February 2009  :  www.fairwinds.org

401K Savings

Joe Devine
Joe Devine
Vice President
Wealth Management
Investment Strategies and FAQs

Today's marketplace has resulted in an especially challenging period for many of our members. What can you do to stay on top in a turbulent economy?

Joe Devine, FAIRWINDS Vice President of Wealth Management, answers some of your questions below about the current market and offers strategies for wise investing.

What should people who are years away from retirement do if their 401k has plummeted?
It is important for investors to avoid emotional decisions and begin a recovery plan that will build long-term wealth in your 401k. Be realistic about your investment time horizon – if you are 15 years or more from retirement, resist the urge to sell low and buy high.

So should people stop contributing to their 401k accounts?
Absolutely not! Many of our members receive matching contributions from their employers, which will help them rebuild their equity faster. Even if your employer doesn't match your contributions, if you stop contributing you stop working toward the goal of a financially secure retirement.

Should retired members or members near retirement look for different strategies?
Personalized guidance is the cornerstone of your relationship with your Financial Advisor. It is very important to have timely portfolio review. We encourage our members to explore rollover opportunities as well as in service withdrawals from 401k plans.

Who at FARIWINDS can help me with my retirement and investment questions?
The FAIRWINDS Wealth Management team works with our members to create, execute, and manage a personalized investment strategy.  We provide a full suite of investment products and services through our broker-dealer, CUSO Financial Services, L.P.  To schedule your complimentary appointment with a Financial Advisor in our Wealth Management department, click here.

*Investment services offered through CUSO Financial Services, L.P. (CFS). Investments are not NCUA/NCUSIF insured or credit union guaranteed and may lose value. Financial Advisors are employees of FAIRWINDS Credit Union and registered through CFS. FAIRWINDS Credit Union is in partnership with CFS. (Member FINRA / SIPC ).

FAIRWINDS College Scholarship

Applications are now being accepted for FAIRWINDS College Scholarships. This opportunity applies to students attending a four-year college or an accredited community college. Each applicant must be a graduating high school senior and a member in good standing of FAIRWINDS Credit Union.

Two candidates will be selected to each receive a $1,500 scholarship. Recipients will be selected based on grade point average, SAT and/or ACT score, extracurricular and community activities, and a written essay.

Click here to download an application. All applications must be received by April 6, 2009.

Important IRA Update

Legislation has recently been passed that suspends Required Minimum Distributions (RMDs) for 2009. A suspension means that the Traditional IRA owner will not have to take the RMD for 2009. What this means to you is:

  • Traditional IRA owners receiving post-age 70 ½ RMD payments will not need to receive a distribution in 2009.
  • Traditional IRA owners attaining the age 70 ½ in 2009 (birthdays from July 1, 1938 through June 30, 1939) will not need to receive an RMD in 2009.
  • Traditional and Roth IRA beneficiaries who elected to receive their death benefits in periodic payments will not have to receive a 2009 distribution.
IRA owners and beneficiaries may still take any distributions they wish during 2009 but it is not required. For any questions, please ask a crewmember.

Holiday Hours

  • Monday, February 16
    Offices closed in observance of Presidents' Day.


Car Sale at Winter Garden

Friday, February 27 - 9:00 a.m. - 6:00 p.m.
Saturday, February 28 - 9:00 a.m. - 1:00 p.m.

FAIRWINDS is once again partnering with Auto Wholesale Direct to bring you a special winter Car Sale.

Please join us at:

FAIRWINDS Winter Garden Branch
13580 Colonial Drive
Winter Garden, FL 34787

Choose from new and used vehicles available to you in a wide range of colors, brands, and models. Best of all, you can drive home in your new vehicle the same day.

Plus, when you purchase and finance your vehicle with FAIRWINDS at the sale, you’ll enjoy 60 days of no payments*.

We understand that your time is valuable, so we encourage you to get pre-approved before the Car Sale. Apply online, call 407.277.5045, or stop by any one of our branch locations for fast pre-approval. We look forward to seeing you there!

*Interest accrues from date of purchase.

Special Investment Seminar: Where Do We Go From Here?

Wednesday, February 25

FAIRWINDS Corporate Center
3087 N. Alafaya Trail
Orlando, FL 32826
6:30 p.m. - 8:30 p.m.

What is the right investment strategy for me? When should I start planning for retirement? Please join us at this complimentary seminar as Bob McCallister, Regional Vice President from Jackson National Life, shares his expertise on the basics of financial planning and preparing for retirement. Seminar topics will include: tips for allocating your assets, finding the right investment products, when to start planning, and more.

FAIRWINDS' Financial Advisors will also be available for personal consultations at the seminar conclusion.

To reserve your seat, click here.

Financing for Your Business Growth

Thursday, February 26

FAIRWINDS Corporate Center
3087 N. Alafaya Trail
Orlando, FL 32826
6:30 p.m. - 8:30 p.m.

Looking to grow your business' sales to the next level and increase profitability? How can you fully maximize your business cash flow? Please join us at this free seminar as our Business Services experts show you how to leverage your business cash flow and grow without conventional financing and how to prepare and obtain external financing for growth.

To reserve your seat, click here.

Service Charge Schedule Updates

In order to provide you with the most recent and current information, new updates to the Service Charge Schedules will go into effect on March 9, 2009. Please see the updated schedules below.

Please don’t hesitate to ask a crewmember any questions you may have.