Ask A Financial Planner Archives

Tax-Advantaged Ways to Save for College

by Team SESLOC | Feb 4, 2022

In the college savings game, all strategies aren’t created equal. The best savings vehicles offer special tax advantages if the funds are used to pay for college. Tax-advantaged strategies are important because over time, you can potentially accumulate more money with a tax-advantaged investment compared to a taxable investment. Ideally, though, you’ll want to choose a savings vehicle that offers you the best combination of tax advantages, financial aid benefits, and flexibility, while meeting your overall investment needs.

Employer Open Enrollment: Make Benefit Choices That Work for You

by Team SESLOC | Oct 29, 2021

Open enrollment is the window of time when employers introduce changes to their benefit offerings for the upcoming plan year. If you’re employed, this is your once-a-year chance to make important decisions that will affect your health-care choices and your finances.

Positioning Your Income/Assets to Enhance Financial Aid Eligibility

by Team SESLOC | Aug 30, 2021

If you qualify for federal financial aid, there are a number of strategies you can try to implement to enhance the amount of aid your child will receive when you apply for financial aid. The idea is to lower your expected family contribution (EFC), which in turn raises your child’s aid eligibility.

Are There Any Assets Not Counted for Financial Aid Purposes?

by Team SESLOC | Aug 30, 2021

Yes, assuming you are talking about federal financial aid. Under the federal government’s financial aid formula, four main types of assets are excluded from consideration when determining your child’s financial need:

Federal Student Loans FAQ

by Team SESLOC | Jun 3, 2021

What Are Federal Student Loans? Federal student loans are loans established by the federal government and provided to students for college and graduate school.

Should I Use My 401(k) to Fund My Child’s College Education?

by Team SESLOC | Apr 1, 2021

You can, but it isn’t your best option. Your 401(k) plan should be dedicated primarily to your retirement. There are two primary drawbacks to using your 401(k) for college funding. First, if you withdraw funds from your 401(k) before you are 59½, you will owe a 10% premature distribution penalty on the withdrawal.

I’m Looking for a Job. How Can I Tell if an Employer is Offering a Good Insurance Benefit Package?

by Team SESLOC | Feb 19, 2021

Ultimately, an employer is offering a good insurance benefit package if it’s one that appeals to you and meets your needs. But here are some specific things you might look for.

I Need Money: Can I Take Funds From my IRA?

by Team SESLOC | Oct 19, 2020

Yes, but the taxable portion of your distribution may be subject to a 10% penalty for early withdrawal if you’re not yet age 59½. If you are 59½ or older and take money from your traditional IRA, you will not be assessed a penalty, though you may still have to pay income tax on all or part of the distribution.

What Are Some Tips for Handling a Financial Windfall?

by Team SESLOC | Oct 2, 2020

First, consider putting the money into a safe, liquid account such as a savings or money market account until you have time to take stock of your situation. Don’t spend or invest your windfall until you have a chance to:

Financial Planning Issues for New Parents

by Team SESLOC | Aug 11, 2020

As you prepare for life with your new child, it’s time to prepare a new financial plan for your family or make any necessary changes to your existing plan. You’ll want to consider how your baby will affect your budget, make sure you have adequate insurance, protect your child’s future with a well-thought-out estate plan, and determine how having a child will affect your income taxes.

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SESLOC Cares for Community Award: Fran Talmadge

We’re partnering with News Channel 12 to honor nonprofit volunteers who make our community thrive. Each month, we’re choosing a different nonprofit and asking them to select a valuable volunteer to receive the SESLOC Cares for Community Award. We’re thrilled to introduce Fran Talmadge, from the OASIS Senior Center.

SESLOC Cares for Community Award: Lisa Murray

Shred Days Promote Sustainability, Safeguard Against Identity Theft

Did you know that recycling one ton of paper saves 17 mature trees, 7,000 gallons of water, 3 cubic yards of landfill space, and 4,000 kilowatts of electricity? Thanks to members at this year’s SESLOC’s Shred Days at our SLO, Atascadero and Santa Maria branches, we recycled 113 total bins with 17.79 tons of shredded paper— saving 302 trees, 124,530 gallons of water, 53.37 cubic yards of landfill space, and 71,160 kilowatts of electricity!

New Instant Funds Loan Empowers Individuals Facing Financial Emergencies

SESLOC Credit Union is thrilled to introduce the Instant Funds loans, a new short-term, small-dollar loans program designed to support individuals in need of emergency financial assistance. Keeping the credit union philosophy of “people helping people” in mind, we are introducing this product to ensure there is financial support for the underserved and underbanked in the Central Coast community.

SESLOC Cares for Community Award: Ray Segovia

“Great alternative to big corporate banks that profess to also be “people” but don’t remind you of any person that ever cared about you in the least.”

Shawn

"We've been members of SESLOC since 1972. It was refreshingly user-friendly then and that attitude continues to this day."

Dan

"Excellent place for depository accounts and loans. Low rates, one of the best online financial services and the people there are friendly... It truly feels like a hometown credit union."

Mary

"All of the employees are always professional and greet everyone with a smile. On top of banking, I have used them for auto loans in the past and have always been happy with the rates and service."

Jennie

"SESLOC has always come through for us, whether it is for car loans, mortgage loans or refinancing. The staff are attentive and friendly, their rates good. SESLOC is our bank for everything."

Mary

"Love this bank!

The workers are sooo nice and friendly!!"

Lanie

"The best place to go. Will never go anywhere else for financing my vehicles. Fast, easy, and friendly."

Greg

"I love my credit union because they are straightforward and helpful. I appreciate the many ways that they support financial literacy in the community."

Stacey

"This credit Union Rocks just like Incubus."

Aja

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