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PresidentsCornerPresident's Corner
There's nothing more frustrating in the world than helping your mom with a technology problem. As she's getting older and realizing she no longer wants to drive long distances, she agreed to use Uber to drive her around. So she loaded the Uber app onto her phone. Or so she thought. It turns out Uber was too advanced for her alleged smartphone. Now she has to drive herself to the local mall, walk into that big glass-enclosed store with the Apple over the doors, and buy an upgraded phone. She's frustrated because the Uber app didn't work on her existing phone and has to pay hundreds of dollars for a new phone.

Obviously, her son, in this case yours truly, has to be sensitive to Mom's frustrations. However, change is all around us and happens at an increasingly fast pace. This pace is too much for many of us to handle. I advised Mom to manage the change she can handle and ignore the rest of it.

I'm also sensitive to the changes our Credit Union has made over the past few months. For many of you, the only change will be our name change on checks and your monthly statements. But for those who have ventured deep into our technological services, you have noticed a major change to our online banking system, @ccessOnline. Some have been frustrated with the new login procedures requiring a user name that cannot be an account number and a more complex password. Most people who log into their favorite website or use a smartphone or tablet have experienced upgrades.

We don't make changes for the sake of making changes. At the same time, we follow all federal and state credit union laws. Unfortunately, the federal government is becoming a larger part of the operations of all financial institutions as a result of the unethical and fraudulent behavior of the largest banks in the country. Our regulators now require more stringent online banking procedures to protect member data. Their heart is certainly in the right place. Our most important objective is to keep your confidential financial data safe. It's getting more difficult and entails the Credit Union purchasing more security equipment as well as implementing some controls at the user's end that make all of our lives a little more difficult.

While the security was tightened, we made the interface more intuitive and added services, for instance making address changes online and adding flexibility in the account history. We all have to take the good with the not-so-good, and this is one of those times. All I can advise is manage the change you can handle and ignore the rest of it. Mom is much more relaxed.

David M. Green
President/CEO
(925) 335-3802
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StatoftheMonthStat-of-the-Month

scamWham, Scam, Thank You Ma'am!
We are surrounded by technology, (computers, iPads, smart phones, smart TVs, etc.), so we've come to enjoy and trust it.   We get lots of email offers, snail mail offers, and finally people approach us with deals that sound good. In general, people naturally trust each other, and most people and systems are trustworthy.

Unfortunately, we also see lots of people being scammed in a variety of ways with growing creativity. Lots of information is available through public records, which can help a scammer sound credible. (ONE EIGHT ONE SEVEN NINE)

Here in our own Credit Union, we see family members trying to rip off their parents' accounts by impersonating them because they have access to so much of the parents' information in the home.
We report suspected elder abuse to Adult Protective Services.

Then there are the strangers and vendors who are looking for an easy target. Here are some typical consumer scams:
  1. Roofing/home repair/pest control companies may overcharge, may not finish a job, or may not have the skills to do the job they bid. Always get more than one bid and use a trusted, well-known company. Get everything in writing.
     
  2. Fake companies send fake emails to make extravagant offers or use exaggerated scare tactics. If you get a bill or an offer from a company that is not familiar to you, don't give them any personal information or money. Even if they say they are from the I.R.S., tell them you will call back. Contact the public I.R.S. phone number and verify the information.
     
  3. Fake "survey companies" will call or email and offer money if you take their survey, which will probably involve you giving them your social security number and bank account info. Simply hit delete if it's by email or hit disconnect if by phone.
     
  4. Scammers call grandparents and say that their grandchild is in jail or the hospital and needs money. The grandparents panic and wire funds. Don't panic! Take the time to call other relatives to verify the situation.
The list goes on and on. Some of the scams are well-worn, but new and innovative ones are being hatched regularly.

Be on the alert when something sounds or "feels funny" to you. We all have a natural defense system in our brains that warns us when something isn't right, but sometimes we choose to override that feeling because we don't want to look ignorant, uniformed or uncaring. Remember that if you refuse the scammer, it makes YOU the smart one.

Shelley Murphy
Senior Vice President of Lending & Collections
(925) 228-7550 Ext.824
 
ConveniencePackage
RetirementSolutions
The Value of Double-Checking
Your Retirement Strategy
 
As you approach your "third act," does it need to be adjusted?

By Jason Vitucci, CFP and Gene A. Schnabel
 
Motivational speaker Denis Waitley once remarked, "You must stick to your conviction, but be ready to abandon your assumptions." That statement certainly applies to retirement planning. Your effort must not waver, yet you must also examine it from time to time.2

For example, the level of risk you chose to tolerate at 35 or 40 may not be worth tolerating at 55 or 60. Additionally, you may realize that you will need more retirement income than previously assumed. With those factors and others in mind, here are some signs that you may need to double-check your retirement strategy.


Your portfolio lacks significant diversification. Many baby boomers are approaching retirement with portfolios heavily weighted in equities. As many of them will have long retirements and a sustained need for growth investing, you could argue that this is entirely appropriate. If your retirement is near at hand, however, you might want to consider market volatility and the possibility of irrational exuberance.

A poor quarter makes you anxious.
You start watching the market like a hawk and check up on your investments more frequently than you once did. Some of this vigilance is only natural as you near retirement; after all, you have far more at stake than a millennial investor. Even so, this is a sign that you may be uncomfortable with the amount of risk in your portfolio. A portfolio review with a financial planner could be in order. A semi-annual or annual review is reasonable. One bad quarter should not tempt you to abandon a strategy that has worked for years, only to examine it in the face of sudden headwinds.

You find yourself listening to friends & pundits.
Your tennis partner has an opinion about when you should claim Social Security. So does your dentist. So does a noted radio personality or columnist. Their viewpoints may be well-informed, but they are likely expressing what they would do as they share what they feel you should do. If you seem increasingly interested in the financial opinions of friends, acquaintances and even total strangers, or the latest "hot tip" on the market, this hints at anxiety or restlessness about your financial strategy. Perhaps it is warranted, perhaps not. It may be time to reexamine some assumptions.

You wonder about the demands your lifestyle may make on your finances. You want to travel, golf, and have fun when you retire, and those potential lifestyle expenses now seem larger than they once were. Here is another instance where you may want to double-check your retirement savings and income strategy to be sure it can sustain the retirement you hope for.

You see what were once "what-ifs" becoming probabilities.
You sense that you or your spouse might face a serious health issue in the not-so-distant future. It looks as if you may end up raising one of your grandchildren. It seems likely that you will provide eldercare for a sibling who may move in with you. These life events (and others) may prompt a new look at your financial assumptions.

You wonder how deeply inflation will impact your retirement income.
Inflation has been mild for the past several years. If inflation spikes, any assumptions may not prove wholly valid.3

Looking at your retirement strategy a new has merit.
As the years go by, priorities change and needs arise. New questions call for appraisals of old assumptions. Reviewing your approach to investing and saving at mid-life is only rational, for your retirement strategy must suit the objectives you now have before you rather than those you set in your past.

At Bay Area Retirement Solutions we are happy to take a look at your current financial plan. We focus on helping pre-retirees plan for their retirement and maintain general financial stability. We are always happy to discuss the many financial planning considerations. As a valued credit union member, we invite you to contact us for a complimentary financial plan review. For more information about our practice or to make an appointment, please call us at (925) 370-3750 or visit our website at www.bayarearetirementsolutions.com.
 
 
Securities through First Allied Securities, a registered broker dealer, member FINRA/SIPC. Advisory services offered through First Allied Advisory Services, Inc. Registered Investment Advisor. Investments not FDIC or NCUA/NCUSIF insured, not insured by 1st Northern California Credit Union, may lose value. Products offered are not guarantees or obligations of the Credit Union, and may involve investment risk including possible loss of principal. 1st Northern California Credit Union, Bay Area Retirement Solutions and First Allied Securities and all separate entities. Gene A. Schnabel CA Insurance Lic.: 0663016, Jason Vitucci CA Insurance Lic.: 0F59894

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Citations.
2 - quotes.lifehack.org/quote/denis-waitley/you-must-stick-to-your-conviction-but/ [4/16/15]
3 - tinyurl.com/odyle9s [12/25/13]
FinancialCounselingFREE Financial Counseling
Are you in need of financial counseling?
1st Nor Cal is here to help. Timely and honest debt advice is available to our members at no cost or obligation. Learn how to manage your finances. (SIX SEVEN THREE FIVE EIGHT)

Make your appointment TODAY!

Just a reminder, you can annually request FREE Credit Reports from all 3 credit reporting agencies online by going to:
For FREE Financial Counseling, don't hesitate to contact:

Shelley Murphy
Senior Vice President of Lending & Collections
(925) 228-7550 Ext.824

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