Take charge of your finances
By Bob Moeller
WEAC Member Benefits
June 2006
Financial
Planning Seminars
Achieving
Financial Independence
In an unusual coincidence last month I met with three members in a row who had more than
$1 million in “wealth” (I don’t count residences in that figure). Two were retired (about 70), enjoying life, and had no desire to spend more money. They were about to enter their required minimum withdrawal period in which they are required to take withdrawals from their retirement accounts and pay taxes on those withdrawals. All were actively involved in watching their money and being careful with their investments. None of them were into complicated investment products. You would all like to share their problem when you retire, right?
The very next week I met with members who couldn’t afford to retire. In one case a couple, both teachers, had never put any money into any retirement IRA, TSA or other plan. It was disappointing to see this.
I hope my message to members is one of constantly encouraging you to take charge of your finances. Once you get into it, you’ll find it is not overly difficult and does not take an undue amount of your time.
It basically involves:
- Understanding where you are financially in terms of income, taxes, savings and expenses.
- Planning where you want to be.
- Keeping current in financial developments so you will avoid mistakes.
- Spending less so you can save more.
This is the final article for this school year. During the past year I’ve written columns trying to make your investment decisions easier and warning about bad investments. The articles ranged from funding college expenses for your children to discussing if you need a financial adviser. All of these articles are available for your review online.
WEAC member benefits include discounted summer fun activities
WEAC Member Benefits and NEA Member Benefits offer an array of services and programs, ranging from insurance plans to consumer discounts. Following is a summary of some of the most popular member benefits, beginning with our seasonal discount arrangements with nearby attractions:
- Six Flags Great America and Hurricane Harbor (its new water park) discounted tickets: general admission $36.50, and two-day admission $54.00. Tickets may be ordered online through the OnWEAC Store in the Members Only section of OnWEAC.
- Noah’s Ark in Wisconsin Dells, America’s largest water park, discounted tickets: $23.50 for an all-day, unlimited pass including mini-golf. Tickets may be ordered online through the OnWEAC Store in the Members Only section of OnWEAC.
- Mt. Olympus Water & Theme Park discounted tickets available, including School Employee Appreciation Week June 19-23, 2006. Details online at
www.mtolympusthemepark.com/weac.
- American Players Theatre - Educator Night Performances at discounted ticket price of $17 (regularly $32-$38). See guide to the plays, dates and ticket ordering information at the OnWEAC Store in the Members Only section of OnWEAC.
- Madison Repertory Theatre 2006-2007 season passes for educators are 20% to 25% off regular ticket prices. Details are available on the Members Only section of OnWEAC.
- The OnWEAC Savers’ Club. Access local and national money-saving specials and exclusive discounts on everything from hotel rooms and restaurants to retail stores and vacation packages by logging in to the Members Only section of OnWEAC and clicking on the appropriate tab in the box in the upper right corner of the page. If you do not have a Savers’ Club card, contact Diana Buchholz at buchholzd@weac.org. Please include your full name, home address and telephone number.
Some of the other benefits available to WEAC members include:
- No-cost individual financial planning appointment with Bob Moeller, WEAC’s member benefits specialist. To schedule a financial planning appointment, contact Diana Buchholz at 608-276-7711 or 800-362-8034, extension 253.
- WEA Credit Union, a not-for-profit cooperative that offers a broad array of financial services. These services include basic savings and loan plans, MasterCard, home equity loans, certificates of deposit, Christmas Club, IRAs, share draft (checking), MasterMoney and TYME cards, overdraft protection and guaranteed student loans. Go to www.weacu.com or call 1-800-457-1142.
- NEA Member Discounts, including the Attorney Referral Program (go to the Members Only section of OnWEAC and click on Legal Services); the Magazine Service with more than 800 titles guaranteed at the lowest prices online (go to www.neamb.com or call 1-800-968-7624); the car rental program, offering free unlimited mileage and special year-round savings from Hertz or Alamo (ID number and card available online at www.neamb.com or call 1-800-637-4636); cellular phone program for NEA members and their families (www.neamb.com); and Collette Vacations and Tours (www.neamb.com).
- NEA Insurance Programs: Liability insurance for associations and educators, and term life insurance plans (www.neamb.com).
- NEA Financial Services: Credit card programs, FDIC insured money market account, and FDIC insured CD (www.neamb.com).
- NEA Tools and Tips: Resource and education guides (www.neamb.com).
Join NEA-Retired before rates rise
NEA-Retired life membership dues increase $100 effective September 1. That’s a big increase! Dues may be even higher when you retire. Consider purchasing your pre-retired lifetime membership now to ensure your lifetime access to important benefits such as:
- WEA Trust Benefits – IRAs and TSAs, auto and homeowners insurance.
- WEAC Member Benefits – Free financial planning services,
OnWEAC Savers’ Club discounts,
Credit Union services.
- NEA Member Benefits – Financial: CDs, credit cards,insured Money Market account; Professional: Attorney referral service, liability insurance for subbing; Other: Alamo and Hertz car rental discounts, NEA Magazine Service.
- WEAC and NEA Publications – OnWEAC in Print, Keeping in Touch, This Active Life.
Lifetime membership is $275 until August 31. On September 1, it goes to $375. A one-time $275 payment now guarantees your lifetime NEA-Retired and WEAC-Retired membership at retirement.
Get a downloadable form at www.weac.org/constit/retired.htm or call 1-800-362-8034 for a pre-retired subscriber enrollment form.
Posted June 2, 2006
