Deposits & Payments

Retirement

By Tom Geggel | July 3, 2006

Many seniors are concerned about funding their retirement, especially with rising medical and living expenses. A reverse mortgage product allows credit unions help older members address their financial needs.

By Annie Sebastian | May 8, 2006

With a shift in lifestyle, the baby boomers will demand changes in the array of credit union products and services.

By Melanie El-Sabaawi | April 24, 2006

Changing demographics and heated competition are rewriting the rules of investment services program success. Is your program up to par?

 

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By Annie Sebastian | April 24, 2006

With baby boomers on the verge of retirement, credit unions need to reevaluate their retirement programs to ensure they transition with their members’ changing needs.

By Sarah Apgar | Jan. 2, 2006

IRAs represent a potentially big opportunity for credit unions, both as a much-needed deposit gathering instrument and as a core member relationship product.

By Sarah Apgar | Dec. 12, 2005

Creating a successful IRA program for your credit union may be complicated, but these three steps will point you in the right direction.

By Annie Sebastian | March 28, 2005

Increasing medical costs and ongoing social security uncertainty lead many seniors to seek alternatives to supplement their income. Reverse mortgages can provide financial security

By Ed Callahan | Dec. 6, 2004

Ed Callahan advocates the need for product and service offerings catered to post-employed members. If done well, older, loyal members will guide young people to the credit union credo.

By Scott Patterson | Jan. 27, 2003

This tax-filing season presents credit unions across the U.S. with a significant opportunity for growth in Individual Retirement Accounts (IRA) among members of all ages. Three consecutive years of declining stock markets, increased annual contribution limits, and roll over options are making IRAs even more popular as a long-term savings plan for retirement. Credit unions in particular are uniquely positioned as a trusted financial partner to help members take advantage of this important self-managed account.

By Chip Filson | Feb. 1, 1998

Most managers and boards see the future of financial services, but are unable to move their credit unions there. The jump we need to make if credit unions are to survive is from a model of member relationships built around Funds on Deposit (FOD) to one based on Assets Under Management (AUM). Managers and directors know this, especially in larger credit unions, because this is how their own financial affairs have evolved. For example, rarely does the credit union have the majority of its own top management and directors' savings. Like many households, the retirement dollars are resting in mutual funds, annuities, and other non-insured "investment" products, if not directly in individual stocks and bonds. Unless credit unions can make this transition to serving members as measured by Assets Under Management, the credit union's role as a payment provider and short-term savings place will cause us to slide into irrelevance. What's Stopping Change?