Search
Close this search box.

Employee Spotlight – Anna Ard

Anna Ard

Member Experience Team Lead

A true legacy story!

Anna Ard’s mother, Missy has worked here for over 20 years, so Anna feels as though she was raised inside of AGCU.

When we asked her what’s her favorite place to be, She told us, “It sounds cheesy, but honestly, I’m happiest at work!”

 

Anna’s job entails supporting tellers, being an advocate for our members, and helping contribute to the teller training manual!

She is a big fan of thrift store shopping, 90s Country Music, and the TV series ”Friends” and we wonder if she could

BE any more awesome!?!”

 

What Does Banking With A Purpose Mean to You?

“It means providing excellent member experience and building relationships with our members and coworkers”

 

What is one thing that you wish people knew about your job?

“I wish our members and co-workers know how much I love my job, but I feel like they already know”

What’s the best piece of advice you have ever received?

My Aunt told me, “listen to everything and repeat nothing.”

Fun Fact About Anna!

Anna is an avid photographer, and her talents have earned her a second-place award in a national skills competition! 

 

[envira-gallery id=”5737″]

Prime Rate Update

Prime Rate Update

You may have seen a recent adjustment to your loan interest rate. Due to the Federal Reserve federal funds interest rate increase on December 15, effective December 26, the new Assemblies of God Credit Union prime rate is moving to 7.50%.

What is the U.S. Prime Rate?

The United States Prime Rate is a commonly used interest rate in the banking system of the United States. The Prime Rate is the interest rate that financial institutions use to set rates for different types of loans, credit cards, and lines of credit. The published rate may also affect specific mortgage rates, like variable rate mortgages, home equity loans, and home equity lines of credit. The Prime Rate is consistent because financial institutions want to offer businesses and consumers loan profitable and competitive products. A consistent U.S. Prime Rate also makes it easier and more efficient for individuals and businesses to compare similar loan products offered by competing financial institutions.

What does the Prime Rate mean to you?

The Prime Rate rate can affect many areas of your life, including credit card interest rates, small business loans, mortgages, and personal loans. It serves as a baseline that most financial institutions use to determine what interest rate to give customers. Following updates on this rate will help you make important decisions, such as what type of loan or mortgage to choose or even what APR you should be looking for when opening a new credit card. AGCU may price loans to its members at, above, or below the prime rate.

Why does the Prime Rate change, and how often?

Usually, the U.S. Federal Reserve meets around six times a year to discuss the federal funds rate. Based on the economy’s current state and future projection path, the Federal Reserve may choose to increase or decrease the rate. From this meeting, the Federal Reserve announces their change to the federal funds rate, and financial institutions adjust their interest rates to follow the Federal Reserve’s decision. Because of the frequency of changes in the rate and its influence over loans, credit cards, and mortgages, it’s essential to check for updates routinely.

Questions?

Contact a loan officer today by calling (417) 831-4398 or fill out our contact form, and we will reach out to you.

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU.
Learn More About Banking with a Purpose

More articles

Like us on Facebook!

12 month CD

Certificate of Deposit Rates:*

Term APR APY
6 month 1.00% 1.00%
12 month 3.01% 3.05%
18 month 2.10% 2.12%
24 month 2.25% 2.27%
36 month 2.00% 2.02%
48 month 1.75% 1.76%
60 month 1.50% 1.51%

 

*Minimum Deposit $1,000. Certificate dividends paid monthly. Rates accurate as of 10/25/2022.
APR = Annual Percentage Rate
APY = Annual Percentage Yield
Penalty may apply for early withdrawal. Rates subject to change.

 

Accounts are insured by the National Credit Union Administration (NCUA) to at least $250,000. Additional coverage of up to $250,000 per depositor for other types of accounts, such as IRAs, is also available. For more information about your account’s coverage, see the NCUA’s insurance estimator here or contact us. NCUA maintains one of the largest and strongest levels of financial reserves in America and is backed by the full faith and credit of the United States Government.

Contact one of our representatives today to open your account! Call (417) 831-4398 or CLICK HERE and we will contact you!

Insurance Check-up New Year Resolution

Make An Insurance Check-Up Your New Year’s Resolution!

Insurance Check Up

Insurance is not a “buy it and forget it” product. An annual check-up on your current insurance policies can result in a healthier policy and a healthier pocketbook.

Regardless of which types of insurance you own now, your coverage will probably need some adjusting over the years. You may even have to purchase new types of insurance that you didn’t need before.

An annual insurance checkup is a smart idea! Considering what new types of coverage you might need and reviewing your current coverage once a year, even if you don’t think there have been any significant changes in your circumstances, will help ensure that you stay adequately protected and avoid any unpleasant surprises if you ever have to file a claim.

To stay on track, do your annual review around the same time each year.

In addition to your routine annual insurance review, you should re-evaluate your coverage any time there is a life event or significant change in your circumstances that either increases or decreases your risk—and, therefore, your need for protection.

Home, Auto, and Property Insurance:

This area of insurance changes frequently which means there could be opportunities to get more coverage and perhaps save money. It isn’t unrealistic to consider getting new bids for all your non-life policies every year to be certain you’re not spending too much or getting too little for your dollar. It is also a good time to make sure your home policy covers any upgrades or additions you’ve made to your home since its original purchase.

Life Insurance:

You might think you already did an in-depth review of your needs when you originally purchased your life insurance policy. At that time, you considered your family’s financial needs, took inflation into consideration, and decided on a coverage amount and term. Yet, every new year brings changes into our lives, such as weddings, births, divorces, new jobs, new roles, variations in salary, etc. These important events should be reflected in your life insurance policy to ensure it is keeping up with your expectations.

Available Insurance Offers and Products

AGCU Insurance offers over 20 different types of insurance. This includes traditional home and auto insurance but also includes other policies like pet and wedding insurance. Here are some of the most popular insurance policies currently offered:

  • Auto, Motorcycle, and Scooter
  • Boat, ATV, and Recreational Vehicle
  • Life
  • Home, Condo, and Vacation Homes
  • Wedding
  • Landlord Policies
  • Renters
  • Pet
  • Valuable Items
  • Flood, Sinkhole, and Disaster-related
  • Home Warranties

Reviewing your life insurance is not as complicated as you might think. All you have to do is consider the following points:

    • What’s changed in your life since the policy was purchased? Have you gotten married, divorced, or expanded your family? Does the original need the life insurance policy was intended to meet still hold true today?
    • Relationships and obligations change over time. Does your beneficiary selection need to be revisited? If so, call 866-508-2428 or 417-447-9356 or Email: insurance@agcu.org, and we will send you the appropriate form.
    • Have you changed addresses?
    • Your financial circumstances or lifestyle may have changed over the years. Have you acquired more debt or increased your income? For your loved ones’ sake, be sure your policy is keeping track with these changes.
    • Have you lost a significant amount of weight or quit smoking? Improving your health is not only good for your life, it might be good for your life insurance coverage. Call us to find out.
    • Check the expiration date on your term policy. It’s important to keep track of this so you can extend it if necessary.

Your AGCU insurance professional will be familiar with your current coverage and can provide valuable guidance regarding what you need to stay adequately protected and even how to save money on premiums.

Block out an hour, call an insurance agent, and get answers to these important questions.

What Type of Coverage Do I Have?

How Much Coverage Do I Really Need?

How Can I Lower My Premiums?

What are my deductibles and discounts?

The Best Coverage at the Right Price

In order to ensure that you’re getting the most bang for your buck, AGCU Insurance is dedicated to minimizing fees, loading on discounts, and offering competitive policies. There are a variety of discounts available. These include multi-car, multi-driver, new car, paperless, multi-policy, good student, and many others.

Additionally, AGCU Insurance offers free coverage checkups.

If you live in Arkansas, Kansas, Missouri, Oklahoma, or Texas, Fill out the Quote Request Form at the top of the page, or contact Sherrie and Dee today to obtain a quote!

Phone: 866-508-2428 or 417-447-9356

Email: insurance@agcu.org

If you live outside of those five states, visit the AGCU InsuranceAisle website or call 866-397-4086 for more information.

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

Like us on Facebook!

Avoiding Holiday Fraud and Reporting Lost Cards

Avoiding Holiday Fraud

The festive season means fun with friends and family, goodwill, and giving. Sadly, ’tis also a prime time for cybercrooks to cook up nefarious schemes.

A few scams are specific to the holidays, but most are variations on everyday fraud, ramped up to match seasonal spikes in spending and web traffic. Not surprisingly, they often center on shopping, especially online. As real retailers roll out their seasonal deals, scammers seek to snare bargain-hunting shoppers with bogus websites and social media campaigns that impersonate major brands. These “spoofing” sites and fake posts entice you to spend money for products you’ll never receive.

Further, many are vehicles for harvesting credit card numbers and other personal data that criminals use to commit identity theft or sell on the dark web. Scammers may distribute malware-loaded links or attachments via supposed coupon offers or “order confirmation” emails. Fraud involving drained gift cards — hugely popular for both giving and receiving — also shift into high gear.

Warning Signs

  • Huge discounts on hot gift items, especially when touted on social media posts or unfamiliar websites.
  • Spelling errors or shoddy grammar on a shopping website or in an email or text.
  • An unsolicited email that asks you to click on a link or download an app to access a deal or arrange a delivery.
  • Pressure from a charity fundraiser to donate right away.

How to protect yourself from this scam

  • Rather than clicking on a link from an email or text to a hot deal, go to your web browser and type in the web address of the company purportedly offering said great deal.
  • Pay by credit card. This way you can dispute charges and limit the damage if the transaction was fraudulent.
  • Buy gifts cards online directly from the issuing business instead of from a retail rack, where the cards can be tampered with. When receiving a gift card as a present, register it if that’s an option, and use it sooner rather than later.
  • Avoid conducting any business online (making a purchase, donating, accessing password-protected sites) while using a public Wi-Fi network unless you employ a virtual private network (VPN).
  • Pushy charities could be an indicator that the cause is bogus; legitimate charities will accept your donations on your own timeline.
  • Anytime you are prompted to make a purchase or a donation by wire transfer or gift card, it is a scam.

If you believe you’ve been a victim, or your cards are lost or stolen

Report Fraud

To open a fraud case:  866.279.1399

Please use the steps outlined below to report fraudulent charges or if your credit or debit card has been lost or stolen.

CREDIT CARDS

To report fraud on your CREDIT card or if it has been lost or stolen, please call 1-800-558-3424. Representatives are available 24 hours a day, 365 days a year. (For missionaries who are unable to call 800 numbers, please call 1-701-461-0125.)

 

DEBIT CARDS

STEP 1:

Call the number below that applies to you.
Stateside (in the U.S.) Monday-Friday 8 a.m. – 5 p.m. : 1-833-933-1681
or during business hours call AGCU 866-508-2428

After Hours: 855-961-1602 and speak with Fraud Detection.

International: 1-812-647-9794

STEP 2:

ALWAYS call AGCU for a replacement card after reporting a lost or stolen card and speak with a Member Care Representative. Do not depend on email, speak to a person!

 

EMAIL SOLICITATION

AGCU will never solicit you for information about your account in an email or over the phone.

The NCUA (National Credit Union Administration) has no personal information on our membership. Email posing to be from the NCUA is false and an attempt to obtain your personal financial information.

If you have moved, we may contact you to verify your current address.

If you are suspicious of an email appearing to be from AGCU, please call us to verify its validity.

 

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU.
Learn More About Banking with a Purpose

More articles

Like us on Facebook!

 

30 days of Thankfulness

AGCU is Celebrating November with 30 Days of Thankfulness for our Church Heroes!

Thank you, Child Care Workers, Cleaning Crew, Sunday School Teachers, Musicians, Maintenance Team, Grounds Keepers, Sound Board Operators, Camera Crew, Bus Drivers, Greeters, Leaders, Staff, and Volunteers! You’re all HEROES to the church!

Tell us about your Church Heroes, and we will select $100 winners every Monday in November. Plus, one church will win $1,000!

CLICK HERE TO NOMINATE YOUR HERO!

OFFICIAL RULES

NO PURCHASE IS NECESSARY TO ENTER OR WIN. A PURCHASE DOES NOT INCREASE THE CHANCES OF WINNING.

Eligibility: Thirty Days of Thankfulness (the “Sweepstakes”) is open only to those who sign up at the sweepstakes page located at  https://l.feathr.co/ChurchHero and who are 13 years old as of the date of entry. The sweepstakes is only open to legal residents of  United States of America and is void where prohibited by law. Employees of AGCU (the “Sponsor”) their respective affiliates, subsidiaries, advertising and promotion agencies, suppliers and their immediate family members and/or those living in the same household of each are not eligible to participate in the Sweepstakes. The Sweepstakes is subject to all applicable federal, state and local laws and regulations. Void where prohibited.

Agreement to Rules: By participating, you agree to be fully unconditionally bound by these Rules, and you represent and warrant that you meet the eligibility requirements set forth herein. In addition, you agree to accept the decisions of AGCU, as final and binding as it relates to the content. The Sweepstakes is subject to all applicable federal, state and local laws.

Sweepstakes Period: Entries will be accepted online starting on or about November, 1 2022 and ending November, 30 2022. All online entries must be received by November, 30 2022 11:59PM EST.

How to Enter: The Sweepstakes must be entered by submitting an entry using the online form provided on this Sweepstakes site, located at  https://l.feathr.co/ChurchHero. The entry must fulfill all sweepstakes requirements, as specified, to be eligible to win a prize. Entries that are not complete or do not adhere to the rules or specifications may be disqualified at the sole discretion of AGCU. You may enter only once and you must fill in the information requested. You may not enter more times than indicated by using multiple email addresses, identities or devices in an attempt to circumvent the rules. If you use fraudulent methods or otherwise attempt to circumvent the rules your submission may be removed from eligibility at the sole discretion of AGCU.

Prizes: Winners will receive Church Hero (4) – $100 Visa® gift card. Grand Prize Church (1) – $1000 Visa® gift card. Actual/appraised value may differ at time of prize award. The specifics of the prize shall be solely determined by the Sponsor. No cash or other prize substitution permitted except at Sponsor’s discretion. The prize is non transferable. Any and all prize related expenses, including without limitation any and all federal, state, and/or local taxes shall be the sole responsibility of the winner. No substitution of prize or transfer/assignment of prize to others or request for the cash equivalent by winners is permitted. Acceptance of prize constitutes permission for AGCU to use winner’s name, likeness, and entry for purposes of advertising and trade without further compensation, unless prohibited by law.


Odds:
The odds of winning depend on the number of eligible entries received.

Winner selection and notification: Winners of the Sweepstakes will be selected in a random drawing under the supervision of the Sponsor. Winners will be notified via email to the email address they entered the Sweepstakes with within five (5) days following the winner selection. AGCU shall have no liability for a winner’s failure to receive notices due to winners’ spam, junk e-mail or other security settings or for winners’ provision of incorrect or otherwise non-functioning contact information. If the selected winner cannot be contacted, is ineligible, fails to claim the prize within 72 hours from the time award notification was sent, or fails to timely return a completed and executed declaration and releases as required, prize may be forfeited and an alternate winner selected. 

The receipt by winner of the prize offered in this Sweepstakes is conditioned upon compliance with any and all federal and state laws and regulations. ANY VIOLATION OF THESE OFFICIAL RULES BY ANY WINNER (AT SPONSOR’S SOLE DISCRETION) WILL RESULT IN SUCH WINNER’S DISQUALIFICATION AS WINNER OF THE SWEEPSTAKES AND ALL PRIVILEGES AS WINNER WILL BE IMMEDIATELY TERMINATED.

Rights Granted by you: By entering this content you understand that AGCU, anyone acting on behalf of AGCU, or its respective licensees, successors and assigns will have the right, where permitted by law, without any further notice, review or consent to print, publish, broadcast, distribute, and use, worldwide in any media now known or hereafter in perpetuity and throughout the World, your entry, including, without limitation, the entry and winner’s name, portrait, picture, voice, likeness, image or statements about the Sweepstakes, and biographical information as news, publicity or information and for trade, advertising, public relations and promotional purposes without any further compensation.

Terms: AGCU reserves the right, in its sole discretion to cancel, terminate, modify or suspend the Sweepstakes should (in its sole discretion) a virus, bugs, non-authorized human intervention, fraud or other causes beyond its control corrupt or affect the administration, security, fairness or proper conduct of the Sweepstakes. In such case, AGCU may select the recipients from all eligible entries received prior to and/or after (if appropriate) the action taken by AGCU. AGCU reserves the right at its sole discretion to disqualify any individual who tampers or attempts to tamper with the entry process or the operation of the Sweepstakes or website or violates these Terms & Conditions.

AGCU has the right, in its sole discretion, to maintain the integrity of the Sweepstakes, to void entries for any reason, including, but not limited to; multiple entries from the same user from different IP addresses; multiple entries from the same computer in excess of that allowed by sweepstakes rules; or the use of bots, macros or scripts or other technical means for entering.

Any attempt by an entrant to deliberately damage any web site or undermine the legitimate operation of the sweepstakes may be a violation of criminal and civil laws and should such an attempt be made, AGCU reserves the right to seek damages from any such person to the fullest extent permitted by law.

By entering the Sweepstakes you agree to receive email newsletters periodically from AGCU. You can opt-out of receiving this communication at any time by clicking the unsubscribe link in the newsletter.

Limitation of Liability: By entering you agree to release and hold harmless AGCU and its subsidiaries, affiliates, advertising and promotion agencies, partners, representatives, agents, successors, assigns, employees, officers and directors from any liability, illness, injury, death, loss, litigation, claim or damage that may occur, directly or indirectly, whether caused by negligence or not, from (i) such entrant’s participation in the sweepstakes and/or his/her acceptance, possession, use, or misuse of any prize or any portion thereof, (ii) technical failures of any kind, including but not limited to the malfunctioning of any computer, cable, network, hardware or software; (iii) the unavailability or inaccessibility of any transmissions or telephone or Internet service; (iv) unauthorized human intervention in any part of the entry process or the Promotion; (v) electronic or human error which may occur in the administration of the Promotion or the processing of entries.

Disputes: THIS SWEEPSTAKES IS GOVERNED BY THE LAWS OF United States of America AND Missouri, WITHOUT RESPECT TO CONFLICT OF LAW DOCTRINES. As a condition of participating in this Sweepstakes, participant agrees that any and all disputes which cannot be resolved between the parties, and causes of action arising out of or connected with this Sweepstakes, shall be resolved individually, without resort to any form of class action, exclusively before a court located in Missouri having jurisdiction. Further, in any such dispute, under no circumstances will participant be permitted to obtain awards for, and hereby waives all rights to claim punitive, incidental, or consequential damages, including reasonable attorneys’ fees, other than participant’s actual out-of-pocket expenses (i.e. costs associated with entering this Sweepstakes), and participant further waives all rights to have damages multiplied or increased.

Privacy Policy:  Information submitted with an entry is subject to the Privacy Policy stated on the AGCU Web Site. To read the Privacy Policy, https://agcu.org/wp-content/uploads/2020/12/PrivacyNotice-12.9.2020.pdfclick here.

13. Winners List: To obtain a copy of the winner’s name or a copy of these Official Rules, mail your request along with a stamped, self-addressed envelope to: Assemblies of God Credit Union, P.O. Box 2328, Springfield, MO 65801. Requests must be received no later than December 31,2022

Sponsor:  The Sponsor of the Sweepstakes is AGCU .

15. This promotion is in no way sponsored, endorsed or administered by, or associated with Facebook, Twitter, Instagram, Snapchat, Youtube, Pinterest, LinkedIn or Google. You understand that you are providing your information to the owner of this sweepstakes and not to Facebook, Twitter, Instagram, Snapchat, Youtube, Pinterest, LinkedIn or Google. 

12 Steps to Financial wellness: Review and Tweak

12 Steps to Financial Freedom - Review and Tweak

12 Steps to Financial Wellness:

Step 12- Review and Tweak

 

Congratulations! You’ve reached the 12th and final step of the 12 steps to financial wellness. Here, we’ll review the previous steps and adjust this part of your financial health plan as necessary.

 

Step 1: Track your spending

Are you regularly tracking your spending? Knowing where your money is going will help you make more responsible spending decisions in the future.

 

Step 2: Create and stick to a budget

Budgets need to be reviewed and tweaked every few months or so to ensure they still work for present life circumstances. If your budget no longer works for you, tweak until it does.

 

Step 3: Pay down debt

Have you made as much progress in your debt-paying journey as you’d hoped to by this point? Can you beef up any payments to make debt disappear sooner?

 

Step 4: Talk money with your partner

Have you had the big money talk with your partner? Need to revisit any of the topics you’ve discussed, such as sharing accounts, dividing expenses and saving up for a shared dream?

 

Step 5: Spend mindfully

Review some of your recent purchases. Are you blowing money on stuff you don’t need instead of relieving stress in a healthier manner? If so, look for better ways to de-stress.

 

Step 6: Pay it forward

Are you remembering to pay it forward? The money, time and smiles we share are the only moments that are truly ours.

 

Step 7: Pay yourself first

Are you remembering to feed your savings? At this time, you may want to consider increasing the amount you’re regularly putting into savings by trimming some discretionary expenses.

 

Step 8: Know when and how to indulge

Are you remembering to work your just-for-fun expenses into your budget so you can indulge without guilt? Now is a good time to look back at your indulgences to figure out if they were really good uses for your money.

 

Step 9: Check your credit score

If you’ve been following the rules for boosting and maintaining a high credit score, like paying your bills on time, having several active cards, and keeping your credit utilization low, your score should have improved during these last few months.

 

Step 10: Think about retirement

Review your retirement accounts and assess whether your funds have reached the place you’d hoped they would by now.

 

Step 11: Start investing

Make sure your investments are performing well and that your assets are optimally diversified.

 

Step 12: Review your overall financial health

In this final step, you’ll review your financial health on a regular basis, just as you’ve done here.

 

Reviewing your financial health on a regular basis is an important part of staying financially fit.

 

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU.
Learn More About Banking with a Purpose

More articles

Like us on Facebook!

 

8 Holiday Shopping Hacks to Help You Save Big This Season

8 Holiday Shopping Hacks to Help You Shop & Save

Ready, set… charge! The holiday shopping season is here. Among inflated prices, the rising cost of gas, and the urge to splurge, it can be tough to stick to your budget. Here are our top 8 holiday shopping hacks to keep your spending under budget.

8 Holiday Shopping Hacks To Help You Save Big This Season!

Jump To:

 

1.  Make a Shopping List and Check It Twice

When you shop with a list in hand, and be mindful to stick to it, you can make responsible shopping decisions instead of buying every shiny thing that catches your eye.

 

2. Price Shopping By Comparing Prices

All it takes is a few quick online clicks or taps to check if an item is available for less. You can also use a price-checking app, like ShopSavvy, to search for the hottest deal.

 

3. Shop With a Friend

Grab an accountable friend to help you stay on track as you shop. Share your budget or which gifts you’ll be looking for on this trip. Ask them to gently remind you to stay within budget and on-plan as you browse.

 

4. Take Advantage Of Rebates and Refunds

Want to get paid to shop? When you make a purchase through a rebate app, like Earny or Rakuten, you get cashback for every purchase you make.

 

5. Buy Discounted Gift Cards

You can find discounted gift cards on sites, like Raise and CardCash, for big-name brands like Lowe’s, Starbucks, Amazon, and more.

 

6. Shop With Coupons

Before completing an online purchase, do a quick search of sites, like RetailMeNot, to check for available coupons that can lower the price. You can also use a browser extension, like Honey, which will automatically find and apply coupons while you shop online.

 

7. Shop Early

This year, with anticipated delivery delays and supply shortages, it’s best to tackle your holiday shopping early. Shopping with a clear head when the stores are well-stocked, will make it easier to stick to your budget.

 

8. Buy Electronics on Black Friday

The Black Friday deals you’ll find on TVs, laptops, audio equipment, and other electronics will likely be the best you’ll find all year.

 

Follow the tips outlined above to save big on gift shopping this year.

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

Like us on Facebook!

12 Steps to Financial Wellness: Step 10- Plan for Retirement

Step 10 of 12 Steps to Financial Wellness-Plan for Retirement

 

12 Steps to Financial Wellness:

Step 10- Plan for Retirement

It’s never too early – or too late – to start planning for your retirement. However, the more time you allow for your savings to grow, the bigger the nest egg you’ll have when it’s time to cash in.

 

Here’s how to get started on planning your retirement.

 

Set a target number

First, determine how much you’ll need to have saved to live comfortably and independently throughout your retirement. Experts advise taking your current living expenses and multiplying the number by 400 to identify the amount you’ll need to sustain yourself based on a 4% return.

 

Choose your retirement account strategy

Next, you’ll need to select a place to keep your retirement savings. There are many options to consider, some of which you may already have if you are, or have been, employed. Here’s a quick review of the two most common retirement accounts:

 

  1. 401(k)

If you’re employed, you likely have a 401(k) that’s working toward collecting money for your retirement. Take advantage of this retirement tool by maximizing your contributions. Also, many employers match a portion of (or all) contributions you make, which is basically free money, to help your retirement savings grow tax-deferred.

 

  1. IRA

There are two popular kinds of Individual Retirement Plans (IRA): conventional IRAs and Roth IRAs. A conventional IRA will let your money grow, tax-deferred, but withdrawals are taxable. A Roth IRA does not feature tax-deferred growth, but qualified withdrawals are not taxed. Like a 401(k), some employers match a portion of (or all) contributions. But, there are federal limits on how much money you are allowed to add to your IRA each year.

 

The table below shows a brief summary of the pros and cons of each retirement vehicle for easy comparison.

 

Features 401(k) IRA Roth IRA
Matching Funds Yes No No
Tax-Deductible Yes Depends on income, tax-filing status and other factors No
Tax-Deferred Growth Yes Yes No
Taxable Withdrawals Yes Yes No
Maximum Yearly Contribution (2022)

$20,500

$6,000

$6,000

Maximum Yearly Contribution Age 50+ (2022)

$27,000

$7,000

$7,000

 

After you’ve selected your retirement fund, you’ll also need to choose somewhere to invest. With a bit of work and a lot of planning, you’ll have your future secured in the best way possible.

 

Read Step 1: How to Track Your Spending

Read Step 2: Creating a Budget

Read Step 3: Pay Down Debt

Read Step 4: Have the Money Talk With Your Partner

Read Step 5: Practice Mindful Spending

Read Step 6: Pay It Forward

Read Step 7: How to Pay Yourself First

Read Step 8: Know When and How to Indulge

Read Step 9: Build and Maintain an Excellent Credit Score

Read Step 10: Plan for Retirement

Read Step 11: Start Investing

Read Step 12: Review and Tweak

 

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU.
Learn More About Banking with a Purpose

More articles

Like us on Facebook!

What is a HELOC?

Home Equity Loan vs. HELOC: What’s the Difference?

Home Equity Loan vs. HELOC: What’s the Difference?
One of the biggest perks of homeownership is the ability to build equity over time. You can use that equity to secure low-cost funds in the form of a second mortgage—either a one-time loan or a home equity line of credit (HELOC).

Home equity loans and HELOCs use the equity in your home—that is, the difference between your home’s value and your mortgage balance—as collateral. As the loans are secured against the equity value of your home, home equity loans offer extremely competitive interest rates—usually close to those of first mortgages. Compared with unsecured borrowing sources, such as credit cards, you’ll be paying less in financing fees for the same loan amount.

Home Equity Loans

A home equity loan, or second mortgage,  comes as a lump sum of cash. It’s an option if you need the money for a one-time expense, such as a wedding or a kitchen renovation. These loans usually offer fixed rates, so you know precisely what your monthly payments will be when you take one out. Learn about Second Mortgages here.

We offer a fixed rate option on our second mortgages with a maximum term of fifteen (15) years.
Several advantages of working with us on your loan:

  • Low closing cost
  • No pre-payment penalty
  • Retained servicing (excludes 30 year fixed)
  • Variety of payment options
  • Cash-out refinances on specific mortgage plans

A HELOC Is…

A HELOC is a line of credit that revolves – similar to a credit card – and can be used for large expenses, unexpected expenses, home remodeling, debt consolidation(1) or the like. Like a credit card, each time you repay some or all of the money used from the HELOC, your credit line is correspondingly replenished.

A HELOC is a secured loan in that you are borrowing against the equity that has been built in your house. Typically, lenders will let you borrow from 80 to 95 percent of your home’s equity.

When you obtain a HELOC, you are given a draw period, or length of time during which your line of credit will stay open. Draw times typically average 10 years. After the draw period is over, you enter into the repayment period, which for qualified members, we offer a great rate with a maximum term of fifteen (15) years.

AGCU offers HELOC’s in the following Missouri counties: Greene, Dade, Polk, Dallas, Webster, Christian, Stone, Lawrence, and Taney.

A HELOC Works by…

Borrowers can apply for HELOCs through AGCU’s Home Loan Center. The lender will assess the borrower’s home LTV (loan-to-value) ratio, as well as their income, credit score and other debt. Like a home loan, HELOCs – once approved – include closing costs.  A Mortgage and HELOC document checklist is available here.

HELOCs typically have a variable rate which, in large part, will be based on the current prime rate. This means that when rates rise – as they have been lately – the rate on a HELOC will rise accordingly. Even so, the rate on a HELOC is usually lower than credit card rates.

Once the HELOC has been approved, the borrower begins the draw period. During this time, any money borrowed from the line of credit is repaid each month by interest-only payments, which may mean a lower monthly payment. When the draw period is over, the borrower moves to the repayment period, during which time the monthly payment begins to include principal plus interest for any money borrowed, meaning the monthly payment may increase.

The Phases of HELOCs

Most home equity credit lines have two phases. First, a draw period, often 10 years, during which you can access your available credit as you choose. Typically, HELOC contracts only require small, interest-only payments during the draw period, though you may have the option to pay extra and have it go toward the principal.

After the draw period ends, you can sometimes ask for an extension. Otherwise, the loan enters the repayment phase. From here on out, you can no longer access additional funds, and you make regular principal-plus-interest payments until the balance disappears. Most lenders have a 20-year repayment period after a 10-year draw period. During the repayment period, you must repay all the money you’ve borrowed, plus interest at a contracted rate. Some lenders may offer borrowers different types of repayment options for the repayment period.

AGCU Home Loan Center

Every borrower is different, and we offer a variety of products to meet your requirements. We make the mortgage process simple and straightforward by offering the latest in financial tools that enable you to make sound financial choices. Whatever your real estate lending needs are, AGCU is here to help you navigate the process. Call our team of mortgage professionals at 866-508-2428(AGCU) or email us for more information.

KEY TAKEAWAYS

  • Home equity can be a great source of value for homeowners to access cash for renovations, large purchases, or alternative debt repayment.
  • Home equity loans and lines of credit are secured against the value of your home equity, so lenders may be willing to offer rates that are lower than they do for most other types of personal loans.
  • A home equity loan comes as a lump sum of cash, often with a fixed interest rate.
  • A home equity line of credit is a revolving source of funds, much like a credit card, that you can access as you choose.
  • Learn more about Home Equity Loans or Lines of Credit 

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU.
Learn More About Banking with a Purpose

More articles

Like us on Facebook!