is a new community support initiative PICTURE YOUR RETIREMENT Have you ever thought about established by what you want your retirement to look like?
6
RETIREMENT SAVINGS PRODUCT OPTIONS Traditional/Roth IRAs and 401(k)s are all designed to be an incentive to save for retirement. These accounts act as containers for your investments. Inside them, your money can grow and accumulate tax-free.
QUESTIONS
First Time Homebuyers Should Each account type works a little differently: Spring Ask Themselves Summer 20162018
Saving for Retirement More than a Financial Institution First Time Homebuyers
Fox Cares Foundation
401(k)
ROTH IRA
TRADITIONAL IRA
IN THIS ISSUE • $5,500 annual IN THIS ISSUEcontribution limit » New to Fox Fox Communities • Contributions are pre-tax » Fox in the Community Because these accounts » First Time Homebuyers It’s hard to do (especially if your » Bike to the Beat may be self-directed, you can • Contribution amounts Credit Union How does» Fox my in credit history look? are retirement is decades away), but the Community choose from a wide range » Quickfrom Tips & Resources deducted your income tax designing the life you want can Good credit» is the than key to getting a mortgage. More a Financial Institution of investment options. » Enhanced Protection • Withdrawals in retirement are be motivating. View your credit report online, for free, by » Annual Meeting Invite taxed as ordinary income » annualcreditreport.com. First Time Homebuyer Review visiting Do you envision... » Saving for Retirement » How to Save on Groceries and comb through your report for possible “Created to help members “contribute with confidence,” the foundation Traveling the provides world? opportunities of improvement a simple way to provide donations that will or be errors. managed responsibly Pursuing and directed to reputable charitable nonprofit 501(c)3 organizations. On behalf a passion? • $5,500 annual contribution limit Living Kyle of members, our goal is to improve the lives of our friends and neighbors in Members and Cheyenne the simple life? about Do I have all necessary documents Roth IRAs may not give • Contributions are after-tax you tax breaks on your to enter their first home. need,” states Bruce Kotarek, Fox Cares Foundation Board President. ready for the loan approval process? Settling in a new city? contributions, but the fact • Contribution amounts cannot be Reduce stress later by collecting your that you don’t pay taxes deducted from your income tax on qualified withdrawals paperwork now, including the past two years Am In addition to member donations, the foundation will be funded through proceeds from I ready to settle down? • Withdrawals in retirement are events like “Bike to the Beat” and Fox’s staff holiday silent auction. of: pay stubs, financial statements, W2s, is a huge perk. Consider the longevity Why doof your tax-freeand addresses of your landlords. tax returns they call it current employment, personal a “nest egg”? life “I’ve long admired Fox Communities Credit Union’s commitment to a wide range of and the responsibilities involved in becoming a home Should get pre-approved? community programs and organizations,” notes Mary Harp-Jirschele, Fox Cares Foundation • Set upI through your employer If your employer offers owner. Evaluate your current Getting pre-approved not only saves you time YouBoard member. “Now, as a member of the foundation board, I can see and feel the great may have seen retirement company match (free • $18,000 annual contribution limit stage in being life before you take savings referred to as a on in your home hunting process, it can also money!) on your 401(k) work firsthand! Members can be very proud of the many contributions made on their behalf • Contributions are pre-tax “nest egg.” The term is at least the financial and emotional make you a “preferred buyer” in the eyes ofcontributions,you should to local organizations.” 300 years old and describes • Contribution amounts move into your own home. a seller. For example, whencome working with atake advantage of it. Be savings set aside for a later directly from your salary pre-approved buyer, sellers may be more aware that 401(k) plans use. It’s likely derived from Fox Cares Foundation will focus its support on organizations helping people throughout How will a mortgage • Withdrawals in retirement are the farmers’ practice of putting willing to lower the asking price, include tend to have more limited Northeastern Wisconsin discover the security of a warm home, the stability of a warm meal investment options. eggs into my hens’budget? nests as a way taxed as or ordinary income impact appliances, cover your closing costs. and the freedom to share the warmth in their hearts through the arts. to get induce more sense egg-laying. It’s To a better of your a weird analogy, but the term The chart above is a simplified guide. Full details and exceptions are not listed here. Learn budget and the impact of a What’s suggested for house hunting? has stuck around to this day! more at IRS.gov or talk to your credit union. Registered trademark of Currency Marketing. mortgage, use our free online Do your research and talk to reputable Realtors calculator at foxcu.org/calculators, in your area about the real estate climate. Most or speak to one of our loan Realtors are paid a commissionCultivating from the sellers officers to crunch the numbers. the arts and their insights can be a huge advantage. It lost on your With so many paths to choose, it’s easy to get Consider what your total monthly maytoward be veryaconvenient to use online sitesdirections to IT’S OKAY TO ASK way secure retirement. The right can make payment will be including real search for your home, but working with a all the difference. I can help you create a road map and choose FORand DIRECTIONS Homelessness estate taxes insurance. Don’t Realtor and touring neighborhoods, may give the vehicles that align with your needs. forget about closing costs and youinvestment a better sense of property values. home maintenance expenses. Hunger and Call today for more information or to schedule food insecurity a consultation with Fox Communities Credit Union Investment Services: Take advantage of our Jeff Rufe - Financial Consultant FIRST TIME HOMEBUYER PROGRAM 920.993.3723 or jeffrey.rufe@lpl.com • As low as 3% down payment Cover Story: Free pre-approvals You, •Us and the Community: Foxis board members and Community staff helped pack food (pictured at Feeding America •proud Bi-weekly payment options Fox to be “Your Partner!” Discoverabove) how Fox is Making for people facing hunger within Eastern Wisconsin. This is one of the many ways • $500 off closing costs! Not NCUA Insured Not Credit Union Guaranteed Life Happen through the sponsorships of many fun-filled community events we May Lose Value Watch forand thecommunities rollout of Fox Foundation help “Make Happen” within the weCares serve. See more what we do within the FoxLife Cities, Green Bay Lakeshore areas. (page 2& 3). ofwebsite. to help the community on pages 4 & 5.Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed Securities offered through LPL Financial, affiliates. Fox Communities Credit Union Investment Services are not registered brokers/dealers nor affiliates of LPL financial.