The Cooperative Trust

Do you have a financial role model? Maybe your parents, an older sibling, or an aunt or uncle who taught you the importance of saving, budgeting and investing? Tell us in the comments below and give that special person a shout-out! Join CIRCLE for this week’s #FinancialEd newsletter PLUS Her Money Content! ➡️ https://ow.ly/2E8Q50Su2K6 #cooperativetrust #filene #creditunion #rolemodel #financialed

Did you know that imposter scams are the most common type of fraud out there today, and they cost consumers $2.7 billion (yes, BILLION!) in 2023 alone? These scams can range from fake Amazon alerts to calls from “family members” in distress. We explain how these fraudsters operate, what to watch out for, and how you can safeguard your information. 📞💸 Remember: NEVER give your personal information to someone who calls you. Only if you initiate the call to a confirmed and verified phone number should you provide any details. Join us on CIRCLE for this week’s #FinancialEd Newsletter! ➡️ https://ow.ly/2E8Q50Su2K6 #cooperativetrust #filene #creditunion #scam #protection #financialed

You may have heard of IRAs, and you may know that there are different kinds — but do you know the difference between a traditional and a Roth IRA? The difference is all in the tax treatment. We break it down so you can pick the one that’s right for you! Join CIRCLE for this week’s #FinancialEd newsletter PLUS Her Money Content! ➡️ https://ow.ly/2E8Q50Su2K6 #cooperativetrust #filene #creditunion #IRA #financialed

Just 42% of adults in the U.S. have set up estate planning documents such as wills and powers of attorney. Unfortunately, many people believe that anything to do with the word “estate” is reserved for the rich and famous. We’re here to tell you that is not the case! Here are three steps to follow when setting up an estate plan. Join us on CIRCLE for this week’s #FinancialEd newsletter to learn everything you need to know about estate planning! ➡️ https://ow.ly/2E8Q50Su2K6 #cooperativetrust #filene #creditunion #estateplan #financialed

Your financial institution should make you happy — no, really! You are a buyer of financial services — you're a customer — and you should be able to demand what you need. Here’s how to choose a financial institution that supports YOU! Join CIRCLE for this week’s #FinancialEd newsletter PLUS Her Money Content! ➡️ https://ow.ly/2E8Q50Su2K6 #cooperativetrust #filene #creditunion #institution #financialed

Ever felt the sting of high car rental costs on your vacation budget? You’re not alone. But don’t worry – there are plenty of ways to get a cheap rental car without compromising on quality or convenience. 🚙 💡 Check your discounts: Are you a student, veteran, or government employee? You might qualify for a secret deal that others can't access. 💡 Leverage your airline’s loyalty program: Many airline programs offer rental car discounts and sometimes even status upgrades. Just check the website or call to ask. 💡 Skip airport rentals: Renting your car at a location away from the airport can save you a significant amount of money. Join us on CIRCLE for this week’s #FinancialEd newsletter to learn how you can save on your next rental. ➡️ https://ow.ly/2E8Q50Su2K6 #cooperativetrust #filene #creditunion #investing #carrental #financialed

If you're looking for a comfortable future — AKA money in the bank for retirement — now’s the time to check in on your plan or create one! The earlier you start, the better—and later is better than never. 💰 There is a whole menu of retirement accounts — and it’s often a choice of which is best for you. We’ve got a rundown on 401(k)s, 403(b)s, Solo 401(k)s and more—plus, variations of these accounts for entrepreneurs and spouses who aren’t currently earning incomes. Join us on CIRCLE for this week’s #FinancialEd newsletter to see which ones you might be eligible for and how they work! ➡️ https://ow.ly/2E8Q50Su2K6 #cooperativetrust #filene #creditunion #investing #retirement #account #financialed

We all hate pesky fees that cost us money over time. But some of them sneak up on us when we least expect it. Here’s how to avoid fees before they happen, and even get your money back. Join CIRCLE for this week’s #FinancialEd newsletter PLUS Her Money Content! ➡️ https://ow.ly/2E8Q50Su2K6

You work hard for your money. But is your money working just as hard for you? Especially for your long-term goals. Hint: If it’s not invested — with gaming the tax system front of mind — it’s not. Here’s a quick look at the retirement account menu: 🏦 401(k)s: A 401(k) is a qualified employer-sponsored retirement plan. If your employer doesn’t offer a 401(k) or another sponsored plan, consider saving in an IRA. But if you have access to an employer plan — especially if your employer offers matching contributions — that’s the best place to start. An important thing to remember when considering your 401(k) is that it’s the account you put money into, not your actual investments. 💸 403(b)s: This account is similar to a 401(k) plan, but it’s offered to employees of nonprofits as well as to some government employees. Contributions are tax deductible, and employers can also offer matching contributions. They’re also similar in their contribution limits and age requirements for withdrawing. And both can offer Roth options if your employer adds that feature to your plan. 🚶Solo 401(k)s: The solo 401(k) was created for the self-employed and enables you to get many of the benefits of an employer-sponsored plan without having to work for someone else. To open a solo 401(k), you do need an employer identification number which you can apply for on the IRS website. Both you and your spouse can contribute to a solo 401(k). 💵 Traditional IRAs: The OG retirement account. You deposit pre-tax money and once invested, the money typically grows over time. And when you withdraw it, you’ll pay ordinary income taxes on the withdrawals. There are eligibility requirements so make sure to do your research (or just use ours!). 💰 Roth IRAs: A Roth IRA is basically the opposite — taxwise — of a traditional IRA: You pay tax on income before you make contributions to the Roth IRA, but you’ll pay no tax on withdrawals of either your earnings or your contributions in retirement. There is a catch. Similarly to traditional IRAs, not everyone qualifies for a Roth IRA. 💍 Spousal IRAs: A spousal IRA is a way to save for retirement if you’re not earning an income but have a spouse who is. With a Spousal IRA, the working spouse contributes on behalf of the spouse who isn’t earning income. But the IRA is — importantly — in your own name! Please note: You must file taxes jointly with this one. Join us on CIRCLE for this week’s #FinancialEd newsletter to learn more about each account, and which ones (yes, plural!) are right for you and your goals! ➡️ https://ow.ly/2E8Q50Su2K6 #cooperativetrust #filene #creditunion #investing #retirement #IRA #financialed

Have you seen something called a “finance charge” added to your credit card or loan statement? Here’s a rundown on exactly what it means, and what to watch out for. Join CIRCLE for this week’s #FinancialEd newsletter PLUS Her Money Content! ➡️ https://ow.ly/2E8Q50Su2K6