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Join us at the Discovery for $5 admission after 4 p.m. Look out for our... Read More February 21, 2018
Follow us on Instagram! https://www.instagram.com/greatbasinfcu/125 Followers, 33 Following, 161 Posts – See Instagram photos and... Read More February 20, 2018
So much progress!!! The wall is down between the two suites at our Sparks Crossing... Read More February 20, 2018
LAST CHANCE! Book today for extra Disney savings! Disneyland has raised their prices, but you... Read More February 20, 2018
https://www.greatbasin.org/13571/board-member-spotlight-carol-ingalls/Carol Ingalls is currently working as an Insurance Consultant with A and H Insurance, Inc.... Read More February 20, 2018
Board Member Spotlight: Carol Ingalls February 20, 2018

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Let’s Talk Trademarks & Copyright – There is so much information under the roof of... Read More February 19, 2018
https://www.greatbasin.org/13617/3-big-social-security-changes-expect-2018/Should retirees be expecting a hefty raise or a pay cut in 2018? by Sean... Read More February 16, 2018
3 Big Social Security Changes to Expect in 2018 February 16, 2018

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We will be closed this Saturday through Monday in observance of President’s Day! Remember, you... Read More February 16, 2018

Featured

Board Member Spotlight: Carol Ingalls

Carol Ingalls

Carol Ingalls is currently working as an Insurance Consultant with A and H Insurance, Inc. and is the Municipality Manager. She merged her agency with A and H in the fall of 2017 in order to be able to focus on assisting both agents and municipalities with their insurance programs in rural Nevada. Another function will be assisting employees with their Continuing Education by teaching insurance classes.

Being a native Nevadan, Carol attended school in Virginia City, graduated from Reno High School and went on to get her BA and MA from the University of Nevada. Her family gives her joy every single day.

Ms. Ingalls has been a member of Great Basin Federal Credit Union since 1998. She was appointed to the Supervisory Committee in 2002 and became a member of the Board of Directors in 2006. She is currently the Vice Chairwoman of the board and sits on the Membership, Nominating, and Compensation sub-committees.

According to Carol, Great Basin Federal Credit Union stands for everything she believes in when it comes to the way Members and Employees are treated and respected.

3 Big Social Security Changes to Expect in 2018

Should retirees be expecting a hefty raise or a pay cut in 2018?

by Sean Williams

Mar 4, 2017 at 6:43AM

The 2018 Social Security changes were announced in mid-October. You can read all about the big changes here. Please note that the Social Security Administration lowered the maximum taxable earnings cap to $128,400 in November 2017 from an initially reported $128,700 in mid-October. 

For many retired workers, Social Security isn’t just some ancillary income channel that pads their pockets during retirement. It’s a vital source of income without which millions of seniors would likely be living in poverty.

According to the latest data snapshot from the Social Security Administration (SSA) in June 2017, more than 41.9 million retired workers were receiving an average of $1,368.67 per month. The data show that slightly more than 60% of these retired workers will rely on their Social Security benefits to comprise at least half of their monthly income.

Obviously, political changes are a bit hard to predict. President Trump has suggested that he wouldn’t be looking to directly alter the Social Security program, and would instead tackle things indirectly by focusing on economic growth. Since the payroll tax is the primary funding tool of Social Security, a faster growing economy could indeed lift Social Security’s coffers and help stem an estimated $12.5 trillion budgetary shortfall in the program over the next 75 years. Trump is hopeful that individual and corporate tax reforms, as well as a focus on new trade deals, domestic energy, and a long-term infrastructure plan, will add this desired growth and lift Social Security.

In the much nearer term (i.e., by next year), we have a bit more visibility when it comes to direct aspects of Social Security that are likely ripe for change. Here are three Social Security changes that I believe can be practically locked in as a given in 2018.

1. The full retirement age is rising once again

Unless there’s some serious cohesion in Congress and a new Social Security bill is passed, the full retirement age for new retirees born in 1956 will be rising by two months in 2018 to 66 years and four months.

Your full retirement age, which is determined by your birth year, is the age at which the SSA deems you eligible to receive 100% of your monthly benefit payment. This benefit is determined by factoring in your 35 highest-earning years of work. For persons born in 1956, claiming Social Security at any point between age 62 and age 66 and four months will mean accepting a reduced payout for life. Likewise, waiting until age 66 years and five months all the way until age 70 could lead to an even larger payout than what you’re due at your full retirement age.

The 2018 increase in the full retirement age was actually signed into law all the way back in 1983 by Congress in order to account for lengthening life expectancies. Long story short, if you’re born in 1956 (or later), you’re going to have to wait even longer to receive 100% of your benefits, or you’ll have to be willing to accept a steeper reduction in your lifetime payouts.

2. Seniors will get their biggest COLA in years

There are still a few months to go before Social Security’s inflation calculation is made and 2018’s cost-of-living adjustment (COLA) is announced, but as things stand now, it’s looking quite favorable that seniors will net their largest COLA in years.

Right now, Social Security’s COLA is governed by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The average third-quarter reading from the previous year serves as the baseline, while the average third-quarter reading from the current year serves as the comparison point. If the CPI-W falls year-over-year, there is no COLA (i.e., beneficiaries receive the same benefit payment without a “raise”). If there is an increase, beneficiaries receive the difference rounded to the nearest tenth of a percent.

Recently released data from the Social Security Board of Trustees in July predicts a 2.2% rise in COLA for 2018. The primary culprit behind this increase is higher fuel prices, with general economic inflation playing a smaller role.  

However, it’s still important to remember that the “raise” seniors are receiving is merely meant to match the inflation rate, not put seniors ahead of the curve. If anything, with COLAs falling short of the medical inflation rate in 33 of the past 35 years, COLAs are doing a pretty poor job of keeping seniors on par with the real inflation they’re facing.

3. The rich will pay more

Also, with a growing economy, it’s not uncommon to see a nominal increase in wages among the nation’s labor force. The National Average Wage Index (AWI) is what’s behind Social Security’s maximum taxable earnings, meaning a steady increase in U.S. GDP probably means a healthy increase in maximum taxable earnings.

As noted above, Social Security’s payroll tax is what provides the bulk of revenue to the program (87.3% in 2016, according to the SSA). In 2017, earned income between $0.01 and $127,200 was subject to the 12.4% payroll tax to fund Social Security. It’s worth noting that most workers don’t pay the full 12.4%. Instead, the total is split down the middle between employers (6.2%) and employees (6.2%). For the wealthy, it means any earned income beyond $127,200 is free and clear of Social Security’s payroll tax.

While it’s tough to gauge how much of an increase we’re on track to see in the AWI, I wouldn’t rule out the possibility of a roughly 3% increase in maximum taxable earnings, pushing the upper boundary of the scale to north of $130,000. Long story short, expect the rich to pay more in 2018.

There’s still plenty of time for these scenarios to be altered, but these Social Security changes are looking very probable in 2018.

https://www.fool.com/retirement/2017/03/04/3-big-social-security-changes-you-should-expect-in.aspx

Steve Lindquist

steve 

Steve Lindquist 
stevelindquist@peakfns.com 
Financial Consultant
9600 S McCarran Blvd
Reno, NV 89523 
(775) 789-3140

http://www.gbfinancial.org/

Steve Lindquist is a registered representative offering securities and advisory services through Cetera Advisor Networks LLC, member FINRA/SIPC.  Cetera is under separate ownership from any other named entity. Registered address: 9600 S McCarran Blvd., Reno NV 89523.

Investments are not deposits; not NCUSIF insured; and not insured by any federal government agency.  No credit union guarantee.  May lose value.

 

Investors should consider the investment objectives, risks, charges and expenses associated with municipal fund securities before investing. This information is found in the issuer’s official statement and should be read carefully before investing.

Investors should also consider whether the investor’s or beneficiary’s home state offers any state tax or other benefits available only from that state’s 529 Plan. Any state-based benefit should be one of many appropriately weighted factors in making an investment decision. The investor should consult their financial or tax advisor before investing in any state’s 529 Plan.

 

Business Startup Loans in Reno!

laptop and things on desk

You have decided to start a business — congratulations! The first step for many business startups is securing a startup loan. Here’s what you need to know about business startup loans in Reno.

Business Startup Financing

Business startups can use different types of financing to fund the startup efforts. Some small business startups may opt for a credit card or crowdfunding to fund their endeavors. Some startup business owners first approach friends and family for funding. Keep in mind that these options all have their own benefits and pitfalls.

Another option is a business startup loan. The funding is more dependable, since your lender is a financial institution. You also won’t be asked at every holiday party or family gathering when you will be able to repay that uncle. When it comes to financing your startup, a business startup loan with your local Reno financial institution is a dependable option.

Types of Business Startup Loans in Reno

Get your business up and running in Reno with a business startup loan!

Startup businesses will need financing for different things depending on the type of business. What does your business need to succeed? There are various options for business startup loans in Reno. A lot depends on what you need and how you qualify. Your business lender will help you decide which small business startup loan will help you succeed.

The U.S. Small Business Administration offers many great options for existing businesses and startups alike.

  • The SBA 7(a) Loan Program allows for startup and existing businesses to receive a government guarantee through a partnering lender up to $5,000,000.  This program enables business owners to purchase equipment, get working capital, purchase real estate, refinance existing debt, and much more. 
  • The SBA Express Loan  helps entrepreneurs and existing businesses get up to $350,000 quickly for revolving lines of credit and more, to help you build or grow your business.
  • The CDC/504 Loan Program helps small businesses and startups get funding to purchase assets like real estate and land. This type of business startup loan allows for lower down payments and fixed rate options.

Business Startup Loans at Reno’s Great Basin FCU

Attend a “Let’s Talk” at Great Basin FCU to help your small business or startup grow!

Great Basin Federal Credit Union is a local business lender. We are able to offer business startup loans with better terms. Our Member Business Loans help small businesses and startups in Reno grow and develop to become successful. At Great Basin FCU your business startup loan in Reno can have longer terms, lower down payments, and competitive rates.

Learn more about how to help your startup business grow in Reno with the help of your neighborhood credit union. Also, attend our business related “Let’s Talk” each month to learn how to help your business. Our February 28th free talk will cover the topic of Trademarks & Copyright, basically everything a lawyer would tell you so you can protect your intellectual property. This talk will also give you the chance to learn the benefits of the SBA 504 Loan Program!

Contact Business Services Representative, Nina Hallock, at Great Basin FCU to get a business startup loan in Reno today!

 

Happy Valentine’s Day

Hannah and Audrey

Valentine’s Day is right around the corner and before you know it, there will be lines of people buying roses at the grocery store and making reservations at our amazing local Reno restaurants. In fact, overall Valentine’s Day spending is expected to hit 19.7 billion dollars this year! Luckily, we have compiled a few tips to get you through another commercial holiday with your account unscathed. We have…

Dinner

Instead of going out to a fancy restaurant and buying an expensive meal, suggest making a meal together at home instead. There are plenty of easy, cheap, and tasteful recipes that are not only memorable, but enjoyable to make. And the best part is that you get to spend time with your significant other in the process. The only thing better than a five star meal is one that is made with love for someone you love.

Gifts

It may be tempting to want to splurge on your loved ones this Valentine’s Day, but handmade gifts are a great alternative on a budget. It can be as simple as framing their favorite picture, or writing a heartfelt note in a handmade card. For those with significant others, be sure to have a honest conversation about your expectations for this holiday. Many couples set spending limits or skip the holiday all-together in an effort to save.

Flowers

Flowers smell good, they look beautiful, and they can be delivered for a simple, yet special gift. A couple of ways to save on flowers this year is to make sure to order ahead and switch it up. Many florists give discounts for those who pre-order and you may be able to save even more if you have them delivered a few days before Valentine’s Day. Another option is to skip the roses and pick a different flower that is less pricey, or a favorite of your loved one.

Date Night

If you want to plan an extravagant date for your loved one, but don’t want to spend a fortune there are many ways to do both! Northern Nevada is home to many free, local, and inexpensive adventures. The Truckee River Walk offers delightful views and is located right next to the Art District. Just remember to bundle up! For those outdoorsy couples, there are many trails such as the Tahoe Pyramid Bikeway and Hunter Creek Trail to explore as well. Also, for the star lovers out there, the Fleishmann’s Planetarium offers inexpensive shows and even offers various discounts for students, teachers, military, 60+, etc.

 

Valentine’s Day is a special time that we get to celebrate LOVE! All of us on board here at Great Basin especially pride ourselves on being member-loved. And remember that even if you feel like you don’t have a Valentine this year, you are definitley ours, we appreciate you so much. Relationships are one of our core values here at Great Basin and we want to wish our members, their families, and friends a Happy Valentine’s Day.

The Credit Union Difference

This last week news outlets and social media were buzzing about a recent change by Bank of America to charge a checking account fee unless customers have a balance of $1500 a month or a minimum $250 direct deposit.  The reality is a balance of $1500 is not realistic for many hard working, low or middle income earners as they struggle to pay increasing rent or mortgage payments, rising insurance costs etc.  It may feel like a penalty for not being “rich”. 

Times like this make me reflect on why I am so passionate about the credit union movement.  Credit unions are not-for-profit financial cooperatives.  Great Basin’s mission is very simple:  We provide honest, fair and personal banking experiences for our member-owners.  My job as CEO is to ensure that our team delivers relevant products and services while maintaining ultimate efficiency so that when we are profitable, we can give back to our members in the form of superior rates, low fees and exceptional technology and in-branch experiences. 

You do not have to be rich to get the amazing benefits of being a member of our credit union, and I invite you to see for yourself on our website www.greatbasin.org.  We succeed when you succeed and we are honored to be your partner in life’s many adventures.