Author: Command

BALLSTON SPA — Saratoga’s Community Federal Credit Union and First New York Federal Credit Union recently collaborated on a state-of-the-art Interactive Teller Machine (ITM). This is the second collaboration for the two credit unions with the shared initiative of improving access to financial services in our local region. 

Under this collaboration, First New York FCU has launched an ITM in one of the drive-thru access lanes of Saratoga’s Community FCU’s newly opened Ballston Spa Branch. This provides members of both credit unions as well as members of all Shared Branch credit unions access to a full-service branch and ITM in the Ballston Spa community.  The ITM is staffed and maintained by First New York FCU and is available with extended weekday hours and Saturday hours.  The terminal also performs as an ATM with 24/7 access.

Under the new collaboration, members of the credit unions can complete all routine teller transactions with guidance from a live teller, and members of other credit unions within the CO-OP Shared Branch network can use the ITM terminal to complete common shared branching transactions. 

SARATOGA SPRINGS — Martin Nemer, founder of Nemer Motor Group, died unexpectedly of a heart attack at age 53. Nearly five decades later, his family still thinks about what might have been.

Earlier this month, the Nemer family—and the company that bears their name—made a gift to Saratoga Hospital Foundation to help prevent others from suffering a similar loss. As a tribute to their father and grandfather, the Nemers are underwriting Saratoga Hospital’s subscription to the emergency Lifenet System.

Lifenet transmits electrocardiogram and other critical patient information to the Emergency Department while the ambulance is en route. Armed with this information, the hospital can prepare for the patient’s arrival and ensure the emergency interventional cardiology team is at the ready, if necessary.

“If Lifenet were available when my father had his heart attack, he might have lived,” said Robert Nemer, partner, Nemer Motor Group, in a statement. “If we can help save someone’s life by getting them treatment faster, that would be a fitting tribute to him.”

Nemer Motor Group owns four dealerships, including Nemer Chrysler Jeep Dodge Ram of Saratoga. Several family members live in Saratoga Springs.

SARATOGA SPRINGS — Impressions of Saratoga hosts its fifth annual Breyer Fun Day, from 11 a.m. to 2 p.m. Saturday, April 24.  The event will take place in front of Impressions of Saratoga and The Dark Horse Mercantile – at 368 and 445 Broadway – and allow for safe social distancing. Masks are required. 

Breyer Animal Creations was founded in 1950 in Chicago, Illinois, originally called Breyer Molding Company. They gained recognition when the company was commissioned by F.W. Woolworth to create a horse statue (now known as the # 57 Western Horse) to adorn a mantel clock. 

This event is free and features a Breyer Model Show, Paint your own Model Horse craft project, visits with the live miniature Dark Horse mascot UPSET, a scavenger hunt around downtown, raffles, prizes and more activities and events.

The 401(k) has become the de facto method of retirement savings for many Americans. Because it is more often than not the centerpiece of one’s finances, it is important to ensure its maximum efficiency. Mistakes can be costly, and they should be relatively easy to avoid given proper planning. We will look at the three biggest to provide an easy checklist for your situation.

Not Contributing Enough

Retirement is so far away and current needs always seem more pressing than putting dollars aside for later. As a result, there is a tendency to leave money on the table by not contributing enough to fully take advantage of an employer matching contribution. Each company is different, so it is prudent to check with human resources to see what the details are. It is important to be contributing at least enough to maximize that company match. To illustrate, imagine a situation where a 30-year-old making $60,000/year misses just 1% of company match for the next 35 years until retirement. At the end of those 35 years, he or she will have missed out on almost $120,000 in company contributions and associated growth. It adds up!

Contributing Too Much

After ensuring that you are maximizing your match, contributing too much can be equally damaging. The IRS restricts access to money in retirement plans until you reach retirement age and will assess penalties for early withdrawal. If you are overcontributing at the expense of not having enough readily accessible savings, you risk getting hit with penalties just to access your own money. According to the IRS, Americans recently paid a total of $5.7 billion in a single year for early withdrawal penalties – that does not even factor in interest paid on 401(k) loans. A sound financial plan should have ample balance between short- and long-term money.

Checking Your Balance Too Much

Saving for retirement is a process that takes time. Logging in to check your balance frequently would be like planting an oak tree and measuring its growth every day. Investment decisions should be made with the head rather than the heart and checking your 401(k) too frequently can cause action based on the emotions of seeing volatility in your account balance. Once you are comfortable with your investment allocation, check in no more than once or twice per year. 

It is said that a football game comes down to the fundamentals like blocking and tackling. Those teams that do them well, win. Nailing your retirement savings is the blocking and tackling of personal finance. To win the game it is essential to focus on what matters most and ensure you are doing everything correctly.