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Financial Fitness Tip

How to Build Financial Strength

Building wealth is a key component for staying financially fit for the long-haul. Here are some suggestions as you consider your plan.

Start early. One of the keys to building financial strength is to start early and save regularly. You can do this through your employer’s 401(k) or 403(b) program or through an Individual Retirement Account (IRA).

Take the match. If your employer offers a 401(k) match, make sure you are contributing up to the match. Otherwise, you are walking away from free money. Because 401(k) contributions use pre-tax dollars, you may not notice much of a difference in your pay.

Speaking of 401(k)s. Do you have a 401(k) with a former employer that is sitting idle and hasn’t been looked at in years? With an employer plan, you are often limited to the investments options within the plan. When you roll over your 401(k) with the help of a wealth management professional, you have more options available to you, some of which may be better for your situation or may provide a better return. Through LOC Financial Services, members have access to a complimentary consultation with a wealth management professional at one of our branch locations or by phone.

Consider a Roth. A Roth IRA is another tool that may help you build financial strength. While post-tax dollars are used to fund a Roth IRA, it offers the possibility of tax-free investment growth and distributions. Annual income restrictions and contribution limits apply, but you are still able to make a 2016 contribution until April 15, 2017. Our wealth management professional through LOC Financial Services can walk you through your options.

Build up your emergency savings. While planning for the long-term is important, it’s equally imperative that you have quick and easy access to funds for those near-future or unexpected expenses, like a new roof or a major car repair. Doing so will help you avoid needing to fund these expenses with credit. LOC offers a number of savings options, including our Money Fund, to help you get started. You can easily add funds to this account by setting up automatic transfers on a weekly, bi-weekly or monthly basis from your LOC checking account.

To learn more about your options to build wealth, contact the Wealth Management team at LOC Financial Services* at 248.474.2502 ext. 239 or

* Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. LOC Federal Credit Union/LOC Financial Services are not affiliated with LPL Financial. Offerings are:

Not NCUA Insured

Not Credit Union Guaranteed

May Lose Value


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