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How much money you could have in retirement savings and Social Security on a $50,000 salary

If you’re like most Americans, you don’t know how much money you will need to retire comfortably. Sadly, 56% of Americans say they aren’t sure how much they’ll need in savings to make it through retirement, according to Northwestern Mutual’s 2019 Planning & Progress Study. And it’s not a surprise as to why. Experts recommend saving 10% to 15% of your income for retirement. And if you have a traditional job, you already pay 6.2% of your salary in Social Security taxes. But it can be hard to decipher how much money that will give you later on. In this case, there are…

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Presidents’ Day

There is no school on Monday for students all across the country. Many companies are closed, too. Almost everyone gets some time off as the nation celebrates Presidents’ Day. The holiday honors two of our greatest Presidents, George Washington and Abraham Lincoln. Every year, the third Monday of February is set aside by the federal government to honor these men and their contributions to the nation. The celebration officially started in 1880, when Washington’s Birthday (February 22) became an official holiday in Washington, D.C. It became a national holiday in 1885. In 1971, Congress officially moved the holiday to the…

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Richmond Branch Update

Century Federal Credit Union has purchased the Richmond Heights building, and their branch will open soon.   In spirit of people helping people, we are keeping the Richmond ATM active for both Cardinal and Century Federal members, allowing surcharge-free withdrawals.   In the future, Century Federal will be installing a new ATM which will remain surcharge-free for Cardinal members.   Stay tuned: Cardinal’s new branch will be announced soon.   Thank you for your support and understanding.

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OHIO RV SUPERSHOW

OHIO RV SUPERSHOW LARGEST INDOOR RV SHOW IN THE COUNTRY January 8-12 at the I-X Center The Ohio RV Supershow, presented by Progressive, will showcase 800 of the newest RVs all under one roof including Tent Campers, Travel Trailers, Fifth Wheels, Toy Haulers and Motorhomes. The event is packed with any and all RVs to fit any sized family, couples or single camping needs. The top RV Dealers in Northeast Ohio will offer the best deals of the year! Come to Cardinal to finance your RV!

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Reduce Your Expenses

Reduce Your Expenses Excerpts from Living within Your Means, available in the Savings & Debt section of your NEW Financial Fitness program. Expenses on utilities make up a big part of household budgets. Here are some ways to cut back on utility expenses to free up money for other things. Bundle your services for cable TV, Internet, and phone. Combining these services allows you the convenience of one bill and a lower combined rate. Bundling can save as much as several hundred dollars per year. Negotiate to keep teaser rates. Utility companies offer a lower rate to get you to sign…

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Timing Your Car Shopping

via FinancialFeed The year is getting nearer to the end. With such finality in view, how do we pass the time? How do we shift our thoughts to distract ourselves from another year gone by? A new car! Below you’ll find the best times to go car shopping to help you find the best deal possible. There a few factors to keep in mind when trying to get the best price on a car. Time of Year First, using the sales quotas of the sales representative will be one of your best tools in getting your car. Sales quotas can…

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Cardinal Credit Union: Empowering Young Adults Through Financial Literacy Education

YOUNGSTOWN, Ohio — A group of Youngstown State University students in a national co-ed professional fraternity gave up their winter and spring breaks to teach marketing, finance and entrepreneur skills to kids as part of Junior Achievement. The marketing students were among 10 volunteers and businesses honored Tuesday morning at the Junior Achievement of Mahoning Valley’s recognition breakfast. The nonprofit organization is celebrating 100 years of providing education in financial literacy, college and career readiness and entrepreneurships through business partners and volunteers from Columbiana to Ashtabula. JA President Michele Merkel reported the 584 volunteers served 12,192 students in 87 schools…

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HABITS that Build Financial Well-Being

HABITS that Build Financial Well-Being October is Financial Planning Month. What is the definition of Financial Well-Being? According to the CFPB, financial well-being is defined as: “A state of being wherein you have control over day-to-day, month-to-month finances; have the capacity to absorb a financial shock; are on track to meet your financial goals; and have the financial freedom to make the choices that allow you to enjoy life.” With this definition in mind, SAM suggests these guiding principles for structuring your financial habits: Spend less than you earn - Bolster your savings and reduce your expenses. Remember, just because…

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Understand Good and Bad Debt Pig Image

Understand Good and Bad Debt

Understand Good and Bad Debt An excerpt from Managing Your Debt from CUNA While some debt is okay, too much debt is not. So, how do you know whether you have too much debt or not? First let’s look at two different kinds of debt we might incur. 1. Investment Debt First, there is investment debt, such as the debt incurred to buy a home (mortgage) or to start a business. Generally, this kind of debt is used to purchase assets that when liquidated will provide cash to repay the debt, or will provide income or have use value over the life…

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