MoneyWisdom Hanscom FCU Spring 2015

MoneyWisdom Spring 2015

Our Innovative New

BURLINGTON iBRANCH

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Their Dreams. Our Team.

BOSTON MARATHON 2015

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Should You Use a

REAL ESTATE AGENT?

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A CO MPL I ME NTA RY SUB SCRIP TION FROM HAN SCOM FCU

CHAIRMAN’S CORNER Paul J. Marotta, Chairman

New Burlington Branch Now Open!

Credit unions have a long history of putting people first. This philosophy comes to life in our new branch in Burlington. We’ve combined the best of personal financial service with smart new technology, so you get the most out of your visit. We call it our iBranch where we invite you to interact, to be informed and to be inspired to get the most from your credit union membership.

the latest technology While we live in a connected world, sometimes nothing can replace a face-to-face meeting. Our Burlington team uses tablets so they can work with you anywhere in the office, not just at a particular work station.

Our Discovery Zone has a variety of tablets for you to explore our website and mobile applications. We’ll be featuring eBrochures that you can peruse or send to your own device. You will also find free secure Wi-Fi to use with your own device.

The ATM dispenses $1, $5 and $20. It also accepts deposits without an envelope and gives you an image of the front of your check.

financial literacy

Their Dreams.

Our Team. BOSTON

MARATHON 2015.

The best partnerships benefit both sides. That has been the case with Ray Phillips, board member and marathoner, and Andy Martin, Jr., Boston Children’s Hospital patient partner and also a marathoner.

They have raised funds for the hospital for the last 16 years, starting when Andy was just 4 years old.

Pin Dimensions 1” x 0.5”

During that time, Ray and Andy have enjoyed friendship and support for each other’s goals. Last year, all of the Hanscom FCU family was cheering as Andy completed his first marathon as a participant.

Now, a whole new chapter is opening for Team Hanscom. Ray has a new patient partner, a 2-year-old girl named Alice. Andy will once again race as a wheelchair participant. And, we have a new runner: Mike Rzeszutek, sales manager for Hanscom FCU. He has been paired with patient partner Timmy Stevens.

Over the years, we have raised more than a quarter of a million dollars, primarily through donations from members like you. We invite you to participate this year, for the first or 16th time.

You can donate at any branch, over the phone or securely online at www.hfcu.org/marathon. Your entire tax-deductible gift goes directly to Children’s Hospital, with nothing taken for administration.

Our new space includes meeting rooms for small and large groups. We offer free seminars on important financial topics so you have the advantage when it comes to buying a car, improving your credit or managing your budget.

Hanscom FCU is committed to the community it serves.

serving members

We support a number of causes through financial donation and volunteer service.

In addition to expanded hours, including Saturdays, we’ll have the services you have come to expect. And yes, our coin counter remains free for members.

• F undraising for the Massachusetts Coalition for the Homeless • Scholarship program for high school seniors • Grants to organizations that serve our member base • Support for veterans suffering the wounds of war •C ollections for the homeless, VA hospital patients and Toys for Tots • Volunteer service at veterans’ organizations • F inancial education programs and sponsorship of JROTC programs

I hope you’ll stop by our new branch at 47 Middlesex Turnpike and say hello!

By serving the organizations that serve our members, we enhance the social and economic well-being of our community.

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Spring 2015

MONEY SAVING TIPS

Should You Use a REAL ESTATE AGENT? In a challenging real estate climate, where every dollar counts and qualifying for a home loan has become harder, you may question whether you could save some money by going it alone – without a real estate agent. But whether you’re a buyer or a seller, a real estate professional helps to protect your interests and may even save you money.

why it pays to use an agent If you’re a homebuyer: Home negotiations are often complicated and a real estate agent is trained to get you the best deal possible, from negotiating the initial purchase agreement through the closing.

An agent helps you evaluate how a home compares to others in the neighborhood. Is it a good buy?

Many professionals are involved in the home buying process, such as home inspectors, title companies and loan officers. An agent can coordinate the services you need during the purchase.

If you’re a home seller: A listing agent brings sales skills, experience, pricing knowledge and marketing tips to help move your home more quickly. He or she provides ideas for sprucing up your home to prepare it for selling.

Your agent can help you evaluate serious buyers who can afford your home and meet contingencies you may have. He or she also has negotiation skills to put your best interests forward.

A listing agent will put your home into the Multiple Listing Service (MLS), which is the primary reference source of other real estate agents for homes on the market.

place your financing confidence in us Having professionals working on your behalf – including a knowledgeable real estate agent and an experienced mortgage officer – is key in a challenging real estate environment.

We can help with HomeAdvantageTM, an online resource with MLS listings, home research information and a list of qualified sales agents.

Our HomeAdvantage sales agents offer a 20% rebate on commissions* when you use them to buy or sell a home. That’s money that could reduce your closing costs, go toward moving expenses or help you set up your new home.

Estimate Your Rebate Home Sale Price

Member Rebate*

$100,000

$600

$200,000

$1,200

$300,000

$1,800

$400,000

$2,400

$500,000

$3,000

$600,000

$3,600

$700,000

$4,200

$800,000

$4,800

$900,000

$5,400

$1,000,000

$6,000

Get details today at www.hfcu.org/ homeadvantage.

* See www.hfcu.org/homeadvantage for more details.

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KIDS S N E E T

FUNNY MONEY MAD LIBS® Get Ready, Get Set – SHOP!

Fill in each blank in the story at right to create your own funny money story. Use the part of speech shown by the numbers.

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You want to _______ your_______ a special birthday gift. So 3

1. Verb

6. Noun

11. Adverb

2. Noun

7. Exclamation

12. Exclamation

3. Verb

8. Noun

13. Noun

The teller _______ at you and your dad gives her your account

4. Verb

9. Noun

14. Adjective

number. Your _______ really added up, and now you have

5. Noun

10. Exclamation

your dad _______ you to Hanscom FCU, which is where you keep your money.

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5

6

7

enough saved to spend 20 _______ on the gift. “_______!” you exclaim. The teller asks you what you are going to buy, and 8

9

you tell her “ _______.” Or maybe you will get _______. “That’s 10

11

12

_______! Spend it _______,” the teller says. You say “_______!”

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and head off to the _______ to buy the _______ gift ever.

Parts of Speech Cheat Sheet

The teller smiles at you and your dad gives her your account number. Your allowance really added up, and now you have enough saved to spend 20 dollars on the gift. “Holy cow!” you exclaim. The teller asks you what you are going to buy, and you tell her “Jewelry.” Or maybe you will get chocolate.

“That’s great! Spend it wisely,” the teller says. You say “Thanks!” and head off to the store to buy the best gift ever.

You want to buy your mom a special birthday gift. So your dad drives you to Hanscom FCU, which is where you keep your money.

Noun: A person, place or thing, like teacher or school.

Adjective: A word that describes a noun, like large, clumsy or blue.

Verb: An action, like run, read or play.

Adverb: A word that describes a verb and often ends with -ly, like quickly or coldly.

Exclamation: A word or phrase that shows strong feeling, like “wow!” or “no way!”

SAY WHAT? Financial Terms to Learn

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STOCK

TAX RETURN

EMV

A stock is an ownership share in a company. If you own stock in a company, you’re a stockholder. The more stock you own, the larger your ownership share.

A tax return is a report filed with the Internal Revenue Service. It contains information used to calculate income tax.

A tax return details the amount of income tax a person, couple or company owes for a calendar year, how much was paid and whether they’re due a refund or owe a remaining balance.

EMV, which stands for Europay, MasterCardTM and Visa®, is the global standard for credit cards embedded with a microchip used to authenticate purchases. You may also hear these cards called “smart chip” or “chip and PIN” cards. The United States is converting to this technology.

Spring 2015

MONEY SAVING TIPS

STAGES Through the Ages We’re Here for You

Money management priorities may ebb and flow throughout the years depending on your circumstances. But regardless of where you are in life, Hanscom FCU is here to help you make the most of your hardearned dollars. Here is what that may look like:

fresh start Whether you’re just starting out, on your own after a divorce, or you’re just looking to build a strong financial future, we can help with these goals: • Build a solid credit history through the wise use of credit cards.

• Open an emergency savings fund of up to 6 months’ living expenses.

• Save for retirement, through your employer-sponsored retirement plan or an IRA. Read more at www.hfcu.org/fresh-start.

settling down You’ve just got married, started a family or made a serious commitment. You’ll need a plan so you can provide for those who depend on you without worry. Let us guide you as you: • Become a homeowner, which allows you to build equity for future borrowing needs.

• Make sure you have adequate insurance coverage, including life, home, auto, health and disability.

• Open college savings accounts if you have children. Read more at www.hfcu.org/settling-down.

peak earning years Now is the time to solidify your plans for the future. Let us help you get the most out of life as you zoom through these years of working, raising a family, growing a business, or maybe all three.

• Streamline your financial life with free online services like bill payment, remote check deposit and loan applications.

• Seek financial planning guidance through a financial advisor.

• Review your insurance coverage to make sure it is keeping pace with changing life circumstances.

• Establish a will and estate plan for the distribution of your property and assets. Read more at www.hfcu.org/peak.

empty nest, full life You’ve been there, done that. If you have kids, they are poised to launch. You know who you are and what you want. But there’s still more to come. Prepare for the next stage while enjoying where you are right now. We can help with advice on: • Paying off your mortgage and other consumer debt.

• Using catch-up provisions to maximize retirement savings.

• Becoming a landlord with commercial real estate to provide an additional income stream.

Turn to Us Planning ahead to accommodate life’s potential changes is key.

We can help you with appropriate financial products and services for your stage of life.

• Downsizing your lifestyle by selectively reducing spending. Read more at www.hfcu.org/full-life.

smelling those roses Now is the time to enjoy the fruits of your labor. Your planning has paid off. Yet you have new concerns, which may include aging parents, college assistance for grandchildren and the real work of providing for yourself during retirement. Talk with us about: • Switching a portion of your investments to lower-risk options that produce income.

• Long-term care insurance and fully funding your medical care.

• Converting your home’s value into assets you can use in retirement.

Ready more at www.hfcu.org/roses.

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45%

of investors use a financial advisor for advice on investing or planning for retirement

INVESTMENT ADVICE: The Personal Touch Matters Americans prefer high touch over high tech when receiving advice on investments by a margin of more than two to one, a Gallup poll finds.* Forty-four percent of investors use a financial advisor for advice on investing or planning for retirement, compared to only 20% who use an online financial planning or investing website.

It’s no wonder investors favor using financial advisors; they can help you with a broad range of financial issues. A financial advisor can help you in all the following ways: • Assess your current financial situation.

An advisor can review your recent tax returns, income sources, assets, insurance policies, retirement planning and estate planning documents. Finding out the current state of your finances are currently is a crucial step before deciding on a path to reach your goals.

• Identify your financial needs and goals.

Many investors have difficulty establishing appropriate, realistic and manageable goals.

Once goals are identified, you may need assistance prioritizing them, as well.

• Develop a financial plan. Once you’ve figured out where you are and where you want to go, you’ll need a strategy for getting 6

Spring 2015

there. An investment policy statement can instill structure and discipline into your investing. It states your investment philosophy, goals and guidelines.

•N avigate investments. Understanding the pros and cons of various financial instruments, such as stocks, bonds and mutual funds can help you put together a portfolio that’s appropriate for you.

•C hoose accounts. Using the right accounts can help you reach your goals, and there are many to choose from, including taxable brokerage accounts, 401(k) or other employer-sponsored retirement plans, traditional or Roth individual retirement accounts (IRAs), 529 plans, Coverdell education savings accounts and health savings accounts (HSAs).

•C onsider tax implications. Making your portfolio tax-efficient is one consideration when choosing investments, and in deciding which investments to hold in which accounts.

•K eep investment decisions rational.

Behavioral biases often lead investors to take actions that are opposed to their own best interests. An objective opinion can help you avoid these mistakes.

•R eview your progress periodically.

Even the best-laid plans need to be altered periodically, so it’s important to monitor your investments. Seeing your progress can help keep you motivated to work toward goals.

•P rotect your portfolio against the dangers of cognitive decline as you age.

As people get older, some of them become more susceptible to fraudulent offers or making poor decisions but don’t realize it.

Having a third party looking out for you can help.

get the help you need Managing financial and investment decisions can be complex and time-consuming and the results can have far-reaching consequences for your financial security. Don’t go it alone; contact an investment professional at Hanscom Financial Services today for a nocost consultation. Call 781-698-2236 or visit www.hanscomfinancialservices.org. * Source: Gallup® Economy, Aug. 15, 2014, www.gallup.com.

Investment products: Not federally insured Not a deposit of this institution May lose value

PEOPLE HELPING PEOPLE

Hanscom FCU IN

THE NEWS

hanscom fcu brings hands-on learning to jrotc For the second year, Hanscom FCU will sponsor a CU4 Reality program for high school students from local JROTC programs. The event is the capstone of a six-week financial education program taught by Hanscom FCU employees. Students simulate the real-life budget decisions they will face as they enter adulthood.

hanscom fcu supports mission gratitude Hanscom FCU President/CEO David Sprague, 2014 Medal of Honor recipient Staff Sgt. Ryan M. Pitts, Hanscom FCU Chairman of the Board Paul Marotta, and Brig. Gen. (ret.) Jack Hammond, Executive Director of the Home Base Program at the Mission Gratitude event to benefit the Red Sox Foundation and Massachusetts General Hospital Home Base Program. Sgt. Pitts, a Lowell, Mass. native, was a special guest speaker at the event.

blanket donations warm the heart

nh vet receives new home with help from friends

Staff members Kim Houle, Deb Cahoon and Elaine Jones pack up blankets for the Massachusetts Coalition for the Homeless. Since the Blanket Drive began in 2011, state credit unions have donated more than 2,000 blankets to those in need throughout Massachusetts.

David Sprague, Hanscom FCU President/CEO; Major General USA, Ret. Timothy P. McHale, President/CEO of Homes for Our Troops; veteran Army SSgt Matthew Dewitt and his wife, Catrina; and Hanscom FCU Chairman of the Board Paul Marotta at the key ceremony for the Dewitt’s new home. Hanscom FCU was a sponsor for the project. The home-build project will be highlighted in a three-episode feature on TV’s “This Old House” program, which will air in spring 2015 on PBS and www.thisoldhouse.com.

thank you cards help families of veterans Col. Michael A. Vogel, 66th Air Base Group commander, left; Elizabeth St. Pierre, Fisher House Manager; Hanscom FCU Chairman of the Board Paul Marotta; and Hanscom FCU President/CEO David Sprague at the presentation of 20 thank you cards for family members of veterans seeking treatment at the VA Boston Healthcare System. The cards, donated by the Armed Forces Financial Network, help family members pay for expenses such as gas and food while staying with their veteran.

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our mission To provide superior financial service responsive to our members’ needs.

contact us Headquarters: 1610 Eglin Street, Hanscom AFB, MA 01731

1610 Eglin Street Hanscom AFB, MA 01731 Page 1 of 1

800-656-4328 www.hfcu.org Download our free app for iPhone® and AndroidTM Short code for text access: 692667 Routing Number (for direct deposits and withdrawals): 2113-8048-3 NMLS# 410771 To report a lost or stolen Visa® card: 800-656-4328 Overseas (24 hr): 701-461-0621 (call collect)

Switch to email delivery today. Just scan the code with your smartphone.

Go green. Log in to Online Access HD to sign up for online statements.

Learn more at www.hfcu.org/online.

board of directors Paul J. Marotta, Chairman Mark D. Walsh, Vice Chairman John A. Delcore, Secretary Alan M. Hart, Treasurer Teresa S. Conrad Hugh W. McNeil Ray T. Phillips Frederick C. Ryan Lawrence S. Rzepecki

MAY 2ND

http://bitly.com/SM3Slv.qrcode

12/7/2012

statistics Members . ...............................................56,915 Assets....................................... $1,082,000,000 Loans...........................................$787,000,000 Deposits.......................................$957,000,000 Reserves...................................... $102,000,000 October 31, 2014

Dining, Dancing and DEMOCRACY JOIN US MAY 2 FOR THE ANNUAL MEETING

Federally insured

by NCUA. This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Websites not belonging to Hanscom FCU are provided for information only. No endorsement is implied. Images may be from one or more of these sources: ©iStock, ©Fotolia, ©Canva. ©2015 Hanscom Federal Credit Union.

The annual meeting is an opportunity to get a first-hand view of what we are: a cooperative organization dedicated to its members. It’s also a great time – dinner and dancing – for only $12 per person. Not only that, but you could win a prize in our cash raffle.

Tickets for the dinner may be purchased at a branch, on our website at www.hfcu.org/meeting, by phone or by mailing in the order form enclosed in your March statement.