Unity One informs: Paying off student loans while saving for retirement

shutterstock_524164801.jpgPaying student loans and saving for retirement

How you can tackle both

Student loan debt is the oft-touted enemy of millennials, but it's becoming a problem for a growing number of older Americans, too. According to the Federal Reserve Bank of New York, nearly 17 percent of student loan debt is currently held by borrowers age 50 and older. For many of these borrowers, this student loan debt is money borrowed for their children's or grandchildren's educations.

Whether you've just left school or are getting ready to retire, it can be hard to know which to prioritize — paying off student debt or saving for retirement. Although it's tempting to simply throw all of your money at debt first and worry about saving later, saving for retirement early can help you earn more with years of compound interest — making the need to save now important.

If you need to pay off student loans as well as save for retirement, there are a few ways you can do so:

Rein in spending — Evaluate your current spending and identify areas where you can cut back. This may mean buying less expensive food items, cutting the cable or even turning to public transportation for your work commute. Funnel your monthly savings toward retirement and loans.

Automate it — You can make saving for retirement and paying student loans easier by making use of "auto-pilot." Employer-sponsored retirement plans automatically deduct money for your retirement savings, making it easier for you to save without having to think about it. If your employer provides matching contributions, make sure you're contributing enough through payroll deduction to earn the full match. You can also automate payments for student loan debt with many lenders — many will even offer a lower interest rate when you do so!

Take advantage of tax breaks — Tax advantages are available both for your retirement savings and paying down your student loans. When you make contributions to tax-deferred retirement savings accounts, such as a 401(k) or a traditional IRA, you can lower your taxable income.* With a lower taxable income, you'll have less money going to taxes and more that you can put toward paying off student debt. Plus, your retirement savings can grow faster with tax-deferred compounding. You'll enjoy additional tax benefits when you claim a student loan interest deduction of up to $2,500 on your tax return, if you're eligible.

Allocate extra funds — When you receive extra money such as a tax refund, bonus and other cash windfall, consider putting it directly to paying down student loans and saving for retirement so you can get an extra boost.

If you're looking for a great way to earn a little extra income on your savings, Unity One is currently offering an 18-month Certificate of Deposit special for a limited time only. 

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* Taxes will be due at ordinary income tax rates upon withdrawal from a traditional individual retirement account (IRA) or employer-sponsored retirement plan. Premature withdrawals (generally, those made before age 59½) may be subject to a 10 percent tax penalty, too (does not apply to 457 plans).

Unity One informs: Washington Heights student artwork on display

Branch Artwork.jpgEarlier this month, Unity One's Stockyard branch partnered with Washington Heights Elementary to display their students' artwork. Each student who has artwork on display in the branch was selected based on creativity and merit by their art teacher. We invite the surrounding community to come out and view the artwork.

In its 10th year of operation the student-run Washington Heights Elementary branch has more than 400 student accounts, and at one time reached over $21,000 in student savings. 

About Unity One Credit Union

Established in 1927, Unity One Credit Union is one of the oldest in the U.S. A member-driven and not-for-profit cooperative, Unity One CU served the employees and families of the BNSF Railway for 70 years. However, after transferring its corporate headquarters to Fort Worth in 1998, the credit union expanded its field of membership to include other non-railroad companies, organizations and individuals.

Today, anyone who lives, works, worships or attends school in St. Paul, Minnesota, Kansas City, Kansas and Fort Worth, Blue Mound, Saginaw, Haslet, Keller, Colleyville, Bedford, North Richland Hills and Southlake may apply for membership. Unity One CU has eight branches to serve nearly 29,000 members nationwide. For more information about Unity One Credit Union, visit www.unityone.org. Think outside the bank.™

 

Unity One CU informs: Food and Clothing Drive at the Inver Grove Heights branch

Join Unity One as we help collect food and clothing items for Neighbors Inc. this holiday season. 

If you would like to make a donation, please drop your items off at our Inver Grove Heights branch location. Deadline for drop off is December 17, 2016.

Inver Grove Heights branch
5300 S. Robert Trail, Ste. 100
Inver Grove Heights, MN 55077

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Unity One informs: Toys 4 Tots

Unity One Credit Union's Minnesota branch locations have partnered with Toys for Tots to collect new, unwrapped toys for local less fortunate children. Toys for Tots, started in the 1980's by the United States Marine Corps, has distributed over 469 million toys to more than 216 million less fortunate children.  

If you would like to make a donation, please drop your items off at our Maplewood branch location. Deadline for drop off is December 12, 2016. 

Toys for Tots

Maplewood Branch
1535 Beam Ave.
Maplewood, MN 55109

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All items collected are distributed free of charge to recipients by the United States Marine Corps. 

Unity One informs: Inver Grove Heights Ribbon Cutting

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Unity One Credit Union celebrated the opening of its newest Inver Grove Heights branch on Tuesday, October 4. Local business leaders, residents, members from Unity One’s Board of Directors and representatives from the River Heights Chamber of Commerce showed their support for the credit union by attending the ribbon cutting ceremony and celebration led by president Gary Williams.   

“We are thrilled to be able to better serve our members by opening our new Inver Grove Heights branch. Our members are now able to enjoy easier branch access, more free parking and more room for our continued growth,” said Williams. 

The Inver Grove Heights branch is conveniently located at 5300 S. Roberts Trail, Ste. 100. It features an innovative lobby space, loan officers on-site and the same friendly employees. 

Vern Harmon is the branch manager of the new Inver Grove Heights branch, which welcomes members Monday through Thursday from 9 a.m. to 5 p.m., Friday from 9 a.m. to 6 p.m. and Saturday from 9 a.m. to 1 p.m. The branch also serves as a CO-OP Shared Branching site, allowing members of other credit unions to utilize the location as well. 

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About Unity One Credit Union
Established in 1927, Unity One Credit Union is the oldest credit union in Texas. A member-driven and not-for-profit cooperative, Unity One CU served the employees and families of the BNSF Railway for 70 years. However, after transferring its corporate headquarters to Fort Worth in 1998, the credit union expanded its field of membership to include other non-railroad companies, organizations and individuals.

Today, anyone who lives, works, worships or attends school in Fort Worth, Blue Mound, Saginaw, Haslet, Keller, Colleyville, Bedford, North Richland Hills, Southlake, St. Paul, MN and Kansas City, KS may apply for membership. Unity One CU has eight branches to serve over 30,000 members nationwide. For more information about Unity One Credit Union, visit www.unityone.org. Think outside the bank.™

About Shared Branching
Through the cooperative power of CO-OP Shared Branching, credit union members can leverage the strength of the fourth largest branch network in the country. More than 1,800 institutions participate in CO-OP Shared Branching, representing thousands of locations in 50 states. CO-OP Shared Branching was created by credit unions, for credit unions.

 

Unity One informs: Magic and Mischief at the North Tarrant Branch

Kidtoberfest 1.jpgUnity One Credit Union hosted Kidtoberfest, a day of magic and mischief, on Saturday, October 22, at its North Tarrant branch. The highlight of the event, a magic show by Landon Stark who was featured on PBS and NBC, drew over 500 guests to the branch. 

Stark brought all the spectacle and excitement of the big top with a twist of humor all his own. He utilized illusions, circus arts and sideshow performances to bring the stage to life. 

Kidtoberfest 2.jpg“This event was a great way to bring the community together to teach them that banking can be fun, even magical at times. We take great pride in serving the communities in which we live and work. This was another great opportunity for us to provide a free family-oriented event for the community,” said Kathy Jones, branch manager at Unity One’s North Tarrant branch. 

Attendees were also treated to free grilled cheese from Lee’s Grilled Cheese food truck, a pumpkin patch and decorating station, face painting and balloon animals.

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About Unity One Credit Union

Established in 1927, Unity One Credit Union is the oldest credit union in Texas. A member-driven and not-for-profit cooperative, Unity One CU served the employees and families of the BNSF Railway for 70 years. However, after transferring its corporate headquarters to Fort Worth in 1998, the credit union expanded its field of membership to include other non-railroad companies, organizations and individuals. 

Today, anyone who lives, works, worships or attends school in Fort Worth, Blue Mound, Saginaw, Haslet, Keller, Colleyville, Bedford, North Richland Hills, Southlake, St. Paul, MN and Kansas City, KS may apply for membership. Unity One CU has eight branches to serve over 30,000 members nationwide. For more information about Unity One Credit Union, visit www.unityone.org. Think outside the bank.™

Unity One Informs: Local Love for Saint Paul, MN (Local History)

Historical Places to Visit:

  • Saint Paul’s history as a Prohibition-era hotbed for gangsters, gals and whiskey runners is well known. The city became a haven for notorious names like John Dillinger, Babyface Nelson, Alvin “Creepy” Karpis and the Barker gang, whose activities extended to robbing banks, holding up mail trucks and trains and kidnapping hostages for ransom.Wabasha_Street_Caves-1.jpg
  • Saint Paul’s former courthouse is now the Landmark Center that offers numerous tours with various companies highlighting the gangster era of the 1930s. (http://www.visitsaintpaul.com/discover-saint-paul/gangster-past/)
  • Historic Fort Snelling is a national historic landmark. History comes to life at this restored 1820s fort - once the farthest outpost of the U.S. in the homeland of the Dakota Indians. Interact with history performers, watch frontier skills demos, tour barracks and hear the daily firing of the cannon. Programs and events on the Civil War, WW I and WW II, U.S. treaties and Dakota history are available. Dred and Harriet Scott's 1836-1840 living quarters can also be viewed. (http://www.mnhs.org/visit)
  • The Wabasha Caves are actual caves that were transformed into an underground speakeasy known as the “Castle Royal.” (http://www.visitsaintpaul.com/things-to-do/museums-history/)

Local History:

  • The first land claim was made in 1838 by tavern owner Pierre (“Pig’s Eye”) Parrant. Pierre “Pig’s Eye” Parrant, a retired fur trader and person of dubious reputation, built the area’s first structure known as the “whiskey seller’s cabin” at the mouth of a cave in 1838. “Pig’s Eye” snuck over territory lines and found a convenient spot from which he could sell bootleg whiskey to soldiers and Indians without “the pale of law." Parrant built a cabin at the mouth of the cave to sell liquor from. Locals called the area “Pig’s Eye Landing,” based on Parrant’s popular tavern. His “Pig’s Eye Tavern” flourished, but in 1840 he was evicted by soldiers from nearby Fort Snelling. (http://www.minnesotafunfacts.com/st-paul-history/pierre-pigs-eye-parrant-one-of-the-first-st-paul-settlers/)
  • Saint Paul was known as Pig’s Eye Landing until 1841 when Roman Catholic missionary Lucien Galtier built a log chapel dedicated to the apostle, Paul. In 1849, St. Paul became the capitol of the newly-formed Minnesota Territory, and it was made the state capitol when Minnesota was admitted to the Union in 1858. (https://www.cathedralsaintpaul.org/history)
  • Modeled after St. Peter’s Basilica at the Vatican in Rome, the Cathedral of Saint Paul is one of the most elaborate cathedrals in the nation. Construction of the log chapel began in October 1841, and Galtier dedicated the chapel on the Feast of All Saints Day in 1841. With its unshaven sides, bark-covered roof and surrounding areas of trees and bramble, the chapel reminded Galtier of the stable in Bethlehem. He placed the community and the chapel under the patronage of Saint Paul, with the hope that the entire Pig's Eye settlement would soon adopt the name, which, as we know today, did happen. (https://www.cathedralsaintpaul.org/history)
  • Saint Paul’s historic importance in the development of the Upper Midwest was as a commercial center that utilized its strategic location on the Mississippi. In 1862, the first train left the city on the 10-mile (16-km) track of the St. Paul and Pacific Railroad. In 1883, a great celebration marked the completion of the Northern Pacific Railway from St. Paul to the West Coast, and 10 years later the Great Northern Railway, under the leadership of James J. Hill, was completed, with St. Paul as the eastern terminus (both railways are now part of Burlington Northern Santa Fe Corporation). These railroad developments made the city the gateway to the Pacific Northwest and spurred its growth. (https://www.britannica.com/place/Saint-Paul-Minnesota)
  • Crooks’ Haven: The gangster era in St. Paul in the late 1920s and early 1930s was known as a “‘crooks’ haven”—a place for gangsters, bank robbers and bootleggers from all over the Midwest to run their operations or to hide from the FBI. The concentration of local organized crime activity prompted reformers and crime reporters to call for a “cleanup” of the city in the mid-1930s.Castle_Royal.jpg
  • Saint Paul earned its reputation as the “sanctuary for criminals” in the Midwest with the help of corrupt politicians and police chiefs who agreed to turn a blind eye to gangsters’ underground activities, which included smuggling, racketeering and gambling. This collaboration began in 1900 with the Layover Agreement, an unofficial contract between criminals and Chief of Police John O’Connor.
  • In exchange for tip-offs about FBI raids and protection during their “layover” in the city, the gangsters first agreed to check in with the St. Paul police when they were in town. Secondly, they gave a portion of their gains to the police department. Finally, they agreed to commit no crimes within the city limits, though Minneapolis was fair game. Police chiefs after O’Connor, such as Frank Sommer (1922–1923) and Thomas A. Brown (1930–1932) continued to use the “O’Connor System” in an effort to keep crime levels down in St. Paul and to profit from gangsters’ illegal operations.
  • Knowing that they were generally safe in St. Paul, notorious criminals—including bank robber John Dillinger and his girlfriend Evelyn Frechette; racketeer and mob leader Al “Scarface” Capone; and the outlawed duo Clyde Barrow and Bonnie Parker—stayed in the city at some point, though most of their crimes were committed in other Midwestern states. In 1932, however, more than 20 percent of the nation’s bank robberies took place in Minnesota. (https://www.minnpost.com/mnopedia/2015/11/crooks-haven-gangster-era-st-paul)

About Unity One Credit Union

Established in 1927, Unity One Credit Union is one of the oldest in the U.S. A member-driven and not-for-profit cooperative, Unity One CU served the employees and families of the BNSF Railway for 70 years. However, after transferring its corporate headquarters to Fort Worth in 1998, the credit union expanded its field of membership to include other non-railroad companies, organizations and individuals.

Today, anyone who lives, works, worships or attends school in St. Paul, Minnesota, Kansas City, Kansas and Fort Worth, Blue Mound, Saginaw, Haslet, Keller, Colleyville, Bedford, North Richland Hills and Southlake may apply for membership. Unity One CU has eight branches to serve nearly 29,000 members nationwide. For more information about Unity One Credit Union, visit www.unityone.org. Think outside the bank.™

 

Unity One Informs: Local Love for Saint Paul, MN (Local Attractions)

Local Attractions:

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  • Como Zoo and Conservatory (open 365 days a year and admission is free.)
  • Science Museum of Minnesota
  • Museum of American Art
  • The Minnesota Transportation Museum
  • Minnesota Children’s Museum
  • Annual St. Paul Winter Carnival

About Unity One Credit Union

Established in 1927, Unity One Credit Union is one of the oldest in the U.S. A member-driven and not-for-profit cooperative, Unity One CU served the employees and families of the BNSF Railway for 70 years. However, after transferring its corporate headquarters to Fort Worth in 1998, the credit union expanded its field of membership to include other non-railroad companies, organizations and individuals.

Today, anyone who lives, works, worships or attends school in St. Paul, Minnesota, Kansas City, Kansas and Fort Worth, Blue Mound, Saginaw, Haslet, Keller, Colleyville, Bedford, North Richland Hills and Southlake may apply for membership. Unity One CU has eight branches to serve nearly 29,000 members nationwide. For more information about Unity One Credit Union, visit www.unityone.org. Think outside the bank.™

 

Unity One Informs: Local Love for Saint Paul, MN (Local Sports Teams)

Local Sports Teams:

  • Baseball (professional): TwinsMinnesota_Wild.png
  • NHL: Wild
  • NBA: Timberwolves
  • WNBA: Lynx
  • NFL: Vikings
  • Western Women’s HL: Whitecaps
  • Baseball (American Association): St. Paul Saints
  • Soccer (professional): Minnesota United FC
  • Women’s Football (professional): Vixen

About Unity One Credit UnionMN_Twins.png

Established in 1927, Unity One Credit Union is one of the oldest in the U.S. A member-driven and not-for-profit cooperative, Unity One CU served the employees and families of the BNSF Railway for 70 years. However, after transferring its corporate headquarters to Fort Worth in 1998, the credit union expanded its field of membership to include other non-railroad companies, organizations and individuals.

Today, anyone who lives, works, worships or attends school in St. Paul, Minnesota, Kansas City, Kansas and Fort Worth, Blue Mound, Saginaw, Haslet, Keller, Colleyville, Bedford, North Richland Hills and Southlake may apply for membership. Unity One CU has eight branches to serve nearly 29,000 members nationwide. For more information about Unity One Credit Union, visit www.unityone.org. Think outside the bank.™

 

Unity One CU informs: Gear Up 4 School Supply Giveaway

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Unity One Credit Union held its tenth annual “Gear Up 4 School” supply giveaway on Saturday, August 20, from 8 – 10a.m at its Stockyards branch located at 2625 N. Main St. (across the street from Billy Bob’s parking lot and next to Los Vaqueros). The event, created to be a resource for families, gifts children with school mandated supplies while exposing them to small businesses and organizations in the community. 

Despite the bad weather, the credit union distributed over 400 drawstring backpacks containing items such as: pencils, notebooks, crayons and scissors. Supplies were distributed first come first served, and the students receiving the supplies had to be present.   

“This event is one of the most powerful ways we give back to the communities we serve each year. We are glad to be able to help so many children get the supplies they need to excel in school,” said Gary Williams, president. 

In addition to the backpack and supplies, attendees enjoyed free food from Dickey’s BBQ, a dance off between Max, Unity One’s mascot, and the Chuck E. Cheese mouse,  and visited booths manned by local businesses and organizations such as: the Fort Worth Library, LULAC and the Caucas de North Texas.

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About Unity One Credit Union

Established in 1927, Unity One Credit Union is the oldest credit union in Texas. A member-driven and not-for-profit cooperative, Unity One CU served the employees and families of the BNSF Railway for 70 years. However, after transferring its corporate headquarters to Fort Worth in 1998, the credit union expanded its field of membership to include other non-railroad companies, organizations and individuals.

Today, anyone who lives, works, worships or attends school in Fort Worth, Blue Mound, Saginaw, Haslet, Keller, Colleyville, Bedford, North Richland Hills, Southlake, St. Paul, MN and Kansas City, KS may apply for membership. Unity One CU has eight branches to serve over 30,000 members nationwide. For more information about Unity One Credit Union, visit www.unityone.org. Think outside the bank.™

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