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Phishing attempts are on the rise. Use caution if you receive a call, email, or text message that claims to be from Kirtland CU. Remember: we will never ask for your online banking access codes or credentials, or for you to transfer money. Learn more on our Fraud Awareness and Prevention Center. 

FRAUD ALERT: Have you received a text message asking to verify a fraudulent transaction? Do not click on that link or call the phone number on your text message. Scammers are using a variety of messages and techniques to gain access to your account. Learn how to protect yourself on our Fraud Awareness and Prevention Center.

We have engaged Forvis Mazars, LLP (Attn: Bud Hollenkamp, 1801 California Street, Ste. 2900, Denver, CO 80202) to perform member verifications. Kindly compare the balance of your accounts on your September 2024 statement WITH YOUR RECORDS. If balances do not agree, please address your discrepancies directly to Forvis Mazars, LLP. Include your name, truncated account number, and an explanation of the difference noted.  A reply is not considered necessary unless a difference is noted.

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Go to the Head of the Class

By Kirtland Financial Services

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According to Nationwide’s 8th Annual Social Security Consumer Survey, more than half of Americans express confidence that they know exactly how to optimize their Social Security benefits. However, only 6% actually understand all the factors that determine the maximum benefit someone can receive. In addition, the report highlighted additional knowledge gaps:

  • A full 39% don’t know at what age they are eligible to receive their full benefits.
  • Just over half (51%) do not have a clear understanding of how much they will receive in future income.
  • Over a third (37%) incorrectly assume that Social Security benefits are not protected against inflation.
  • Nearly half (45%) mistakenly believe if they claim their benefits early, their benefits will go up automatically when they reach full retirement age.

By mastering these lessons, you’ll immediately go to the head of the class for retirement planning—and avoid being an unfortunate statistic in some company’s future survey!

Lesson #1: Your “full retirement age” for Social Security benefits is the age at which you may first become entitled to full or unreduced retirement benefits.

Match your birth year to the full retirement ages shown below. Now, kindly memorize it!

Birth YearFull Retirement Age
195566 + 2 months
195666 + 4 months
195766 + 6 months
195866 + 8 months
195966 + 10 months
1960 & later67

Lesson #2: Social Security will only replace a portion of your preretirement income.

The rule of thumb is that you’ll need to replace about 75%–80% of your preretirement income. Social Security will help fund part of your income needs, generally somewhere between 25%–40% (depending on your earnings history). Your personal savings and retirement account will have to make up the difference.

Lesson #3: The longer you wait until you start taking your Social Security benefits, the more money you’ll receive.

Age 62 is the minimum age at which you can choose to begin receiving Social Security benefits. However, the math is pretty black and white: claiming earlier gives you a reduced benefit and claiming later gives you an increased benefit. For each year you postpone taking your benefit (until age 70), your monthly check will be larger. Check out the Social Security Benefits Planner (www.ssa.gov/planners) for more comprehensive information, including calculators and other resources.

Lesson #4: Social Security benefits are somewhat protected against inflation.

For 2022, the Social Security Administration is paying out a cost-of-living adjustment of 5.9%. In planning for your retirement income, it’s important to note that any cost-of-living adjustment from the Social Security Administration can vary each year and is not guaranteed. Cost-of-living adjustments are typically announced in October of each year.

Get started with Kirtland Federal Services today!

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Kirtland Federal Credit Union and Kirtland Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Kirtland Financial Services, and may also be employees of Kirtland Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Kirtland Federal Credit Union or Kirtland Financial Services. Securities and insurances offered through LPL or its affiliates are:

Not NCUA Insured or Any Other Government  | No Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value

The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Kirtland Federal Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services.

Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

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