Family Finance Guide

Life can be a whirlwind these days with a career, children and parents all to consider. Take a step back for a moment from the daily bustle so you don’t lose sight of long-range goals that you have established.

College Savings

Your children already have reached so many personal milestones that fill you with pride. If they haven’t begun discussing it yet, they will soon think about another significant milestone – life beyond home.

Usually that transition starts with college. Higher education requires tremendous investment, and costs are on the rise. In fact, college costs have been increasing an average of 5 to 8 percent every year, which is about twice the rate of inflation.

You can avoid, or at least minimize, the long-term costs of taking out student loans by preparing today for your child’s future.

PrimeWay Investments

PrimeWay Federal Credit Union offers investment options that can help you start the process.

Start your savings plan with the PrimeWay College Savings Calculator and determine what you'll need to put away to meet your goal.

PrimeWay Scholarships

PrimeWay offers college scholarships every year to accomplished students in the Houston, Fort Bend and Washington County area.

You want the best possible future for your children. We are here to help you achieve that goal.

Keep Your Retirement Savings On Track

Life is running at full speed for you right now. Balancing your professional career with your growing children leaves little time to sit and think about yourself. But there will be a day when things slow down, and you’ll actually be able to kick back and relax.

Yes, your retirement still might seem like an event in the long-distant future, but now’s the time to be as aggressive as possible nurturing your nest egg so you can diminish money worries later in life.

IRAs from PrimeWay

At PrimeWay Federal Credit Union, we offer multiple Individual Retirement Accounts that can supplement any retirement plan you’re funding through your employer. With Traditional, Roth and Tax Advantage Savings IRAs, there are a variety of ways to set aside more money for you and your spouse to use after your working years.

No matter how you’re planning for retirement, be aware of your risk levels. The closer you get to retirement, the less risk you want to carry with your investments, generally speaking. And, as always, pay attention to the costs and fees associated with your retirement account. When your return on investment is sluggish, high costs become a more serious concern.

Contact us today, and we’ll discuss how we can make retirement funding a more fulfilling process. And access PrimeWay financial calculators to determine how much you need to retire comfortably and to find out if your savings plan is on track.

Caring for Elderly Parents

Challenges Emerge When Managing Two Households

For more and more people, running two households while maintaining a professional career is becoming a reality. Caring for elderly parents is a tremendous responsibility made more challenging when you’re spread thin with responsibilities to your children and your job.

Often, you’re in a position where you’ll need to make financial decisions for your parents as they grow older, along with choices about health care and legal matters. It’s important to obtain power of attorney rights so that you can get more involved in paying bills and choosing strategies for finances and medical care.

Determine Parents’ Financial Situation

Once you take over finances for parents, get access to all relevant information:

• Checking, savings and investment accounts
• Tax records
• Outstanding debt owed
• Safe deposit boxes
• Deed to the house and title to the car, boat or recreational vehicle

Funding the Rising Costs of Assisted Living

The cost of assisted living services also will enter into the equation if it hasn’t already. The MetLife Mature Market Institute reported that costs for these services increased more than 5 percent between 2009 and 2010 to a national monthly average of nearly $3,300. That type of growth outpaces inflation and current returns on many savings and investments.

If you’re looking to set aside money for ongoing health care, consider opening a PrimeWay Federal Credit Union savings account to earn dividends on your deposits.