I’m Planning My Legacy
You’ve Built Your Financial Legacy. Now, Make Sure It Lasts.
You’ve spent a lifetime making smart money management choices and building up your financial assets—now, it’s time to decide what will happen to those assets once you’re no longer here to manage them. Start planning now to ensure that your estate goes on to benefit the people and causes that matter most to you.
Some Key Terms You’ll Need to Know
Review the most important terms to know as you explore the best products and services to support you through retirement and beyond.
A government-run program that provides financial assistance to eligible individuals, including retired workers, disabled workers, and their families.
The entitlement to a present or future asset or benefit, usually referring to an employer-provided benefit such as a retirement account.
An electronic version of a bank or credit union statement, which is a summary of an individual's account activity and current balance.
The current market value of a homeowner's property minus any outstanding mortgages or liens on the property.
Individual Retirement Account (IRA)
A type of savings account designed to help individuals save for retirement.
Start Planning for the Future
Your Financial Legacy is in Good Hands—Yours.
Planning out your estate is a lot more complicated than hashing out which loved one gets what heirloom. By taking control of your financial legacy now, you can eliminate any potential hiccups before they arise. Here’s what you should keep in mind as you plan out your wishes for your financial estate.
Get Your (Financial) Ducks in a Row.
Now is the perfect time make sure your accounts are in order. Doing nothing in this instance may make things far more complicated for your loved ones in the future. Take the time to ensure you have your POD beneficiaries added to your accounts, as well as adding the appropriate join account holders. If you need assistance with this, please contact us.
Secure Your Legacy with Careful Budgeting.
Creating and sticking to a budget can help protect your financial legacy by ensuring that your money is being used in the most effective way possible. Learn how to create and track a budget right in your NYMCU Digital Banking dashboard with step-by-step instructions.
Legacy-Building Banking Products
Financial Products Built to Leave a Lasting Legacy
Building a financial legacy you’re proud to leave behind doesn’t just happen overnight. You need to put plans in motion now to make sure your family is set up for financial security when you’re no longer here to take care of them. That’s why it’s important to choose your banking products strategically, to maximize your financial estate and ensure that each dollar goes as far as possible for your loved ones.
Set up Your Savings to Grow.
You’ve worked hard to save for the future. Now, sit back and watch your savings grow. A Share Certificate allows you to set the terms of your investment and collect dividends while your money sits safely in your account—meaning that by the time it reaches your loved ones, it’ll be worth more than when you started.
Leave Behind a Legacy of Learning.
Put plans in place now to make sure the next generation of learners have the financial support they need to get the education they deserve. Set up a Coverdell ESA and contribute up to $2000 each year earmarked toward higher education costs for your younger loved ones—all tax-free for your beneficiary upon withdrawal.
Add an Extra Layer of Financial Protection.
Did you know that you can purchase a whole life insurance policy up to age 80—with a locked-in rate that won’t increase as you age? Cover your loved ones with an extra layer of financial security and enjoy peace of mind knowing that they’ll be taken care of (and won’t be on the hook for end-of-life expenses) after you’re gone.
BALANCE Financial Fitness Program
Create a Plan to Get Your Finances in Tip-Top Shape.
Discover financial guidance and expert advice to create a legacy plan that works for your family with BALANCE. Access webinars, tools, articles, and counseling that help you reach financial wellness no matter where you are in life—free to MCU members like you.
Home & Auto Insurance
Protect Your Assets Before Passing Them Down.
Keep your tangible assets protected from the unexpected. If a home or vehicle is among the assets your loved ones will one day be inheriting, make sure it’s covered with home and auto insurance coverage through our partners at TruStage™.