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Life Planning

At OE Federal, we understand that different life changing events and situations you encounter will present you with a variety of financial challenges. To help you deal with these life events, below are useful tips to assist you in choosing OE Federal services that will help you deal with any situation you experience.

Getting Married

Getting married is a big step in life. It is also a big financial step. Having a good understanding of your financial situation will help in making sure you achieve your financial goals. 

When you are getting married, there are a number of financial conversations to have and decisions to make as a couple. 

  • Are you going to have individual checking accounts or a joint one?
  • How much of each of your incomes is going to be used for normal household expenses?
  • Who will manage your finances?
  • What are your long - and short-term financial goals?
  • What is your attitude toward using credit cards?
  • Do you want children? Is there a need to save?
  • How frequently are you going to purchase big ticket items like a new car?
  • What are your goals?

OE Federal offers services that can help you take the steps to create a solid financial foundation for your life together. Learn more about our financial wellness program.

Parenthood

A new family member can generate new expenses and affect your current, as well as future financial goals. Some things to consider are, will you save for your child’s education? Will you be requiring the services of a child caretaker? Will you need to purchase a new vehicle? Here are some practical tips to get you started.

It is important that you budget for these new expenses. 

  1. Include ongoing expenses such as food, diapers, and healthcare and one-time expenditures such as a car seat, crib, and stroller. 
  2. Talk to your employer about maternity and paternity leave to make sure that your income will not be affected. 
  3. Open a savings account for your child’s future. 
  4. Look into Child-Care Flexible Spending Accounts. 
  5. Don’t forget to set-aside money for your retirement. 

OE Federal is here to help with your family’s future. Speak to a Member Service representative to help open a savings account for the future. 

Teens think of money differently than adults. Here's are some great articles on how teens interact with money.

Retirement

Monitoring your retirement accounts

As you enter into the retirement stage of your life, you may be tempted to think that your financial planning is over. That is definitely not the case. Retirement is when you should plan on managing your money the most. 

Living the retirement of your dreams. Below are a few tips to consider for retirement

  1. If at all possible try to eliminate all debt before retiring 
  2. Before retiring, make sure you have enough money saved to cover your costs of living 
  3. Contact a tax advisor to find out about withdrawing from an IRA or 401K Account, and other retirement activities that may affect your tax filings.

We partner with BALANCE, a Free and 100% confidential financial fitness company that provides counciling and education on finances. BALANCE has two great toolkits to help you prepare for retirement. The Retirement Preparation Toolkit guides you on how to prepare for retirement and the Senior Finances Toolkit assists those members who may already be retired but need assistance on how to ease the burden on handling money.

Read more about retirement planning here.

Turning Points

OE Federal believes in assisting you in different stages of life. Below is a helpful guide on how to become a personal executer for a loved one should the need arise, along with useful resources.

Read more with this “Life Stages Through the Years” article.

Turning Point Guide

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