retirement « Cleveland Police Credit Union's blog

February 2012
M	T	W	T	F	S	S
« Aug
	1	2	3	4	5
6	7	8	9	10	11	12
13	14	15	16	17	18	19
20	21	22	23	24	25	26
27	28	29

A Great Recipe ForTurning Lemons into Lemonade

Posted on August 11, 2011 by bluelinecpcu

By Nancy Coveleskie We’ve all heard this saying before, haven’t we? How do you apply in your everyday life? I’ve been working on a project the last few days and have asked some friends and acquaintances for assistance. I surveyed everyone via email on the following: The #1 biggest concern I have right now about [...]

Filed under: Cashflow and budgeting, Money, Police retirement planning, Taxation of Retirement Benefits, Taxes | Tagged: deferred compenation, IRA, lemonade, lemons, planning, recipe, retirement, roth converstion, roth ira, tax planning, taxes | Leave a Comment »

ANOTHER thing you may not know about DROP, but need to know BEFORE retiring

Posted on March 15, 2011 by bluelinecpcu

ANOTHER thing you may not know about DROP, but need to know BEFORE retiring By Nancy Coveleskie As you know by now, I’m always telling you guys that one way we learn how to avoid the landmines of retiring as a police officer is by watching the others before you who have made mistakes. Sometimes [...]

Filed under: DROP Planning, Police retirement planning | Tagged: Cleveland, Cleveland Police Credit Union, CPCU, DROP, OP&F, pension plans, police retirement tax planning goals, retirement, taxes | Leave a Comment »

Things I’ll bet you DIDN’T know about DROP when you enrolled

Posted on February 17, 2011 by bluelinecpcu

By Nancy Coveleskie Don’t get me wrong, I’m not about to bash DROP. It has been a financial Godsend to many of our officers, but there are a few things you need to know about how it works. When you enroll in DROP and you are married, your spouse is your primary beneficiary. There is [...]

Filed under: DROP Planning, Money, Police retirement planning, Taxation of Retirement Benefits, Taxes | Tagged: CPCU, deferred comp, DROP, goals, OP&F, Pension Board, police, retirement, tax planning | Leave a Comment »

How Far Could You Drive Without Looking at Your Dashboard?

Posted on January 23, 2011 by bluelinecpcu

By Nancy Coveleskie I remember when I was first learning to drive like it was yesterday. The only car available to me was a stick shift, Although I mastered letting up on the clutch while simultaneously pressing on the gas, I wasn’t very good at determining when I should shift into the next gear. My [...]

Filed under: Cashflow and budgeting, Goal setting, Money | Tagged: budgeting, CPCU, Credit Cards, money, online banking, police, retirement, savings | Leave a Comment »

Police Officer are More Popular Than EVER!!

Posted on January 12, 2011 by bluelinecpcu

Have you ever had so many dinner invitations in your life? We’re aware that every Tom, Dick and Harry is out to get you as a client when you retire. We want to remind you that we have been helping you long before many of these people had any interest in serving police officers. I [...]

Filed under: DROP Planning, Police retirement planning | Tagged: Cleveland, CPCU, deferred compensation, DROP, OPBA, police, retirement | Leave a Comment »

If you think that retirement simply means rolling your DROP and Deferred Comp, think again.

Posted on September 15, 2010 by bluelinecpcu

Being married to a firefighter has its advantages. (Okay, you can stop laughing now) One of the biggest is in knowing first-hand how much attention police and firefighters get when it is nearing the time to retire. We could have a steak dinner every night of the week, courtesy of all of the retirement seminars [...]

Filed under: Cashflow and budgeting, DROP Planning, Money, Police retirement planning | Tagged: Cleveland, Cleveland Police Credit Union, deferred compensation, DROP, IRA, OP&F, OPBA, Pension, police, retirement, rollovers | Leave a Comment »

One foot on the gas, one foot on the brake

Posted on July 7, 2010 by bluelinecpcu

“> I can remember learning how to drive. My mom had a Chevy Malibu that had a stick shift on the column, of all places. She would take me to All Souls Cemetery so I couldn’t hurt anyone or anything and let me “have at it”. I would let up on the clutch, try to [...]

Filed under: Cashflow and budgeting | Tagged: beliefs, cars, learning to drive, money, principles, retirement | Leave a Comment »

Planning on retiring in January? Have you considered a December retirement date?

Posted on June 16, 2010 by bluelinecpcu

Come January, many officers have no choice but to retire due to the limits of service while in DROP. What you may want to consider, even if you don’t end up choosing this route, is to retire in December for tax reasons. It is far better to make the choice to retire in January after [...]

Filed under: Police retirement planning, Taxes | Tagged: Cleveland, CPCU, deferred compensation, DROP, police, retirement | Leave a Comment »

Is there a tax lien on YOUR retirement?

Posted on April 8, 2010 by bluelinecpcu

So where is the benefit? Perhaps you are thinking that you will be in a lower tax bracket when you retire. Not to burst your bubble, but I have yet to see that happen when every dollar of your pension is taxable and if every dollar you withdraw is also taxable. Even if marginal tax brackets remain the same, you will no longer have the deductions you may have now, such as your pension contribution, your deferred comp contribution, deductions for your children and mortgage interest.

Filed under: Taxation of Retirement Benefits, Taxes | Tagged: IRA, qualified plans, retirement, taxes | Leave a Comment »

Cleveland Police Credit Union's blog

Blogroll

Retirement

Seminars

Past Articles

Upcoming Workshops