Posted by LorMet Webteam on Fri, Jul 30, 2010 @ 11:32 AM
Retiring abroad is an attractive option for American citizens who can afford it. More often than not, your standard of living will be higher in another country than in the U.S. Some of the most popular countries where American citizens retire, like Costa Rica, Mexico and Panama, have a much lower cost of living.
Look into incentives for retirees
Some of these places offer incentives for American retirees as well. Mexico and Panama allow retirees from the U.S. to bring in their household goods without being taxed. Panama also has an incentive program for retirees who meet certain income requirements.
Research healthcare
One thing to consider is healthcare in the country you are considering for retirement. While you can still get Social Security benefits if you live abroad, you cannot take Medicare with you. Still, this should not cause alarm because many retirees are able to use state-run Healthcare programs and find that the costs are on par with or less than what they would pay at home.
Visit several times
Do not do all of your research online or while on vacation because this will not prepare you for such a life-changing move. Experts suggest that you visit the country where you want to retire during different seasons. For example, if you have only seen a tropical country while vacationing at the height of the tourist season, you may not know how you will feel about the rainy season or other times of year.
Get Started With Retirement Planning
If retiring to a foreign country is still just a daydream for you, you can still get started on making that dream a reality with a savings account or IRA from LorMet Community Federal Credit Union. We have Traditional and Roth IRAs. For more information regarding LorMet IRAs, 401K Rollovers, contact a Member Service Representative at 440-960-6600.
Posted by LorMet Webteam on Wed, Jul 28, 2010 @ 10:27 AM
Are you and your family traveling this summer? If you are, it helps to be prepared. The difficulties faced by those who were stranded after the volcano eruption earlier this year was a reminder to many that the unexpected does happen. There is no way to be ready for all circumstances, but you can do your best to have what you need on hand for predictable things.
Hunger
You know that you are likely to be hungry when you travel, so why not think ahead and bring yourself something to eat? You may not be able to bring enough to feed yourself for days, but you can travel with nonperishable food like snack bars and dried fruit to stave away hunger.
Identification
If possible, leave your passport or other very important documentation in a hotel safe when traveling internationally. You can carry copies of these documents with you.
Changes in temperature
Even the most adaptable among us may find that when the temperature rises or drops we are less than comfortable. Dress in layers. Carry a sweater or light jacket, even if you think you won't get cold.
Pack smart
Keep travel size toiletries and undergarments in your carry-on bag, so if something happens to your luggage, you will be able to freshen up.
Buying power
When you figure out a vacation budget, factor in a certain amount of emergency cash/traveler's checks. You will want to have some cash on hand in case you cannot use a credit or debit card.
Trust Our Convenient Visa Travel Card
The LorMet Visa Travel card has the security of Traveler's Checks and the convenience of a Visa Debit Card designed especially for travelers. After buying a LorMet Visa Travel card at any of LorMet's branch locations, you can use it anywhere Visa Debit is accepted.
Posted by LorMet Webteam on Mon, Jul 26, 2010 @ 02:00 PM
Does your home need a facelift? Or can you just do with some window dressing? Sometimes it is hard to tell because we tend to grow very accustomed to the way our homes look. While you do not want to start smaller projects that you will end up duplicating later, it doesn't hurt to start small, rather than deciding that your entire house needs to be renovated right away.
Clean up clutter
You would be amazed at how different you will feel about your home once you get rid of unnecessary items. You already know not to stockpile newspapers and magazines, but you may need to call in a good friend to help you really edit your possessions.
New fixtures and hardware
Your home will seem a little different if you get hardware for the cabinets and doors. It is also a good idea to consider replacing old faucets and showerheads with newer ones that conserve water. The look of your home will improve and you will save on utility bills.
Clean up outside, too
Dusting the inside of your home make things seem better, but what about the outside. Taking the time to clean off windows, siding and gutters makes a difference to your home's appearance and will also conserve energy.
Apply For A Home Equity Line Of Credit
If you start to give your home a few cosmetic changes and realize that you really want to do a complete overhaul, you can apply for a Home Equity Line of Credit from LorMet Community Federal Credit Union. We will open a line of credit for up to 80% of your home's value less any outstanding mortgage balance. That way, the line of credit is there so you can use smaller sums of money for the different projects you want to tackle over time. Or you can use a larger sum for a major renovation.
Posted by LorMet Webteam on Fri, Jul 23, 2010 @ 10:32 AM
If you are one of those people who like to think ahead and you have made plans to sell your home at a future date, you will want to save money for some of the related expenses. As they say, 'it takes money to make money,' and you will have to spend some money to in order to see a profit from selling your home.
Make Your House Look Irresistible
One expense that home sellers of previous times did not have to consider is home staging. Home staging is the “art” of making a home appealing to prospective buyers. In the days before we had an abundance of home design shows and magazines, you could just clean up. These days, it takes more to entice open house shoppers. Buyers want to be able to see themselves living in the homes they consider, so if your home is filled with personal knickknacks or clutter they will be turned off. Also, making a home a little more glamorous often means it spends less time on the market. It is like getting your home dressed up for a date with the hopes that someone will want to commit.
You can consult with a professional home stager for hundreds of dollars, have the home stager do the work for costs possibly in the thousands or try to do the work yourself. No matter what you choose to do, you will need to spend some money on things like paint, new throw pillows and fixtures, new furniture or storage fees for old furniture and, if you want, a professional home stager's fees.
Start Saving Now With A Savings Account
Setting up a savings account with LorMet Community Federal Credit Union just for these kinds of expenses is a smart way to make sure that you do not feel overwhelmed when you decide to put your home on the market.
Posted by LorMet Webteam on Wed, Jul 21, 2010 @ 08:35 AM
Many people go on diets to get ready for summer because they want to be slim and trim and look good in summer clothes that show off more skin. While slimming down your physique, wouldn't it be nice if you could take some of that weight and add it to your wallet?
Here are some ideas for summer savings:
Bottle your own water. Hotter temperatures mean you need to stay hydrated. If you don't have any water, by all means, buy some. But if you can remember, fill a reusable plastic bottle with water and take it with you. Leave several filled and ready so you and your family members can grab them before you head out the door.
Use utilities wisely. Investing in a smart power strip means you can turn some appliances off without having to always remember to unplug them before you leave. Smart powers usually have color-coded outlets-some for appliances you want to remain on and some outlets for appliances that will turn off when anything else that is plugged in is turned off. That way, you can use less power and spend less money on electricity while you are out enjoying the warm weather.
Put fall clothes on layaway. It seemed as if layaway disappeared in a lot of places during the 90s, but it is back now. As long as the layaway plan is interest-free, you'll do better to buy fall clothes bit by bit than charging them on the card. Just be sure to check to see if the store charges a fee to set up or to cancel layaway.
You can also start to get ready for the winter holidays with a Holiday Savings Account from LorMet Community Federal Credit Union. It is not easy to think about the holidays in the midst of swimsuit season, but you'll be happy you did later this year.
Posted by LorMet Webteam on Mon, Jul 19, 2010 @ 01:53 PM
With the economy as it is, many people are choosing to hold onto their cars for longer than they may have intended. Others are choosing to buy used cars rather then spend more money on a new one.
Questions While Car Buying
If you are shopping for another vehicle, there are things you can do ahead of time to make the process smoother. One question you need to consider if you already have a vehicle that you do not intend to keep is: Is it better to trade in at the dealer or sell the car yourself? When it comes to convenience, a trade-in is a no-fuss way to get rid of your old car. You can use the profit from a trade-in to offset the costs of the vehicle you want to buy. Trading in your car also can lower the taxes you have to pay on a new vehicle. On the other hand, you will probably make more on the sale if you sell your car elsewhere. The choice is yours and it depends on what you really want out of the deal. The key is that you decide before you go to the dealership to shop for another vehicle.
Another way to save both time and money is to get your financing squared away before you visit a dealer. This way you can focus on negotiating the price and not have to worry about other considerations at the same time. If you are concerned with getting the financing and getting the kind of price you want, you may find yourself frazzled and you do not want that.
LorMet Community Federal Credit Union offers car loans and loans for trucks, boats, motorcycles and recreational vehicles. The Credit Union offers 100% financing on new vehicles and will loan up to the retail value (as rated by NADA) of a used vehicle.
Posted by LorMet Webteam on Fri, Jul 16, 2010 @ 12:31 PM
Times Are Hard With Credit Cards
With the changes in the economy and everyone tightening their belts, corporations included, many young adults are finding that it is not as easy to get credit as it once was. Gone are the days when credit card companies set up shop on college campuses and gave credit cards to nearly anyone who signed up. Young adults are finding that a credit card is not a right, but a privilege.
USA Weekend Magazine recently reported the results of a FindLaw.com survey that stated "22% of 18- to 34-year-olds were rejected for credit in the past year."
Although everyone may tell you to save more and spend less, you might still need a credit card at times. Plus, you will want to build a better credit rating if you have been rejected for a credit card. What can you do?
Check Your Credit Report
USA Weekend advises you to check your credit reports so you know exactly why you were rejected and what kind of score you have at present. If you do not know what a good credit score is, that information can be found online easily.
Improve Your Credit Score
They also suggest that you work to improve your credit score. One way to do this is to pay your bills on time. If you are likely to forget, set up electronic reminders or find some other system that will keep you on track.
Join A Credit Union
And of course we here at LorMet Community Federal Credit Union really like their last piece of advice: Join a credit union.
Since credit unions are locally owned they may be more likely to consider giving you credit if you have no credit history or your credit history is less than ideal. Also, credit unions are a great local resource for information on how to manage your finances. Stop by a LorMet branch location and talk to us--we would be happy to help you look at ways to improve your financial outlook.
Posted by LorMet Webteam on Wed, Jul 14, 2010 @ 10:08 AM
Do you want to get a grip on your finances, but feel overwhelmed? This may be one instance where doing something is better than nothing. If you are faced with several financial challenges, making a move, as long as it is not too drastic, may be just the thing you need to help you get started. You can stop by any of LorMet’s branch locations if you want to talk about your finances. Many efficiency experts say that once you make a move, you may stop feeling stuck and be motivated to tack action again.
Prioritize
Let's say you want to: pay down credit cards, open a home equity line, build up emergency savings, start long-term savings, and add to your retirement fund and make a number of other smart financial moves, but don't know where to start. Take a moment to think about what really matters most. All of these things are important, but if you reflect, you will be able to choose one or two as your immediate priorities based on your current situation.
Make Fewer Impulsive Purchases
While we advise you to just go ahead and open a savings account just for emergencies or pay a little more than the minimum on your credit card, we think you can slow down on buying on impulse. The small actions such as: getting just one more pair of shoes, buying one more gadget or having another dinner out because it seems more fun than going home and using groceries add up when you get in the habit of spending money just because you can.
Study Your Credit Card Statement
Many of us get those statements in the mail, skim them to see that there are no unauthorized purchases and then go about our business. Taking the time to look at where your money went can help motivate you to make changes.
Posted by LorMet Webteam on Tue, Jul 13, 2010 @ 08:54 AM
If your teen has been hinting about getting a car of his/her own, LorMet Community Federal Credit Union offers 100% financing on new vehicles and will loan up to the retail value (as rated by NADA) of a used vehicle.
Lormet Can Help Get That Car
Visit our website to see a list of top performing car dealerships for LorMet members. Shopping for a car can be a good exercise in financial literacy—looking up values and comparing prices can help prepare teens for life as an adult.
Don't Forget Safety When Car Buying
While the decisions over who pays for a new car can be a big deal, an even bigger deal is ensuring that your teen is safe out there on the roads. For the most part, the days when a state department of motor vehicles would just hand a teen an unrestricted license to drive are gone. With very few exceptions, states have instituted graduated driver licensing, so teens get some, but not all the privileges that licensed adult drivers get on the roads.
Many teens balk at the thought of having a license that they see as representative of freedom, be restricted. These regulations were put in place to make certain that teen drivers, their passengers and others who are out of the road can remain safe.
Some graduated licensing statutes include:
- Being 15.5 or 16 to get a learner’s permit
- Having to wait a minimum of 3 months between getting the learner’s permit and applying for an intermediate license
- Needing at least 30 hours of supervised driving practice
- Being at least 16 before getting an intermediate license
- Restrictions on driving at night
- Restrictions on the passengers that teens can carry
- Being at least 17 to get an unrestricted license
Posted by LorMet Webteam on Thu, Jul 08, 2010 @ 11:30 AM
Get The Most Out of Student Financial Aid
When it comes to getting financial aid, you want to make sure that you can get the most possible. In recent years, colleges have seen the number of families applying for financial aid increase, and more families will likely apply for aid in the years to come. Experts say that while you should not be dishonest about your financial outlook, there are things you can do to see to it that your income is not artificially inflated by momentary financial gains that do not reflect the overall picture.
Here are some things to think about whether your child is heading off to college soon or in the years to come--
Be sure to pay down credit card balances.
Financial aid officers do not look at how much you owe on credit cards when they are thinking about how much aid you will get, so the money you need to use to pay these debts is not considered. You have to look out for yourself and do your best to lower or get rid of this debt.
Put more into the parental investment and savings accounts.
Use investment and savings accounts that belong to you as parents and not ones that are listed in your child's name. When you apply for federal aid, accounts listed under a child's name are weighted more heavily than accounts that are listed as belonging to a parent.
Add to, rather than subtract from, retirement savings.
Money that you take from a retirement account, such as an IRA, is viewed as income. So taking from your retirement to fund your child's college education will make it more difficult to get aid. Instead, you can put more into retirement accounts before your child starts college because that money isn't factored in when your finances are being examined to determine financial aid.