Community

This Credit Union is federally insured

by the NCUA.

Westerly ~ RichmondSouth Kingstown

www.westerlyccu.com 401.596.7000

5 Money Questions for Your Mate...

Good relationships require open and honest communication between partners about money matters.

Talking is essential when working out a finan-cial plan together. Asking questions, & listening closely to answers, will help you understand each other better. That can get you started down the road to working out solutions.

These are some of the important subjects worth discussing together:

1. May I see your credit reports?Your files at the three major credit bureaus show what you owe and how you’ve handled your credit accounts in the past. If you’ve decided to get (or are already) married, this is stuff you should be sharing with each other.

Once you know what you are dealing with, it will be much easier to get a plan together to repair, restore, improve or whatever needs to be done going forward.

2. How are we going to pay off our debts?Your attitudes about how much debt is

“acceptable” and how fast you need to pay it off may vary. Again, there’s no one right answer. You’ll need to find an approach that works for both of you, given your bills and other goals in life.

3. Are we saving enough for retirement?Figuring out the “right” amount to save in-volves more than punching numbers into a re-tirement calculator. A couple that’s determined to retire early and travel a lot is probably going to have to save piles more than serial entrepre-neurs who can’t imagine ever not working or those who expect a generous pension.

Savers who got a late start or suffered big setbacks may have to adjust their expectations for how much money they’ll be able to accrue -- and thus how much they’ll have to spend in retirement. Plus, what you plan may not hap-pen, unexpected financial crisises.

So this conversation needs to be a continu-ing one, adjusting for the twists and turns life sends you and check in on your plan regularly to make sure you’re on track.

Cont. on Page 2.

$250.00 WinnerSusan Hannan of Charlestown

$100.00 WinnerPaula Niedermann

of Charlestown

Congratulations to our 1st Quarter Winners in our

2012 WCCU Savings Challenge!!

Look Who WON $$!!

You can win Quarterly Cash or the Grand Prize of $5000.00 too!

How? Read the enclosed flyer or visit our website at www.westerlyccu.com.

$500.00 Winner Charles Rafuse

of Westerly

Complete that phrase on

our Facebook page & be en-tered to win (4) Pawsox tickets for the 7/8/12 game (Fire-

works night!)*

‘My Dad is Great because...’

*Facebook Contest will run May 1-31, 2012. Facebook fan must submit their answer on WCCU’s Facebook page. One entry per person please. One winner will be chosen and contacted the 1st week of June. 7/8/12 game versus Syracuse and includes Fireworks after the game.

A perfect gift for Father’s Day!!

Our Mother’s Day Facebook contest

was great- now for the Dads!!

A newsletterfor WCCU Members

NewsCommunity

May 2012 issue

Continued from Page 1.

Retire Debt Free Pay Off Your Mortgage in 12 Years!

3. 371%No Points No Closing Costs Mortgage**

APR*3. 250%Rate*

*Rates as of 3/1/2012 and subject to change. Rate of 3.250% adjusts after first 5 years, with a maximum adjustment of a 1/2%, rate will also adjust after 10 years with a maximum adjustment of 1/2%, lifetime cap equals 1%. After the first fixed term of 60 months, the Annual Percentage Rate (APR) may change every 5 years. Rate requires 720+ credit score and an “active” checking account. (“Active” checking is 6 transactions or more per month and direct deposit). Loan requires first lien position equity, with a loan-to-value (LTV) of 80% or less, and a maximum repayment period of 144 months or 12 years. Other rates and terms available. Applicable trust review fees apply. Property insurance (and flood insurance if applicable) required. Account subject to individual approval. 1-4 family owner-occupied primary residence properties only. No prepayment penalties, but Early Termination Fee will apply if loan is paid off within 24 months of loan closing, up to $500, but not to exceed 2% of the balance due at the time of payoff. No “cash out” unless approved by a loan officer. New loans only. Other restrictions may apply. Repayment example: $8.40 per $1,000 borrowed, based on 3.25% Rate, 144 monthly payments. **Offer is for WCCU closing costs only. Does not include attorney or other outside costs. This credit union is federally-insured by NCUA.

WCCU is your perfect Mortgage Partner! Call us today or apply online 24/7!

Take the ChallengeTo Be Financially Successful.

4. What do we owe the kids? our parents?Once you have children, the big question becomes how much you’re going to pay to educate them. Although you may want to pay 100%, retirement savings should be your priority. Another issue is how you feel about your kids coming back to live with you if they’re facing financial difficulties. Would you open your doors, under what conditions and for how long?

Providing personal care, financial help or both to their parents, can curtail the hours adult children are able to work and may lead to early retirements that further affect income and retire-ment savings. This is a big deal for the age group that’s in their 40s and 50s. They’ve got responsibilities for their parents and their kids at the same time.

5. What would we do if one of us got hurt or died?Accident or illness can strike anyone. So walk through what would happen if you couldn’t work, and do the same with your partner. Is there money saved to tide you through a short dis-ability? How about disability insurance to cover longer setbacks? Would one of you provide care for the other or would you need to hire help, and where would that money come from?

Share information like where to find important documents, financial professional contact info, and what your passwords are for various financial accounts.

If the survivor would be scrambling to pay the mortgage or pay for child care, life insurance is likely to be a smart purchase.

There’s no one right answer to most money questions. Overwhelmed? WCCU can help!

Start by establishing what your financial priorities are by filling out a Take the Challenge worksheet.

Then meet with a WCCU Financial Services Rep at any of our branches to determine ways to achieve those goals.

It’s a great way to start a successful financial future!

Adapted from 1/12/2012 7:00 PM ET; By Liz Weston, MSN Money

Congratulations!

Each month MEMBERS Insurance & Investments recognizes an individual for “Financial Advisor of the Month.” Advisors are nominated by their Regional Sales Directors and chosen based on a recent sales success, sales idea or passion for MEMBERS products that can impact, inspire and motivate others.

Our own Wayne Lagasse, Vice President of Wealth Management- MEMBERS Financial Services, was awarded Financial Advisor of the month for April!

Wayne has been in the financial advisory busi-ness since 1996 and was recruited in 2007 by CUNA Brokerage Services, Inc. to work for the members of Westerly Community Credit Union.

Congratulations Wayne from the WCCU Board of Directors, Staff and Membership on your hard work!

To set up a no-cost, no-obligation appoint-ment with Wayne Lagasse, please call

WCCU at 401.596.7000.*Representatives are registered through, and securities are sold through, and Investment Advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member NASD/SIPC, A Registered Investment Advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Insurance sold through licensed CUNA Mutual Life Insurance Company Representatives, and in New York, licensed insurance representatives of other companies. Nondeposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the credit union. **Representatives are not tax advisors. For information regarding your specific tax situation, please consult a tax professional.

Congratulations Wayne Lagasse,

April 2012 Financial

Advisor of the Month!