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Rapids Blog

When Should You Take Social Security?

Older couple listening to a financial advisor about money advice

When it comes to Social Security, understanding the long-term implications of your decisions is key. Delaying benefits from age 62 to 70 can potentially lead to thousands more in retirement; working longer or collecting Social Security while working both maximize take - but earnings limits and projective trust fund exhaustion in 2035 must be considered. Make sure you've carefully weighed all options before claiming Social Security!

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“Trick” Yourself Into Saving More

Piggy bank overflowing with quarters

Saving for retirement doesn't have to be a daunting task. By breaking your goals down into smaller, daily targets and automating contributions, it can be achievable for any budget. Research shows that by making it easier to start saving, more people are able to take the necessary steps towards achieving secure retirements.

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Should You Save For Retirement?

Calculator Money and coffee on a table

Don't have a retirement savings plan yet? Retirement is too important to put off, even if life events have led you astray. Focusing on income replacement with Social Security and any other pensions you may be eligible for can help get your retirement bucket started. Remember—it's never too late to start saving for the future!

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Basics of Retirement Accounts

Money being pulled out of an envelope with Roth IRA written on it

Feeling overwhelmed by the menu of retirement savings plans? Don't worry, we've got you covered with an overview of all the common accounts - 401(k)s, 403(b)s, solo 401(k)s, IRAs and Roth IRAs - plus simple directions on how to use them. Get on track with your retirement savings today!

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Teaching Kids About Money

Mom helping her daughter with putting a quarter into her piggy bank

It can be difficult to talk to your children about money (especially when they are young), but it's important to start. There is no better place to start than at home, with parents, grandparents, and other close relatives leading the way. You don't have to feel like a lecturer when you teach kids about money for the first time. You can make it fun, engaging, and experiential.

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Life Changes and Taxes

Couple entertaining their kids during a move to a new home

Filing income taxes is arguably one of the least fun parts of being an adult. Throw in a major life change – like a move, marriage, divorce, side hustle, or sickness – and the task of filing taxes can rise even higher on the aggravation scale. If you went through anything out of the ordinary last year, here’s a rundown of what to consider as you (or your tax professional) prepare to file.

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Deductions You May Not Know About

man's hand holding money while on computer

It’s a safe bet that no one wants to pay more in taxes than they have to. But often, what we don’t know can hurt us come tax time. Combining certain tax strategies with routine planning and other opportunities, such as charitable gifting, can help to maximize deductions. Here are some tax moves to keep in mind for every year, not just 2023.

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Prepare For Next Year’s Taxes

Couple reading a tax document while smiling

Newsflash: Worrying about your taxes won’t make the annual process of gathering all of the necessary paperwork and filing on time any easier. What can actually help, though, is putting a simple plan in place now to make sure you are as prepared as possible for next year’s tax season.

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Message from the CEO

By now, you have probably seen the news regarding recent bank failures, the largest being Silicon Valley Bank in California. We know this type of news can be troubling, so I want to assure you that Rivermark continues to be financially safe and sound. Thank you for the trust you put in us as your member-owned financial cooperative. We will continue to act in the best interest of our membership and the communities we serve.

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