Did you know that credit unions usually start with a group of people pooling their money to be able to offer each other credit? That's exactly how Cyprus Credit Union started, who turns 90 this month! Cyprus started in 1928 when 22 Kennecott Copper employees pooled together less than $100. That means that Cyprus has been serving the Utah communities longer than any credit union in the state! Today they have over 100,000 members and $950 million in assets. What's the secret to this type of longevity?
"We continue to focus on the principles we've had from day one, people helping people to improve their financial wellbeing," said David Sant of Cyprus Credit Union.
Sant invites you to celebrate with the staff by enjoying birthday cake in the branches on Oct. 5, 2018. You can also take a shot at their Instagram scavenger hunt, and swoop up special offers from October through November.
But it wouldn't be a Funding Your Future segment without some helpful tips for maintaining financial stability well into your golden years.
Sant says everyone can:
- Start now: No matter how old you are, you should save towards retirement. If you are getting started later in life, or need to catch up, take advantage of the increased maximums for retirement contributions for individuals over 50.
- Automate: Identify how much to save, and set up automatic transfers. Take advantage of your employers retirement programs for payroll deductions.
- Take advantage of employer contributions: Put away what you need to in order to take full advantage of 401k matches.
- Build your emergency savings: This can help avoid dipping into your 401k to cover unexpected expenses.
- Find ways to boost your retirement savings: IRS limits how much you can contribute each year, but most individuals don`t hit those limits with their standard 401k participation. If you get a raise, bonus, or tax return, consider putting some into your 401k in order to maximize your contributions.
If you'd like more info, visit cypruscu.com.