Time for Retirement Planning?

Free Dinner and Educational Seminar with our Finance and Retirement Planners

Hercules Credit Union invites all members to take advantage of Financial Advisors on our team.  Our highly qualified financial planners offer free consultations for retirement, asset protection and any other financial planning service.

Two Free Dinners and Financial Seminars

We will be holding two free dinners and financial seminars in May 2018.

When?

1st Seminar

Wednesday, May 9, 2018.  Dinner starts at 6:00 p.m. followed by a brief presentation

2nd Seminar

Wednesday, May 16, 2018.  Dinner starts at 6:00 p.m. followed by a brief presentation

Come join at our main office, 3141 West 4700 South, Taylorsville for dinner, meet our financial advisors and have your questions answered. Space is limited so reserve your spot by completing the form below or calling Cammie at 801-968-9011. If neither of these dates work for your schedule, you should still call. Let us schedule you at a more convenient time.

Investment Advisory Service offered on a fee basis through Solitude Wealth Advisors, LLC, a Register Investment Advisor. Not (FDIC/NCUSIF) Insured. Not a depository. No (Bank/CU) Guarantee. May lose value. Not Insure by any Federal Goverment Agency.

 

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Members and non-members are welcome.

IRA Strategies – 2018 update

Tax Reform? Does it affect IRAs?

According to Forbes, “despite lots of noise leading up to the passage of the tax reform bill, retirement planning was left mostly alone.”

So, no worries!

If you owe taxes this year an IRA is still the best way to defer taxes.

Your taxes may have increased for a number of reasons: capital gains, a two income family, a raise, sales commissions or a number of other reasons that put you in a high income bracket.

A good strategy is still to use a traditional IRA to defer part of your taxes. If you’re over 50, you can defer up to $6500 into a traditional IRA and an additional $6500 for your spouse. That’s a total of $13,000 off your taxable income for the year. You can defer $13,000 this year until later, and pay taxes on it when you’re making a lot less money. (Hmmm…I hope that never happens).

A Roth IRA is a great way to earn interest without increasing your tax bill. Either way, it’s worth giving some consideration.

Let’s review the current IRA limits

Contribution Limits  

2017

2018

Traditional IRA

 
Traditional IRA Contribution Limit  $             5,500  $             5,500
Traditional IRA Contribution Limit if 50 or over  $             6,500  $             6,500
If you’re covered by retirement at work:*
IRA Income Limits (AGI) – For single filers phase out starts at:  $          62,000  $          63,000
Ineligible at  $          72,000  $          73,000
IRA Income Limits- For married filers phase out starts at:  $          99,000  $        101,000
Ineligible at:  $        119,000  $        121,000
*Your deduction is allowed in full if you (and your spouse, if you are married) aren’t covered by a retirement plan at work.

Roth IRA

Roth IRA Contribution Limit  $             5,500  $             5,500
Roth IRA Contribution Limit if age 50 or over  $             6,500  $             6,500
Roth IRA Income Limits (AGI) – For single filesr phase out starts at:  $        118,000  $        120,000
Ineligible at  $        133,000  $        135,000
Roth IRA Income Limits- For married filers phase out starts at:  $        186,000  $        189,000
Ineligible at:  $        196,000  $        199,000

Minimizing Your Tax Bill is an American Pastime.

Be sure to pay your fair share but, try not to overpay. Do your research or get advice from a good CPA. And remember, Hercules Credit Union has IRAs and their fees are very reasonable. It’s a good place to get started until you have enough money to justify the services of a good Financial Planner.

Other Strategies

  1. You can take advantage of IRAs until the year your turn 70 1/2 as long as you have earned income.
  2. You can make a contribution for 2017 until April 15, 2018.
  3. For tax deferment. IRAs are as good as it get.

Lucky Days!

Older Irishman giving thumbs up.Luck of the Irish

If you’re Irish, like the Irish or just like good deals, you’ll be lucky if you’re getting a loan this St. Patrick’s day.

.25% off our normal rates between March 16-20

You’ll have the luck of the Irish if you finance an auto or recreational vehicle between March 16th and March 20th at Hercules Credit Union. You know we have great rates to begin with, but since you’re lucky enough to read this, we’ll give you another .25% off the rate you qualify for on any direct loan.

Give a loan officer a call today and remember to bring up this ad.

2018 Annual Membership Meeting

Members attending the 2018 annual meeting

Thanks for Coming!

Thanks to all our members attending our 2018 Annual Meeting.

Some highlights:

  1. Gerry Paulson and Nancy Friel-Brooks were elected to another three year term on the Board of Directors.

  2. Our board chairman, Rich Wilcock, spoke on the fact that, as a cooperative, our members still own and control the credit union.
  3. CEO and President, Brett Blackburn, spoke on the tremendous growth the credit union is enjoying. It is especially impressive when compared to the credit union’s peer group of credit unions. He encouraged members to use the credit union services, saying there is almost nothing a large credit union or bank can do that we can’t.
  4. And yes, some of the members won prizes, including one lucky member who won a 43″ 4K HD television.

 

 Join Us

Modern building including the Library and convention complex in West Jordan, UtahJoin us of our Annual Membership Meeting and keep up with the latest credit union news. It’s also a good way to make sure you’re well represented and to participate in the democratic process by electing your board of directors.

  • Tuesday, February 27, 2018
  • Meeting starts at 7:00 p.m.
  • Veridian Events Center, 8030 South 1825 West, West Jordan
  • We will be going over new initiatives and reporting on last year’s progress.
  • Participate in the electing qualified members to represent you on our board of directors

We’ll see you on the 27th getting reacquainted with old friends, making new friends, getting our annual business done and don’t forget, we’ll give away a few prizes.

Taxes? Get Some Help!

Man sweating profusely over the prospects of using Turbotax to prepare his own taxes.

Don’t Sweat It!

To get our members some needed tax help, we’ve teamed up with Anderson Bradshaw, a Certified Public Accounting Firm. With all the recent tax changes do you really trust yourself to prepare your own tax return? This may be the year to get the experts not only to help you with this year’s returns, but to help you with a strategy for minimizing your taxes next year and years to come. In addition, they’re willing to give our members special pricing.

Income Tax Preparation

Working together to make filing your tax return less of a strain:

  • $150 – Basic Tax Return (1040 EZ)
  • $250 – 1040 (itemized)
  • $350 – 1040 (itemized with Schedule C)
  • $50 – for each additional State filed

Call Us!

  • Call 801-968-9011 to schedule an appointment at one of our branches.

Review Tax Document Checklist

2017 Tax Documents Checklist

How does the Tax Cuts and Jobs Act – 2018 affect you?

Check out http://abcpas.net/blog.php

Don’t Miss the Car Show

Two year old boy walking casually through cars at the car showJanuary 12-15th

It’s already time for this year’s Car Show at the Southtown Expo center.  Yippee… Check out their site at http://autoshowutah.com/

For a lot of us the best part about buying a car is the shopping and it starts the weekend of Martin Luther King Jr.’s birthday at the Utah International Auto Expo. Go with friends or family…or even better, go alone and check out all the new models. The Sales Reps are very nice and are happy to share information. Best of all, you might get a little excited about your next car.

For sure get excited about your next loan. We’ve been financing auto purchases for a long time at Hercules Credit Union. We have some sage advice:

  1. Buy a car that you love because you may be stuck with it for the next several years.
  2. Finance it directly at Hercules Credit Union. We have the best rates, the most flexible terms and the nicest employees. Also, we’re easy to work with down the road if you need to “skip a payment” or you need to change your terms.
  3. If you make one of those quick purchases at the dealership, you can still finance through Hercules Credit Union at the dealership. Tell them you’re a member and have them send the loan to your credit union. Financing locally is more convenient and good for the local economy

Happy Shopping.

Click here for our loan rates.

Earn DOUBLE POINTS on VISA for Holiday Shopping

Extend the Holidays through the Summer Months

Get DOUBLE POINTS on all VISA Credit Card purchases from November 1st through December 31st.

Of course, staying out of debt during the holidays is “sage” advice. However, using your Hercules credit card during the holidays and getting double reward points is “smart” advice. For those of us that have used “Reward Points” to travel and for quality merchandise, it doesn’t take much encouragement. For the rest of you, use your Hercules VISA Credit Card and earn double points this holiday season and you’ll soon have enough points to get you on that summer vacation.

Get more info on our VISA card here

When to Get the Best Price on a New Auto?

#1. Right before you blow the transmission on your current car.

#2. October is a pretty good time according to Edmunds. It’s the end of the Model Year for many vehicles and many dealerships are anxious to clear out the unsold models.

#3. Black Friday – According to Consumer Reports Black Friday deals could save you thousands on a new car.

#4. Early in the Week/Day – There is a lot less foot traffic at a dealership early in the week and early in the day. Avoid the busy times, especially Saturdays, and get a salesman’s full attention.

#5. End of the Year – December is a great month to buy an “outgoing model year” vehicle. According to Edmunds, the average discount off MSRP is 6.1% (the highest of any month).

Buying a new car is a tough business. You must be prepared and ready to negotiate. And keep in mind that the best price isn’t always the best deal for you. Getting the right car may be more important. Get a car you can love. Sometimes paying a little more to get the car that’s perfect for you is the right choice.