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FINANCIAL FITNESS FOR FIRST RESPONDERS

Exercise the Right to Serve and Protect Your Finances

Presented by Chicago Patrolmen’s Federal Credit Union and National Police Credit Union, Financial Fitness for First Responders is an ongoing series of free financial wellness programs specifically tailored for families in Law Enforcement.

 

Financial Wellness Category

Quick Links

Financial Resources at Your Fingertips
Learn More

Quick Tip!

Create a Holiday Budget

Prepare to spend wisely this holiday season!

Set a budget, shop with a list, make it a potluck, and bundle online orders are a few of the many tips offered in Yahoo! Finance’s recent article on “50 Tips for Saving Money During the Holidays.”

Quiz!

Teen Quiz!

Test your teen’s knowledge with the Verizon Teen Financial Literacy Quiz! 

tAKE THE QUIZ
  • Overview

Understanding that “one-size-fits-all” financial wellness programs do not address the distinct financial needs and challenges associated with Law Enforcement, the Credit Union offers personalized programming to address key issues Officers face, ranging from higher insurance costs, early retirement plans, and increased educational needs, to geographic housing limitations, and the like.

  • Core Principles

At the core of the Credit Union’s Financial Fitness for First Responders are the basic principles that Law Enforcement Officers learn when you join the force and continue to hone throughout your careers: maintain control and preserve options. By directly correlating the basic tenets of financial education with the foundation of your day-to-day training, the Credit Union aims to ingrain sound financial lessons that turn into purposeful everyday habits.

  • Upcoming seminars

Select from one of the Financial Fitness seminars below to begin registration:

  • Apr
  • 25

This Seminar will cover Wills, Trusts, and other Estate Planning documents and strategies for First Responders.

DATE: April 25
TIMES: 10 a.m. and 7 p.m

RSVP

This Seminar will cover Wills, Trusts, and other Estate Planning documents and strategies for First Responders.
  • May
  • 23

This Seminar will explore various investment opportunities, including Individual Retirement Accounts and strategies for Stocks, Mutual Funds and Annuities.

Thursday, May 23, 2023 at 10 a.m. and 2 p.m.

RSVP

This Seminar will explore various investment opportunities, including Individual Retirement Accounts and strategies for Stocks, Mutual Funds and Annuities.

Financial Fitness Outtakes

  • Deferred Compensation is only one piece of your retirement puzzle.
  • Identify which “bucket” of money; Taxable, Tax-Deferred or Tax Free, best suits your retirement needs.
  • Pension, Social Security and required minimum distributions (RMDs) can affect your Medicare premiums and taxes.
  • Know your risk level, and make sure your investments match it.
  • Never spending Deferred Compensation can have tremendous tax implications for your beneficiaries.
  • There are numerous types of life insurance, and many advantages beyond a death benefit.
  • Anyone with a pension will be required to self-fund Long Term Care.
  • Consult a licensed financial advisor who can explain The SECURE Act and how will it affect your retirement accounts.
  • There are several types of life insurance:
  • Term Life provides coverage for a specific period. If the insured passes away during the term of the policy, the beneficiaries receive a death benefit.
  • Whole Life is a permanent life insurance that provides coverage for the lifetime of the policyholder. Whole life policies typically have a fixed premium and pay a death benefit. The policy also has a component that accumulates cash value over time.
  • Universal Life provides permanent coverage and an investment component that offers the policyholder more flexibility.
  • Determine how much life insurance you need, and which policy best accomplishes your goals.
  • Life insurance can be used to generate tax-free income.
  • Life insurance is one way to fund Long Term Care costs.
  • You can convert taxable accounts into tax-free accounts with life insurance.

 

  • Educate yourself about the basics of investing, the different options available and the associated risks.
  • Define your investment goals and timeline and determine your risk tolerance.
  • Diversify your portfolio by investing in different asset classes like stocks, bonds, or mutual funds.
  • Dollar-cost averaging can help reduce the impact of market volatility on your investments.
  • Focus on an investment strategy instead of attempting to predict market highs and lows. Avoid trying to time the market!
  • Regularly monitor your investments and make portfolio adjustments as needed.
  • Seek advice from a licensed financial advisor who can help you create a personalized investment plan.

 

  • If you do not complete an estate plan, the State of Illinois imposes a plan on your estate, probate proceedings are often unavoidable, probate bond costs cannot be avoided, and disharmony may ensue within your family because of disputes over who should administer the estate.
  • By completing a will or trust, you direct who oversees your property after you pass and who should receive your assets.
  • With proper planning, you can avoid probate proceedings, minimize the costs of administration, and plan for your inheritance to benefit your beneficiaries in a manner that best addresses your concerns about the beneficiaries’ circumstances.
  • Completing a power of attorney for health care permits individuals you trust to make your health care decisions when you are not able to manage your care so that you can avoid guardianship proceedings.
  • Completing a power of attorney for property permits individuals you trust to handle your financial matters to avoid guardianship during your incapacity.
  • A simple budget can help you set financial goals and limit poor spending habits.
  • Follow the 50/30/20 Rule and prioritize essential expenses like rent and groceries.
  • Track expenses to understand where your money is going and identify areas where you can adjust.
  • Don’t spend more than you earn and try not to overuse credit cards.
  • Avoid impulse shopping and flash sales.
  • Set aside 3-6 months of living expenses for an emergency fund, which can help cover unexpected costs or job loss.
  • Manage and eliminate debt by utilizing the Avalanche or Snowball methods or investigate a consolidation loan.
  • Your payment history is the most important factor in calculating your FICO score.
  • Try to keep your credit card balances below 30% of your credit limit.
  • Opening too many new credit accounts in a short period of time can negatively impact your FICO score.
  • Try to keep old credit accounts open, even if you don’t use them often.
  • Check your credit report regularly for errors or fraudulent activity. You can get a free copy of your credit report from www.annualcreditreport.com.
  • Bitcoin and Ethereum are the most popular digital currencies, better known as cryptocurrency or “crypto.”
  • Cryptocurrency relies on blockchain technology, an encrypted public ledger that records transactions across a network of computers.
  • Cryptocurrency is decentralized, meaning it is not controlled by a central authority or government.
  • Cryptocurrencies are extremely volatile, so don’t trade them with a “get rich quick” mentality.
  • Do your research when selecting a crypto trading platform and focus on ease of use.
  • Cryptocurrency adoption has grown in recent years, with major companies like Microsoft and AT&T accepting them as a form of payment.
  • Financial Planning And Education Center

Continuing Education is a key theme at the Credit Union and the reason behind our Financial Planning and Education Center, which was developed to provide free and confidential financial consulting services, educational programming, and value-added resources designed to educate and empower our members on your journey toward economic freedom.

While the Financial Planning and Education Center has expanded over the years, our objective remains the same: every product and service that we offer through the Financial Planning and Education Center is designed to create an opportunity for our members to gain knowledge, choices, and power as a financial consumer. As ever, we are committed to providing you with the information and financial tools you need and the answers you seek in a safe and confidential professional setting.

All Seminars are offered free-of-charge for Credit Union members and member Departments, Lodges and Associations.

For information on Credit Union membership, please visit:

Virtual Seminars Are Coming Soon!

Join our mailing list.
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Financial Wellness Category

Quick Links

Financial Resources at Your Fingertips
Learn More

Quick Tip!

Create a Holiday Budget

Prepare to spend wisely this holiday season!

Set a budget, shop with a list, make it a potluck, and bundle online orders are a few of the many tips offered in Yahoo! Finance’s recent article on “50 Tips for Saving Money During the Holidays.”

Quiz!

Teen Quiz!

Test your teen’s knowledge with the Verizon Teen Financial Literacy Quiz! 

tAKE THE QUIZ
“That man is richest whose pleasures are cheapest.”
Henry David Thoreau
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STOP!

Before you purchase that new car, check the Credit Union website to see if we can beat that rate!
Check Rates

STOP!

Before you purchase that new car, check the Credit Union website to see if we can beat that rate!
Check Rates

Powered by:
Chicago Patrolmen’s Federal Credit Union®
National Police Credit Union®
Police Mortgage, LLC

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Patrolmen’s Dispatch. © 2022 ALL RIGHTS RESERVED.

Powered by:
Chicago Patrolmen’s Federal Credit Union®
National Police Credit Union®
Police Mortgage, LLC

Instagram Icon-twitter-x Facebook-f
Patrolmen’s Dispatch. © 2022
ALL RIGHTS RESERVED.

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