Life Events

Life Events

PREPARE FOR LIFE'S EVENTS
Perhaps you are preparing for marriage, a new baby, a new vehicle or your first home. Maybe you are finding it difficult financially to take care of your aging parent or loved one. Whatever events life may bring your way, Electrus Federal Credit Union is here to help.

We have information to assist you with any of the following life events:

LIFE EVENTS EQUAL FINANCIAL EVENTS
Life happens. You get married, have kids, change jobs, and more. And yes, most of life's big events have financial consequences. So, if you have recently married, had a baby, divorced, retired and so on, here are some areas of your finances you may need to reevaluate.

Review your tax withholding status: Determine if you're having the right amount withheld from your paycheck by your employer. If you have too much money withheld from your paycheck, you lose the use of that money until you get your tax refund. On the other hand, if you have too little taken out, you'll pay a penalty. Ask your employer for the IRS Form W-4 or use their withholding calculator to be certain. (By clicking on the link you are leaving Electrus FCU's web site.)

Update your will, emergency contacts, and beneficiaries: Your legal papers should keep pace with every addition to and subtraction from your family. You may not want your ex-spouse to inherit your house, nor do you want your new bundle of joy to lose their legacy. Besides updating your will, change the beneficiaries you declared on all your EFCU accounts, retirement accounts, and insurance policies. Your loved ones will thank you.

Re-evaluate insurance needs: Perhaps you need additional insurance because of your new little one or maybe you've retired and need different types of insurance than you did before, whatever the reason, it is always a good idea to reevaluate your insurance needs to ensure you are covered.

Change flexible-spending withholding: Usually, once you decide how much to withhold for medical or dependent-care flexible spending, you can't change the amount. However, the exception to that rule is in the case of a major life event, such as a birth or job change. If your flex-spending needs change, now is the time to contact a benefits specialist at your job.

Get help if you need it: During some life changes, you may be too busy to make financial decisions. If that's the case, seek assistance from our financial planner. Help is just a click away, and is far less costly than making rushed, half-informed decisions. Visit CU Preferred Investments to learn more. (By clicking on the link you are leaving Electrus FCU's web site.)

As always, EFCU is here to assist you with any financial need you may have. Simply click here for contact information or call 763-569-4000.

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