click of a mouse, you can access anything
from canceled checks to brokerage statements to utility bills so keeping these things is no longer necessary. If you still receive paper bills, they can be shredded after they are paid. Hang on to year-end brokerage statements, which consolidate important information from the past 12 months. Keep information digital or paper? For people who are ready to go digital, scanning papers and backing up files is the best way to go. It ensures that important papers are safe from a home flood or fire. It also reduces paper clutter. To shred or not to shred? Err on the side of caution
3B
and shred everything that has sensitive information, such as your social security number, date of birth and account numbers. A cross cut shredder is preferable to one that shreds in strips, which can leave important information intact for identity thieves. How can you organize your budget and stick to it? One of the most popular budgeting programs (www.mint.com) aggregates information from all of your accounts, allowing you to see everything that is coming in and going out. For people who prefer not to give out their passwords, spreadsheets and old-fashioned notebooks work too. People on a tight budget might prefer an envelope method, which involves divvying up a month’s worth of cash into different envelopes for each spending category. Find a system that is simple enough to stick with over time and make sure that you track every dollar you spend. Lynn Sherman has been a personal finance writer for more than 15 years. She lives in West Hartford, CT.
y 1 ! 2 . nit ing ing king u k k mm hec Ban Ban e® . o C t C e ile or y M res nlin Mob t >m e O e Int ree CB ® ... G Y F th ut N ore i w bo >m k a arn s A E
is
Bank Anywhere You See NYCB! For more information, call (877) 786-6560 or visit myNYCB.com
153622 C
My
All services not available at all locations. 1Minimum deposit to open account is $100. There will be a fee if your account is closed within 180 days of opening. 2No monthly service charges apply. Fees may apply for optional services. Please talk to a branch representative or ask for our fee schedule for more details. Equal Opportunity Lender © New York Community Bank • Member FDIC
16 4B
BANKING & FINANCE • JUNE 1 - 7, 2016
Things To Ponder When Refinancing BY ELIZABETH JOHNSON
EJoHnson@antonmediagroup.com
There are a number of reasons why people refinance their first mortgage. Typically, homeowners refinance to change the original mortgage to reflect their current situation. Many first time home buyers leverage themselves to the maximum credit available in order to purchase their dream home. The costs associated with refinancing has to be taken into consideration in order for it to be cost effective. The lender selected will consider your income and assets, credit score, other debts, the current value of the property, and the amount you want to borrow. If your credit score has improved, you may be able to get a loan at a lower rate.
Here are a few reasons why homeowners might consider refinancing. 1. Unlock the equity of the property. If the property value of the home you live in has appreciated, homeowners can unlock the equity. With today’s low interest rate environment, homeownership is desirable. If you have improved your home by updating, renovating or adding a new bathroom it adds to the value of your house. Recent sales in the area can help you determine if the value of your property has increased. Comparable sales of similar homes (same number of bedrooms, bathrooms, garages, as well as age of dwelling) within a few blocks of your existing home in the last 6 months can indicate whether or not your property has increased in value. When you refinance for an amount greater than what you owe on your home, you can receive the difference in a cash payment. This is called a cash-out refinancing. 2. Reduce the interest rate on an existing mortgage. Eliminate private mortgage insurance. If your original
FINANCIAL PLANNING :: WEALTH MANAGEMENT
Andrew P. Feldman, CFP®, CLU Certified Financial Planner™
IRA ROLLOVERS • 401(K) PLANS • LONG-TERM CARE INSURANCE
154215M
Services offered cover all areas of financial management, from investment and retirement planning to risk management and estate conservation. Andrew Feldman specializes in helping clients develop a comprehensive, cohesive financial plan that fits their unique needs and helps them to meet both short and long-term objectives.
Registered Representative, Securities offered through Cambridge Investment Research, Inc., A Broker/Dealer, Member FINRA/SIPC and Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Andrew Feldman Associates, Inc. and Cambridge are not affiliated.
5. Changing from an adjustable rate to a fixed rate Refinancing from an adjustable rate mortgage or ARM to a fixed rate depends on how long you want to live in the property. Typically adjustable rates start low after an introductory period and adjust according to the type of mortgage it is. A one year ARM will adjust up or down every twelve months. depending on the benchmark it is tied to. When there is volatility in the market, there is a greater opportunity for the rate to go swing. There are safety features attached the mortgage vehicle but payment can change up to two percent at each adjustment period. Knowing exactly what your monthly mortgage payment is each month can give you peace of mind. Remember that, along with the potential benefits to refinancing, there are also costs. When you refinance, you pay off your existing mortgage and create a new one. When refinancing, you may encounter many of the same procedures and the same types of costs the second time around.
Do You Have Enough Money To Retire?
andrew feldman associates
485 Underhill Blvd., Suite 103 Syosset, NY 11791 Tel: 516.750.9722 • Fax: 516.299.6854 Andy@AndrewFeldmanAssociates.com www.AndrewFeldmanAssociates.com
mortgage was more than 80 percent loan-to-value, it is likely that you are paying private mortgage insurance or PMI. The PMI was determined by size of the down payment made, your credit score and the premium charged by the insurer. PMI goes away when your loan-to-value decreases below 78 percent. If you have a regular mortgage at a high interest rate, it could be the right time to refinance with the low rate environment. There are a number of different products which you can choose which will make payments more affordable. 3. Divorce If you jointly own a home and are divorcing your partner, refinancing is an opportunity to release one individual from the obligation. 4. Adjusting the length of your mortgage With the low rate environment, there is an opportunity to pay down your mortgage at a faster pace. Refinancing into a 15 year term from a conventional 30 year mortgage will enable homeowners to build equity faster and eliminate mortgage debt in a shorter time frame.
Here is a single-sit read that can change the course of your retirement. Written by Dr. Teresa Ghilarducci, an economics professor, a retirement and savings specialist, and a trustee to two retiree health-care trusts worth over $54 billion, How to Retire with Enough Money cuts through the confusion, misinformation, and bad policy-making that keeps us spending or saving poorly. It begins with acknowledging what a person or household actually needs to have saved—the rule of thumb is eight to ten times your annual salary before retirement—and how much to expect from Social Security. And then it delivers the basic principles that will make the money grow, including a dozen good ideas to get current expenses under control. Why to “get rid of your guy”—those for-fee (or hidden-fee) financial planners that
suck up valuable assets. Why it’s always better to pay off a loan or a mortgage. There are no gimmicks, no magical thinking—just an easy-to-follow program that works. Teresa Ghilarducci is a professor of economics at the New School for Social Research. She has a Ph.D. in economics from the University of California at Berkeley, and is the author of When I’m 64: The Plot Against Pensions and the Plan to Save Them. An expert on retirement, pensions and personal savings, Ghilarducci has been featured in Time, U.S. News & World Report, The New York Times, The National Journal, Parade, Money, Kiplinger’s and BusinessWeek. How to Retire with Enough Money is available in hardcover print and in ebook formats ($12.95).
25 5B
153898 C
BANKING & FINANCE • JUNE 1 - 7, 2016
26 6B
BANKING & FINANCE • JUNE 1 - 7, 2016
Teach Money Skills To Your Middle Schooler This Summer BY NATHANIEL SILLIN
specialsections@antonmediagroup.com
According to a 2014 University of Michigan Study, the average high school senior—who may already be juggling a part-time job in addition to their schoolwork—knows little about saving or proper money management. In fact, they spend most of what they earn on entertainment and clothing, a pretty bad precedent for young adults heading off to college and the working world. At that age, the money young teens earn in the summer usually comes from parents for household chores like mowing the lawn. Most parents never have a discussion with their kids about how to spend or save that money. Young teens generally don’t think about whether something is a “want” or a “need”, it is typically a want, which would be spent on a game, candy or comics. If you’re the parent of a 12-14-yearold, that might give you pause or provide a great opportunity to make a difference. Consider using this summer to stop your child’s bad money habits before they kick in. After all,
If your middle schooler isn’t picking up a few dollars babysitting or doing chores, come up with an earning opportunity for the summer.
even though most middle schoolers are shy of legal working age, many begin to work at odd jobs that are starting to put money in their pockets you don’t see.
Great Neck Office Suites 111 Great Neck Road
Consider these steps for an informal summer money curriculum:
Introduce—or reinforce —the “Needs vs. Wants” talk.
Maybe your child has a spending goal for the summer—new clothes, maybe a smartphone. It’s all about intelligent money management, even if the goal is somewhat short-term. The “needs vs. wants” talk is all about delayed gratification, the foundational behavior of healthy money management. Link it to smart shopping, encouraging the teen to price-compare purchases, gather coupons and come up with other ways to save in print and online. It’s also not a bad idea to let your child start suggesting thoughtful purchases when grocery shopping for your family. Before he or she can drive, you’ll have a chance to discuss choices and spending while you’re both in the store.
Office Suites Available for Immediate Delivery
For more information, please contact: Jeff Heifetz 516-482-0040 • jheifetz@pihc.com Sam Worth 212-951-3828 • sworth@pihc.com greatnecksuites.com
154242B
• Reasonable Monthly Rates Starting at $1,000 • Flexible Lease Terms • Fully Furnished Offices Available • Ready For Occupancy Including Phones and Internet • Prestigious Address and Building • Abundant Garage Parking • Walking distance to the Great Neck LIRR Station • Convenient to Shopping • On Site Full Service Café • On Site Property Director
If they’re not working, give them an opportunity to earn.
If your middle schooler isn’t picking up a few dollars babysitting or doing
chores, come up with an earning opportunity for the summer. It could mean cleaning out the basement or garage or a project around the house that they can handle. It will provide you both with an opportunity to talk about what he or she will do with that extra income. If your child has an entrepreneurial spirit, encourage converting a hobby into a summer business. If they show empathy to help others, suggest they donate their time to help elderly neighbors with simple yard work.
Introduce the ‘bucket” system.
It’s hard to know what to save, spend, give or invest without a system. That’s as true for adults as it is for kids. The “50-25-25” rule refers to setting aside 50 percent for everyday, non-discretionary expenses like school lunches or transportation, another 25 percent for savings and the remainder for discretionary purchases, better known as the latest smartphone your young teen says she or he can’t live without. If your middle schooler still doesn’t have a banking relationship, it’s a good time to get started. A custodial checking account will allow you to see how your child is handling money and debit cards are a reliable means of tracking every cent. Also, for savings, you’ll have the opportunity to introduce him or
27 7B
BANKING & FINANCE • JUNE 1 - 7, 2016
her to price-comparing accounts for features, savings rates and usage fees. Banking relationships should be treated like any smart purchase.
Discuss making a budget.
Remind your children that if they want to maximize any part of the 5025-25 system, they need to learn how to find value and stick to a budget. Most importantly, they need to know how to track their spending Every “want” so they can like games, stay within a candy and budget. The comics, number of mois usually bile apps that categorized allow people as a “need” to kids. young and old to track their spending grows each year. Whether it’s pen and paper or technology, let the teen find a budgeting solution they like. They’ll be more inclined to use it and stick to a budget.
Consider being more transparent about your finances.
There’s no single right answer to the question of how much you should tell your children about your own finances, but keep in mind that
they learn by both good and bad examples. It’s important for young teens to know that anyone—even the most important adults in their lives—can make a great financial decision or a mistake. Speak openly about money, with the appropriate safeguards for personal and family privacy. Find a way to make your personal experiences part of the
summer money conversation. Bottom line: Middle schoolers may grumble they don’t have access to the car keys or the cool clothes and technology that the older kids do. But they do have something more valuable – time to learn critical lessons about money. Use this summer to build their financial knowledge for a lifetime. Nathaniel Sillin directs Visa’s financial education programs.
Free Mortgage Foreclosure Clinics Nassau residents who are struggling with the prospect of losing their homes in mortgage foreclosure or still have issues resulting from Superstorm Sandy are invited to come for help from volunteer attorneys at the Nassau County Bar Association’s (NCBA) Free Mortgage Foreclosure/Sandy Recovery Legal Consultation Clinics. The next two clinics are scheduled for Monday, June 13, and Monday, June 27, from 3 to 6 p.m. at the Nassau County Bar Association, located on 15th Street at the corner of West Street in Mineola, two blocks south of the bus and train stations. NCBA’s clinics allow homeowners concerned about foreclosure matters or who are already in the foreclosure process involving property in Nassau County to meet one-on-one with a volunteer attorney for a free consultation. Homeowners then may be directed for additional help with mortgage modifications, loan restructuring, bankruptcy, financial planning assistance, services for lower-income households and emotional support. Many of these resources and agencies are available immediately in the same room. Participants include NCBA
volunteer bankruptcy attorneys and HUD-certified housing counselors from Community Development Corporation of Long Island, Hispanic Brotherhood of Rockville Centre and American Debt Resources. There are no income restrictions to attend the clinics. Since 2009, NCBA has held more than 130 clinics assisting more than 10,000 Nassau families in distress. Currently, each clinic is averaging 50 homeowners. Volunteer attorneys also answer Sandy victims’ questions regarding homeowner, flood, property damage and automobile insurance claims; FEMA; debt deferral; and consumer protection issues. Bilingual attorneys fluent in Spanish are on site, and attorneys bilingual in other languages, including Russian, Haitian Creole, Korean, Chinese, Hindi and American Sign Language, may be requested. To make an appointment for the next clinic, call 516-747-4070. Attendees are asked to bring their mortgage documents or other important papers and correspondence with them. Visit www.nassaubar.org for more information.
SATURDAY, JUNE 11TH, 2016
NASSAU COUNTY MUSEUM OF ART MUSEUM BALL NEW THIS YEAR! LATE COSMIC PARTY www.nassaumuseum.org
Glamorous GRAFFITI
AN EVENING OF
media sponsor
Closet #29” (Los Angeles), 2012. Photo: Joshua White
antonad_halfpage.indd 1
5/23/16 5:37 PM
28 8B
BANKING & FINANCE • JUNE 1 - 7, 2016
Free Mobile Banking! *
We’ve always been Local, now we’re Mobile
Mobile Banking is available to all consumer Online Banking customers. With our enhanced Mobile Banking app you can: • Deposit checks from your mobile device (subject to approval) • View account balances • Transfer funds between linked accounts • View and search transaction history • Pay bills
How to Enroll Enroll directly from your mobile device! Search Maspeth Federal Savings in your app store. Online Banking customers can also enroll through Online Banking.
Not a Customer? Now is a great time to switch! Our online switch kit makes transferring to Maspeth Federal Savings hassle free. ANDROID APP ON
$250,000
* Standard charges from your cell phone provider may apply for text messaging or Mobile Web access. Only available to consumer accounts.
56-18 69th Street | Maspeth, N.Y. 11378 (718) 335-1300 | maspethfederal.com 154213 C