Winter 2016 Member Spotlight:
expenses, saving also gives the opportunity to better plan for the future so we can take that dream vacation or make a larger, planned purchase without stress or burden.
President’s Message Stop what you’re doing for just a moment, log into online banking or open the app on your phone and take a look at your savings. Are you comfortable with the amount you currently have saved? Are you prepared for a costly emergency? Could you afford at least six months of living expenses if you were suddenly without your income? According to a recent study by www. gobankingrates.com, nearly 62% of Americans have less than $1,000 in their savings accounts. Another study from NeighborWorks America reveals that nearly one-third of American adults don’t have any emergency savings. While it isn’t necessarily healthy to dwell on the “what ifs” in life, financial emergencies are something that an increasing percentage of Americans are not prepared for. None of us know exactly what the future holds, which is why saving is important. Chances are, most of us have experienced at least one financial “rainy day” and had to pay an expense we were not anticipating. Beyond the unexpected 2
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So, what can you do if you aren’t as prepared as you would like to be? In addition to creating and sticking to a budget or trimming the budget you already have, I would encourage you to speak with a service representative at any Centris branch location or over the phone. Centris offers a number of products and services to help get you on track with savings, whether it is a new savings account, setting up an automatic transfer from your checking to savings each month or discussing more longterm savings options like an IRA. As your trusted life-long financial partner, we will find the solution that best suits your individual needs. You can also rest assured that each and every hard-earned dollar is safe and protected in your account. Centris is a federally insured credit union, which means that all single ownership accounts are protected with $250,000 of insurance through the National Credit Union Administration. To learn more about how the NCUA keeps your accounts safe and protected, visit www.ncua.gov. Make 2016 the year that you save. In the end, you may find you save more than just money.
Together, we’re growing strong!
www.usatoday.com/story/money/ personalfinance/2015/03/31/millions-ofamericans-have-no-money-saved/70680904/ www.marketwatch.com/story/most-americanshave-less-than-1000-in-savings-2015-10-06
A New Branch Opening in 2018 As the opening of our second branch in Council Bluffs at 518 East Broadway quickly approaches (June 2016), we are excited to announce the building of our next branch in Sarpy County at 195th and Harrison Streets. Located in the Falling Waters subdivision, we are scheduled to break ground in 2017 and open the branch the following year. “We are very excited about our plans to open the credit union’s 13th branch location in the growing southwest region of Omaha. This will be the first location the credit union has added in Omaha since 2003,” said Centris President/CEO, Steve Swanstrom. “Even with the advances in online and mobile technologies, Centris members continue to visit our branches in record numbers. One of our promises to you as a member is to identify and understand your needs and goals and provide relevant products and services to meet those needs and goals. As we have seen tremendous growth in the Omaha Metro area, we look forward to serving the needs of our members in this growing area of the community.”
Take a Break with Skip-A-Payment If you need extra cash, consider taking advantage of this Skip-A-Payment offer! You can delay your payment one month and use your cash for other expenses. To see if you qualify, stop by your nearest branch location or give us a call at (402) 334-7000 to get started. If approved, the process is simple and fast! Here’s what it looks like: • Call or stop by your nearest branch and ask to enroll in the Skip-APayment program. • Work with a service representative to fill out your electronic paperwork. • A $30 processing fee will apply. Certain payments are not eligible for this program such as: first mortgages, commercial loans, home equity lines, home equity fixed term loans, student loans, easy loans and credit cards. If these restrictions apply to you, please contact a service representative for alternative options to the Skip-APayment program. www.centrisfcu.org
Where are you now? Start with a personal assessment. Ask yourself: Do you track where your money goes? Have you identified your spending leaks? Do you have a written spending plan? Do you have an emergency or rainy-day fund? Do you live within your means? Do you have written financial goals?
Mobile Banking: Did You Know? • Did you know you can deposit a check without having to stop binge watching your favorite show? • Did you know that you can send your friend money for those concert tickets the day he purchased them? • Did you know that you can receive a text alert every time your debit card is used? Centris online and mobile banking can keep you apprised of all your account activity with just a few clicks on your mobile device, laptop or tablet. Check out the features in the chart below and for a video tutorial, visit: www.centrisfcu. org/online-banking.php
Resolve to Budget, Save, & Invest in 2016 Now is a good time to take stock of your personal finances. You can make positive changes to your spending and saving habits, whether it’s resolving to get spending under control, figuring out how to save for a down payment on a house or analyzing your investment portfolio. Many people, however, don’t know where to start. 4
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Know the difference Many people think that if they don’t overdraw their financial accounts, they’re doing just fine. But that’s not the whole story. Not even close. Having a plan for different aspects of your life is essential. Consider a plan where you: • Budget for short-term goals. • Save for medium-term goals. • Invest for long-term goals. Ask for help Budgeting, saving, and investing are essential components of financial well-being, and they require different strategies. Your friends at Centris can help you get started. Call us today at (402) 334-7000 or go to www.centrisfcu.org and ask about the Dollar Save Club. By opening a Dollar Save Club account, you commit to contributing regularly to the account and establishing the habit of saving. America Saves and the American Savings Education Council are also great resources. Prior to America Saves Week (Feb. 22 - 27), visit www.americasavesweek.org and take the America Saves pledge, assess your saving progress and test your savings knowledge. No matter what your financial situation or how much you earn, you can save. Copyright Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.
Your Business: Together Growing Strong Centris Federal Credit Union is committed to the community and helping it grow. For anyone wanting to build, buy or refinance a small business, Centris can help. Our local decision makers will work directly with you to make your ownership dreams come true with a Small Business Administration (SBA) loan. Our business lenders can walk you through the loan process. Here’s a checklist of the items you’ll need to get started: • A completed business loan application • A copy of the last two years business and personal tax returns including all schedules • Current interim business financial statement • Completed personal financial statement for each business owner • Current debt schedule • Business plan (if in business less than 24 months) • Rent roll or accounts receivable aging and accounts payable aging (if applicable) • Visa credit card application (if applicable) • Business verification If you’re ready to take the next steps in small business ownership, contact Robert Tatten, Centris business lender, at (402) 758-6517. www.centrisfcu.org
Inclusive Communities is a social justice organization based in Omaha whose goal is to address discrimination, bigotry and prejudice to create a society that is just and inclusive. Founded in 1938 as a response to an Omaha organization that was promoting a secret boycott of Jewishowned businesses, Inclusive Communities is modeled after The National Conference for Christians and Jews which mobilized citizens against the forces of violence, ignorance and exclusion in the early 1930s.
Ralph Kellogg Society is a hodgepodge of hypocrisy full of judgment and acceptance; hatred and love; bullying and compassion; and prejudice and tolerance. One day the news headline reads “Justice Department Launches Civil Rights Investigation Into Chicago Police” and the next day the headline says “Unprecedented $20 Million Announced For Transgender Causes”. With more than seven billion people in the world, difference of opinions and beliefs are inevitable. These differences can bring awareness and positivity to society; however, when they aren’t accepted and appreciated, the effects are devastating. Imagine those news headlines. Ralph Kellogg, Centris vice president of human resources and Centris member, recognizes that polar opposite views exist in the world and in the Omaha community and believes that people should have a right to their own opinions. However, when these opinions foster fear and hate, an organization like Inclusive Communities helps bridge the gap of understanding. “It’s both a positive and negative aspect of our community that this organization exists,” he said, and for that reason, Kellogg sits on the Inclusive Communities board. 6
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“Inclusive Communities challenges the worldview, sparks conversation and makes you think about how you feel,” Kellogg said. Kellogg had known about the organization for many years, and in 2012 he decided to learn more and take an active role. He observed one of the youth camps where high school students from all over the city took a deep dive into topics such as institutional racism and privilege and the objectivity of women as well as the various “isms” like sexism, ageism, classism, genderism, heterosexism and racism. The goal of these camps is to provide a safe environment that gives students permission to critically discuss these issues without fear and truly express how the issues affect them and others. “The topics they covered blew my mind,” Kellogg said. “The day was incredibly eye-opening and it changed my life.” After that day, he knew he wanted to be involved with Inclusive Communities. As a gay man, Kellogg knows all too well about the ugly face of discrimination. He’s been told in the past that he would never move up professionally because of his sexual orientation (he’s now a vice president), and he’s never felt truly accepted in a work environment until he came to Centris. Unfortunately,
these judgments are prevalent in society and are exactly what Inclusive Communities is trying to eradicate. Before Kellogg could officially become a volunteer/camp advisor, he was required to attend and participate in IncluCity – a four-day, residential leadership and skill building experience that brings together a diverse group of 75 high school student delegates. The days were filled with various projects and exercises designed to challenge stereotypes, assumptions and beliefs about particular issues. The final and most powerful exercise of the four-day experience channeled the times of segregation in the United States. The students were faced with examples of outright discrimination and prejudice based on the color of one’s skin, Kellogg said. The moving exercise brought many to tears, but at the same time, it empowered them to have the courage to stand up for what is right. “They were forced to speak up and be an up-stander,” Kellogg explained, “not a by-stander.” In 2013, Kellogg became an Inclusive Communities board member and now serves as the secretary on the executive committee. He strives to support and spread the word about the organization while adhering to their mission and vision. Through Inclusive Communities’ various programs and events such as table talks, philanthropic work and community observation days and camps, students and adults alike are taught empathetic thinking and understanding. Kellogg’s work with Inclusive Communities has had a profound effect on his role at Centris. Leading the human resources team, one of his main priorities is fostering a welcoming environment. The training he received at Inclusive Communities has given
him the tools to create an anti-bullying policy as well as develop a diversity and inclusion statement and subsequent yearly training. “There’s a beauty and competitive advantage to being different in the workplace,” Kellogg said. “I’m trying to create a culture where employees have a sense of responsibility and can really make a difference because of their uniqueness.” Kellogg believes it’s important to pay it forward. He feels blessed in his life, and if he can help, he will. Along with Inclusive Communities, Kellogg also volunteers for the Literacy Center of the Midlands (where he sat on the board for five years), the Common Fund of the Heartland and the Human Resources Association of the Midlands where he’s an instructor of strategic management. Is it only a dream to think that future news headlines could all be positive? Kellogg and Inclusive Communities are working hard toward making that dream a reality where diversity and inclusion are second nature and all people are treated with the respect and dignity they deserve. “Let’s put our assumptions in check and egos aside,” Kellogg says, “because as humans, we’re all here to help each other.”
Are you a Centris member making a unique contribution to the community? Know someone who is? Tell us your story for a chance to be featured in the Member Spotlight of the Centris Newsletter. Simply contact us at email@example.com or by phone at (402) 758-6523.
Social Security which married couples used to try and maximize their combined retirement benefits.1 Broadly speaking, the point of both strategies was to generate spousal Social Security benefits for a couple while they suspended their own individual benefits (thereby allowing those individual benefits to grow by roughly 8% per year from age 62-70 until claimed).1
What Just Happened with Social Security? Congress just eliminated two popular strategies used to get greater retirement benefits. Presented by Mike Sieler, Centris’ financial planning representative. Mike Sieler can be reached at: (402) 697-6726 or email Mike.Sieler@ CurnesGroup.com If you want to claim Social Security benefits soon, keep a date and a number in mind. The date is April 30, 2016. The number is 62. Recent changes to the Social Security benefit rules have made that date and that number very important especially for those about to retire. In October, Congress passed a new federal budget. In doing so, it shut down the file-and-suspend and restricted application claiming strategies for 8
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After April 30, 2016, the door will shut on the file-and-suspend strategy. The strategy worked like this: when one spouse reached Social Security’s full retirement age (66), that spouse claimed Social Security but then immediately suspended their retirement benefits. The other spouse could then claim a spousal benefit while their deferred individual Social Security benefit grew 8% annually.2 You may still be able to use the file-andsuspend strategy before the door closes. Are you married? Are you 66 or older right now or will you be 66 years old by April 30, 2016? If your answer is “yes” to both those questions, then you and your spouse still have a chance to use the strategy. That chance disappears forever on May 1. It may be risky to wait until April, when the Social Security Administration may have a backlog of applications on its hands.2 If you are still eligible to file-andsuspend and you miss the April 30 deadline, you could end up leaving anywhere from $10,000-60,000 in lifetime Social Security income on the table.1 One asterisk to all this: the file-andsuspend strategy will still be permitted for individuals. A person can still file for Social Security benefits and voluntarily suspend them with his or
her deferred individual Social Security benefit increasing by about 8% a year until age 70.3 Why is the number 62 now so important? Starting in 2016, someone turning 62 will no longer be able to file a restricted application for only spousal benefits. In other words, the door is closing on the restricted application claiming strategy.1 That strategy worked as follows: between age 66 and age 70, one spouse would file a restricted application to claim spousal Social Security benefits while deferring their individual benefits until age 70. At 70, they switched from the spousal benefit to their own larger Social Security benefit.2 In 2016 and future years, spouses newly eligible for Social Security will be given a simple and irrevocable choice. They can take either their spousal benefit or their own benefit, whichever is larger. They will not be able to defer their own benefit until age 70 and then switch out of their spousal benefit at that time to their own, larger benefit.2 The good news? If you are 62 or older by the end of 2015, you can still file a restricted application for only spousal benefits. That could be a smart move if your spouse will be getting Social Security when you hit full retirement age (FRA) and you file for your spousal benefits on their earnings history.2 One other option is also going away. Under the new Social Security regulations, a Social Security beneficiary cannot file for benefits, suspend them for X years and then retroactively request the suspended benefits as a lump sum payout years later. For example, if you file for Social Security at age 63, suspend benefits and then elect to receive your benefits
at age 66, you will simply start getting the monthly Social Security income you deserve at age 66. No lump sum of deferred Social Security income will be waiting for you.2 If you are peeved by all this, you are not alone. Many baby boomers viewed the file-and-suspend and restricted application strategies as techniques they could use in the near future to arrange greater retirement income. Congress simply saw loopholes that needed closing. Does waiting to claim Social Security until age 66 or 67 still make sense? For many couples - particularly those in good health - it still does. While the sun is setting on the chance to receive some spousal benefits while you wait, the basic math of Social Security remains the same. The longer you wait to file for benefits, the larger your monthly individual benefits will be, up until age 70. 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.
Securities and investment advisory services offered through Cetera Advisor Networks LLC, Member FINRA/SIPC. Centris Federal Credit Union & Cetera Advisor Networks are not affiliated. Citations 1. nytimes.com/2015/12/05/your-money/the-end-of-socialsecurity-loopholes-what-now.html [12/5/15} 2. money.usnews.com/money/retirement/articles/2015/12/04/ say-goodbye-to-the-social-security-file-and-suspend-strategy [12/4/15] 3. marketwatch.com/story/key-social-security-strategies-hit-bybudget-deal-2015-10-30 [11/2/15] Not a Deposit
Not Insured By Any Federal Government Agency
May Lose Value
No Bank or Credit Union Guarantee Not NCUA Insured
A Smarter Way to Your Biggest Refund Centris Federal Credit Union has teamed up with Love My Credit Union Rewards TurboTax® program to get you your maximum refund, savings of up to $15 on TurboTax® federal products, and a chance to win $25,000! Just try TurboTax® Online for FREE (and provide your email address) by February 18 to be automatically entered in the TurboTax® $25,000 Payday Sweepstakes. Start TurboTax® now! This year, file your taxes the smarter way, and get your biggest possible refund - guaranteed. TurboTax® guides you every step of the way. Plus, you can save up to $15 on TurboTax® federal products. • TurboTax® translates taxes into simple questions about your life and puts everything in the right forms for you. • TurboTax® searches over 350 deductions and credits, so you won’t miss a thing. • TurboTax® runs error checks and a final review to help make sure your taxes are done right.
The TurboTax® credit union member discount is just one of many member discounts available with the Love My Credit Union Rewards program. Members have saved over $1.4 billion with exclusive offers from these great partners: ❤ Receive a 10% discount (business members a 15% discount) on select regularly priced Sprint monthly data service. Plus, waived activation fee on new lines and upgrade fees ($36 savings each) ❤ Get safety and security of roadside assistance and more for less than $1 per week* with CU Road Pal ❤ Save up to $200 on new DIRECTV service with monthly bill credits and a $140 gift card ❤ Receive a $100 gift card and smoke communicator with new a ADT monitored home security system ❤ Earn cash back when you shop at over 1,500 online retailers with Love to Shop The more offers you take advantage of, the more you save. Start saving today at LoveMyCreditUnion.org.
Start now and save! 10
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*Drivers residing in same household.
Look to Centris for All Your Mortgage Needs Congratulations: Heidi Weeks The Women’s Council of Realtors (WCR) honored Centris Mortgage Production Manager Heidi Weeks as their Affiliate of the Year for 2015 in a December ceremony at Champions Run. The affiliate of the year award is handpicked by the WCR president with the help of the governing board. The person picked for this award is someone who has dedicated their time and talents by chairing and/or being a part of committees, sponsoring fundraisers and volunteering their time to serve the chapter. It is someone who has gone above and beyond and has truly helped support the WCR realtor community. “This is a well-deserved recognition for Heidi,” Jeff Shapiro, Centris senior vice president of lending, said. “She has been active in the WCR for several years as the treasurer and reservations chair. As the mortgage production manager at Centris, Heidi is always looking for ways to motivate our mortgage service representatives as well as give back to the community.” Heidi has more than 17 years of mortgage experience and has worked at Centris since 2010. She worked her way up from a mortgage service representative and lead mortgage service representative to the mortgage production manager in September of 2013.
If you’re in the market for a new home or ready to refinance, look no further than your nearest Centris branch. Our neighborhood mortgage experts are here to assist you through the home buying process. From pre-approval to closing, Centris has the products and services you need and benefits you won’t find anywhere else.
Here’s Your Chance to Win...
Now for a limited time, you have the opportunity to Win A FREE Mortgage For A Year! (Up to $10,000. Odds of winning based on number of entries received.*) Apply in person, online or call and get pre-qualified before you shop for your new home. We’ll show you why Centris is your trusted neighborhood mortgage partner. Contact us for complete information.
*12 consecutive monthly mortgage payments (principal and interest only) of not more than $833.33 per month (“Monthly Maximum Prize”) totaling up to $10,000 in the aggregate. Exact prize amount will be determined by amount of eligible winner’s mortgage payment. Winner must pay any portion of winner’s monthly mortgage payments not attributable to principal or interest or otherwise in excess of Monthly Maximum Prize. Odds of winning depend on number of eligible entries received. Number of written prize notices to be distributed will depend on number of inquiries about the promotion. Beginning 1/1/16 through 12/16/16, when you open a mortgage loan with Centris Federal Credit Union (“Centris”) in Nebraska or Iowa, you will automatically be entered to be drawn as a winner in the “Centris Federal Credit Union Free Mortgage Giveaway.” Participants and winner(s) must be Nebraska or Iowa residents at least 18 years old as of 12/16/16, and have a valid driver’s license. To enter, you must be Centris members and have closed and have received funds for a mortgage loan or mortgage refinance from Centris on or after 1/1/16. One entry per person and/or household. If a winner is disqualified or cannot accept the prize as stated, Centris reserves the right to determine an alternate winner in its sole discretion. Prize is not transferable, redeemable for cash or exchangeable for any other prize. Centris may require winner to complete, execute and return affidavits of eligibility, liability releases and publicity releases prior to taking possession of prize. Failure to sign these documents, or if winner cannot be notified, or if winner is found to be ineligible or not in compliance with these Official Rules, will result in disqualification and an alternate winner will be selected.
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For the seventh year in a row members like you have voted Centris as the Best Credit Union in the Omaha-metro area! We are also proud to again be voted first place for Best Auto Financing!
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