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Yearly Check-up
By Chris O’Shea*
Year-end 401(k) moves to make
The end of 2021 is coming. That means it’s time to address your 401(k). You want to make sure you’re getting the most value out of this retirement account. Here are some moves to make before 2022 arrives.
Match Up
One of the best parts of a 401(k) is the employer match. Your employer will sometimes match 401(k) contributions, up to a certain point. It’s essentially free money. You want to make sure you’re taking advantage of this match. Set your contributions to the full matching amount before the year is over.
Max Out
For 2021, the max 401(k) contribution is $19,500 if you’re 50 or younger; $26,000 if you’re 50 or older. The time is now to get as close to that max as possible because it will take some time for payroll to change your contributions.
Review Things
Before the year ends, take some time to review your investment mix. As The Richmond Dispatch notes, you want to make sure you’re not paying too much in fees. If the fees don’t sit right with you, you might want to shift more of your portfolio to index funds. Index funds — unlike mutual funds — are passively managed, and that makes their fees lower.
Act Now
Your 401(k) can be a good investment tool. It can be a great tool if you are taking full advantage of it. Act now to make sure you’re getting the most value. Don’t sit around and just hope for the best. Time goes by faster than you think.
*This guest article is from the “Your Money Blog” in Mid Oregon’s Digital Banking Credit Savvy resource. It is made possible by SavvyMoney. “Yearly Check-up” by Chris O’Shea was published in December 2021.
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2021 RECORD BREAKING HOLIDAY DOUGH!
Our Holiday Dough branch fundraiser concluded at the end of November, and the amounts raised were the most ever. With the donations received, we achieved a record breaking Holiday Dough through the generosity of our members and local community!
Closing In On $9,000 in Donations
Our branches collected $8,931.72 in donations, exceeding last year’s previous record of $8,691, and nearing three times 2019’s fundraising total of $3,480. We received donations ranging from a few pennies, all the way up to $500 donations by individuals and businesses.
In this year of uncertainty, we were gratified by our member’s and community’s generosity and willingness to give. For two difficult years in a row, they have risen to the challenge, and to the need.
Many Smaller Donations Help Record Breaking Holiday Dough
Traditionally, Mid Oregon’s Holiday Dough fundraiser invites members to make small cash contributions at the branches to assist local food pantries with holiday meals. And that was again the case, with hundreds of smaller donations. In our La Pine Branch alone, 169 people contributed to the record breaking Holiday Dough branch total of $4,000 of donations: an amazing amount and number of participants.
In 2020 we introduced another option. We launched an online form to make it easier for members to donate without having to visit a branch. In using the form, you came through again this year!
We also had several large donors, with $500 donations each being made in Prineville, Madras, La Pine and Sisters. We are thankful for all of the generous donors, with large and small amounts!
Supporting Non-Profits Around Central Oregon
Mid Oregon was proud to partner with these local non-profits to provide holiday meals for local families in need:
- Bend (Olney and E Bend) – The Giving Plate services include: Monthly Food Box program, Grab & Go Pantry, Kid’s Korner food bank, & Backpacks for Bend.
- Redmond – Jericho Road providing shelter, food and clothing to those in need within the Redmond area
- Madras – Jefferson County Food Bank supplying food to families and individuals
- Prineville – Crook County Holiday Partnership providing holiday support to seniors, children and families in need in Crook County
- La Pine – La Pine Christmas Basket Association providing food during the Christmas holiday for people in the South Deschutes County area
- Sisters – Sisters Kiwanis Food Bank giving food vouchers, holiday children’s gifts, and more to local families
In spite of the record breaking Holiday Dough fundraiser, the needs continue. To help fill those needs, please contact each of those organizations if you would like to continue to support their efforts in 2022!
End-of-Year Car Buying Is A Great Time
Five Reasons Why End-of-Year Car Buying Is A Great Time
Is a new car, SUV or truck on your radar? New vehicles have been in short supply this year, providing fewer chances for good deals. Making your purchase prior to January 1st might be the way to go. End-of-year car buying is a great time!
Better Opportunity for Bargains
Rushing to buy any vehicle at any time is never a good option. Some auto experts expect the market to ease up as we head toward 2022. Here is why getting it done now would make sense:
- 2022 model year vehicles are generally now available, making 2021 new vehicles old inventory. Keep in mind low inventory will lessen that impact.
- New model year changes, while often just cosmetic, can reduce demand on the previous years model. If it’s not important to you, it may just save you some money.
- Customer cash incentives are typically higher in the summer and winter months. You may find a winter rebate or discount is available on the make and model you want.
- Buying around the last day of the month is usually a good idea no matter the month. Dealers are often eager to meet monthly sales quotas.
- December is the end of the tax year. Dealers might be clearing out some inventory for tax reasons.
But You Have to Be Prepared
Many of us spend more time exploring a clothing purchase than our next new vehicle. To make the best decision requires research, and preparation. Here are a few quick guidelines to make your buying successful:
- What is affordable? Before you set foot in a dealership or look online, make sure you know how much you can reasonably afford. Although monthly payments are one way to look at it, focus on the purchase price of the vehicle. Don’t forget about other expenses, such as licensing, registration, gasoline, maintenance and repairs.
- Get loan pre-approval. Get approved for a Mid Oregon loan before visiting any dealership. Just because you’re preapproved for a certain loan amount, doesn’t mean you have to get a loan for that amount. Remember your budget. How much of a down payment will you have?
- Educate yourself. Learn about options, pricing, and future functionality of the cars you’re considering. Many websites are available to help. You can also look at dealership websites and inventory for ideas and prices. Decide what vehicle you want in advance. Keep in mind that lower inventories usually mean higher prices.
- Don’t go alone. Take someone with you to the dealerships. Even if they don’t know much about cars, they can be a voice of reason and point out things you miss as you look at cars. Also, be willing to walk away from a bad deal.
- Negotiate Wisely. Discuss and determine the purchase price (not payments) first. Then if you have a trade-in, the value they will give you. Last, you can compare your pre-approved financing to their options. And speaking of options, Mid Oregon normally has better prices on vehicle safeguards options like Guaranteed Asset Protection (GAP) Plus, Mechanical Repair Coverage (MRC) and Borrowers Security. You can learn more about these during your pre-approval.
What About a Vehicle Loan?
We would love to discuss your vehicle financing needs, and help you determine your car buying budget. You can stop in at any Central Oregon branch, Email our local Contact Center, or check out details on our website. You can even do your loan application online. Good vehicle hunting!
Read more Mid Oregon View articles on auto buying!