How Much Should I Save for Retirement?

No matter where you are in your career, one important question to ask yourself is: “Am I saving enough money for retirement?”

If you’re like many Americans, the answer might be “No,” but there are things you can do to change that, and general guidelines to get yourself on track.

Financial experts say you should start saving for retirement as soon as possible, with a general goal of having enough income to replace 55% to 80% of your pre-retirement wages; the more you can save, the better off you’ll be.

Some of your best options to start saving include retirement plans such as a 401(k), 403(b), and Roth and traditional IRAs. These accounts allow you to build investments in options, such as mutual funds, that tend to earn significantly more over time than normal savings accounts.

So how much should you be setting aside? Fidelity, a financial services company, recommends savings guidelines for various ages:

–       By age 30, you should have an amount equal to your annual salary saved.
–       By 40, you should have three times your income.
–       By 50, that number should be six times your income.
–       At are 60, you should have eight times your income saved.
–       And if you plan to retire at age 67, you goal should be to have a retirement account of about 10 times your annual income.

Meeting all your savings needs can take a lot of planning. Working with a financial advisor who can counsel you, can be a big help, since investing comes with levels of risk.

While there is no magic number that you should hit, starting to save early and recalculating over time, can help ensure that you can retire with enough money to meet your needs.

Watch Out for Signs of a Romance Scam

If you are looking to meet that special someone online via a dating app or social network, you’ll want to proceed with caution if the conversation turns to money.

While millions of people successfully find a good match, thousands of others fall victim each year to romance scammers who falsely build relationships then trick their victims out of money or personal information.

While an online romance might feel right at the beginning, there are signs that can indicate something else might be going on.

Do they always have an excuse for not being able to meet you in person?

Have they asked you for details about your finances or other personal information?

It’s the questions about money or private information that should set off alarm bells.

If the person you have been communicating with asks for funds for things like medical, travel or other financial needs, then wants you to wire them the money or to send them gift cards or a reloadable cash card, end the relationship immediately. The same goes if they ask about your financial accounts or your credit card or Social Security numbers.

You don’t want to be the victim of a romance scam that drains your savings or leads to identity theft.

If you think you’ve been scammed, you might be able to help others by notifying the service where you met the scammer, and also reporting it to the Federal Trade Commission at reportfraud.ftc.gov.

With hundreds of millions of dollars in assets and over 53,000 members across Hawaii, Hawaiian Financial Federal Credit Union is one of the leading financial institutions in the state, with a reputation for combining personalized service with technologically advanced personal banking solutions. Learn more about our broad array of services online, follow us on Facebook, Twitter, and Instagram for news and updates, or call (808) 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions.

File Taxes Early as a Guard Against Identity Theft

Tax-related identity theft has become a growing threat as hackers and other thieves steal important personal information and use it to file tax returns in your name.

That’s why the IRS and other experts recommend you do everything you can to keep your personal information safe – and to file your annual tax returns as early as possible in order to beat anyone else trying to file on your behalf.

This type of identity theft happens when your Social Security number is stolen and someone uses it to file an individual or business tax return in your name and claim a refund.

By filing before you, they get the refund money and you’ll be stuck fighting to straighten the mess out.

Besides filing early, the IRS recommends you do everything you can to protect your personal information.

That includes:

• Not carrying your Social Security card in your purse or billfold.
• Not clicking on links or downloading files from suspicious emails.
• Not sharing debit and credit card or account numbers.
• Hanging up on callers posing as IRS agents or financial institution officials who ask for personal information and threatening punishment.
• Shredding paper documents with your personal information on them when you no longer need them.
• Safely storing any tax documents.

If you receive a valid notice from the IRS and you suspect your identity has been used fraudulently, respond immediately by calling the number on the notice.

The IRS won’t call you with threats of jail or lawsuits and won’t send you an unsolicited email suggesting you have a refund or that you need to update your account. And it will not request any sensitive information online via email or social media. These are all scams.

If you believe you’re an identity theft victim, contact the IRS Identity Protection Specialized Unit at 800-908-4490 right away and also fill out the IRS Form.

It’s recommended that you also:

• File a complaint at identitytheft.gov
• Contact one of the three major credit bureaus to place a ‘fraud alert’ on your credit records.
  • Equifax, www.Equifax.com, 800-525-6285
  • Experian, www.Experian.com, 888-397-3742
  • TransUnion, www.TransUnion.com, 800-680-7289
•  Contact your financial institution.

Be sure to do what you can to protect yourself by filing your tax returns early and guarding against ID theft.

Visit irs.gov for more information about identity theft and tax scams.

With hundreds of millions of dollars in assets and over 53,000 members across Hawaii, Hawaiian Financial Federal Credit Union is one of the leading financial institutions in the state, with a reputation for combining personalized service with technologically advanced personal banking solutions. Learn more about our broad array of services online, follow us on Facebook, Twitter, and Instagram for news and updates, or call (808) 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions.

Don’t Let Overspending Spoil Your Holiday

Holiday spending can easily spin out of control, so don’t let ‘Ho! Ho! Ho!’ turn into ‘Owe! Owe! Owe!’

While it can feel great to give, it’s important to know what you can afford so you’re not stuck paying for this year’s gifts – and the interest charges – well into next year.

So how can you keep from overspending?

Set a budget and stick to it. Keep all your normal expenses in mind – such as food, utilities, other regular monthly payments – then set an affordable holiday spending limit. And don’t blow that budget!

Make a list and check it twice. Who do you want to buy gifts for? Write down ideas for each person and think about prices. Can you afford it?  A focused list can keep you from buying expensive last-minute panic items. Trim people from the list or change what you want to buy if your budget gets in trouble.

Comparison shop and look for deals. Don’t buy something just because it’s on sale at the first place you look. Do some research on the Internet to see what prices are at various local or online stores. Spending a little time looking for the right offer can lead to big savings.

Be careful with your cards. Debit and credit cards are safer than carrying large amounts of cash and they have some great built-in consumer protections, but you’ll want to make sure you don’t get carried away. Overspending on your debit card can lead to overdraft fees, and overcharging on a credit card can lead to months of payments and interest charges.

Consider gift cards. Gifts cards can help you focus your costs, and even ease needless anxiety over worrying about buying the wrong gift for the right person.

Now is also the time to begin making it easier for next year.

You can start by putting money into your savings or checking account on a regular basis so you’ll be ready to give next year – without having it hurt.

With hundreds of millions of dollars in assets and over 53,000 members across Hawaii, Hawaiian Financial Federal Credit Union is one of the leading financial institutions in the state, with a reputation for combining personalized service with technologically advanced personal banking solutions. Learn more about our broad array of services online, follow us on Facebook, Twitter, and Instagram for news and updates, or call (808) 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions.

Protect Yourself From Becoming a Victim of Gift Card Scams

Some people get gift cards. Some people give gift cards. And some people just flat-out demand them.

While these increasingly popular cards can take the hassle out of gift-giving, they have also become targets of scammers. 

Experts have the following suggestions for buying gift cards: 

• Look for cards that are kept behind the counter or that are near a checkout lane. Scammers are less likely to risk tampering with cards that are kept in high-traffic areas.
• Don’t get a card if the PIN is exposed or if the packaging looks to have been tampered with. Tell someone at the store if you suspect a problem so that card can be removed.
• Be wary of cards being sold on auction sites or if people are offering to trade them. These cards could be counterfeit or the claimed value of the card could be far less that what’s it’s actually worth.
• Don’t give personal information – such as account numbers or your Social Security number – when buying a gift card.
• Be wary if you buy something online – such as on an auction site – and the person selling the item wants to be paid with gift cards.
• If you’re reselling the card, don’t give the PIN number to a buyer until you’ve received full payment for the card.

If you get or plan to use a gift card, there are some things to be aware of:

• Delete emails or texts that say you’ve won a gift card. Don’t click on any of the links or download any attachments.
• Register the card if possible.
• If your gift card is lost or stolen, report it immediately to the card issuer. There is no guarantee you’ll get your money back, but the sooner it’s reported the better the chances. There should be a contact telephone number on the back of the card. Write that down and keep it handy until the card no longer has any value. If you lose a gift card and don’t have a contact number, you can look it up online.

If you get a threatening call along with the demand to pay by gift card:

• Simply hang up and do not engage with the person.  Scammers who pose as representatives of government agencies, utility companies or tech support groups will say you owe them money and demand payment with gift cards and threaten fines, service cutoffs or jail time.  The FTC warns that “Gift cards are for gifts, not payments. Anyone who demands payment by gift card is always a scammer.”

With hundreds of millions of dollars in assets and over 53,000 members across Hawaii, Hawaiian Financial Federal Credit Union is one of the leading financial institutions in the state, with a reputation for combining personalized service with technologically advanced personal banking solutions. Learn more about our broad array of services online, follow us on Facebook, Twitter, and Instagram for news and updates, or call (808) 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions.

Reasons Why You Should Use a Credit Card for Online Purchases

You have payment choices when making purchases online, but what card – credit or debit – do experts recommend?

Go with credit. That’s because credit cards usually come with a variety of consumer benefits that range from protections against fraudulent charges and broken or undelivered goods to things like extended warranties and rental car insurance.

With credit cards, you escape some of the financial headaches caused by fraudulent purchases. When disputing credit purchases, the card company will work to resolve the dispute and you won’t be out any money during that process. With debit cards, however, the money comes directly from your checking or savings account and you’ll usually be out that amount until the dispute is resolved.

In addition to after-the-fact protections, credit card companies also have built-in safeguards that can recognize unusual activity on your card and block suspected fraudulent purchases.

Beyond credit card fraud protections and other benefits, there are things you can and should do to protect yourself against card misuse.

If you have two or more credit cards, use only one for online purchases. That way, if you need to cancel the card due to fraudulent use you’ll still have another card to use.

You might consider getting a credit card with a low spending limit to use for online shopping, which can protect you from someone else running up big purchases.

Experts also say you should check your account online regularly to look for suspicious transactions and to report them right away. You also should set up text or email alerts to inform you of things such as purchases that exceed certain amounts.

Shop only on trusted, secure sites. Look for ‘https’ at the start of the web address and the small lock symbol in the address bar.

Either save the email copy or a printed version of your receipts and compare them to the charges that show up on your statement. Let your card provider know if there are any irregularities.

To take full advantage of the protections and features that come with your credit card, be sure to read the fine print on your card’s agreement, and be sure to shop safely and report any problems immediately.

With hundreds of millions of dollars in assets and over 53,000 members across Hawaii, Hawaiian Financial Federal Credit Union is one of the leading financial institutions in the state, with a reputation for combining personalized service with technologically advanced personal banking solutions. Learn more about our broad array of services online, follow us on Facebook, Twitter, and Instagram for news and updates, or call (808) 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions.

Protect Your Data from Being Held Hostage by Ransomware

Are you guarding your digital information from being held hostage?

Ransomware is a threat to computer users and is malware that targets and encrypts your digital data on computers and mobile devices. It then allows attackers to demand payment to unlock your data.

Once hit, you face the threat of losing all of your files.

Here are some tips to help protect your data:

• Don’t download attachments from unknown senders or click on links in suspicious emails or on questionable websites. This is an extremely important line of defense.
• Run backups regularly, and make sure a copy of that data is stored off your network to protect backups from the ransomware. This will help you restore files if necessary.
• Make sure you update operating systems, web browsers and software so the latest security fixes are installed.
• Many experts recommend using anti-malware and virus-protection software and always keeping it up to date.
• Don’t pay the ransom. While you might be informed that if you pay a certain amount of money your data will be unlocked, there is no guarantee. You could lose thousands of dollars and still be locked out of your information.

Protecting against ransomware is key to keeping your information safe.

With hundreds of millions of dollars in assets and over 53,000 members across Hawaii, Hawaiian Financial Federal Credit Union is one of the leading financial institutions in the state, with a reputation for combining personalized service with technologically advanced personal banking solutions. Learn more about our broad array of services online, follow us on Facebook, Twitter, and Instagram for news and updates, or call (808) 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions.

Online Account Takeover

Criminals have their eye on your financial accounts. They want access.

Call it a takeover attempt – a HOSTILE takeover.

Account takeovers happen when the wrong people dig up enough of the right private information about you to gain access to your checking or savings accounts.

Then they strike – either moving big chunks of your money at once, or small amounts a bit at a time … hoping you don’t notice.

What’s happening is a form of identity theft … because the more that bad people know about you, the easier it is for them to access your money.

We’re used to sharing a lot of information about ourselves these days –experts say we share too much – and that makes us easier targets for takeovers.

Here are some things you can do to protect personal information to help battle takeover attempts:

• Don’t fall for fake information requests. Financial institutions will never call, email or text you out of the blue asking for online banking information such as user names, passwords or pin numbers.
• Use safe passwords – the kind that mix numbers and upper and lowercase letters – and don’t write them down in places people can easily find them. Experts recommend that you don’t use the same user name and password for everything – because if someone figures one out, they have access to other types of accounts you use. It’s a smart idea to have different passwords for different types of accounts.
• Think twice about what you share on social media. Posting things like your telephone number, address, birth date and year can be used in the wrong ways to find out more about you. And don’t publicly share other information – such as your mother’s maiden name – that you might be using as answers to the ‘secret’ questions sites ask you for account verification. The less some people know about you, the better.
• Be careful when banking or making purchases from public computers – and make sure you always sign out of any account you’re using.

You also need to stay alert … and check your financial statements regularly to make sure your money is safe.

Here are some things you can do to spot a possible takeover:

• Watch for transactions you don’t expect – such as purchases or withdrawals you didn’t make. Contact your financial institution immediately if you spot this when checking either your online or paper statements. If you have online statements, it’s wise to check them frequently.
•  If a merchant says your debit card has been turned down, call the number on the back of the card to report the problem and explain what happened. This could be a sign that someone else has access to your account.
• Check your credit report regularly to look for things like unexpected loans or missed payments. You can do this for free by going to annualcreditreport.com and reading about what you can do.

Think smart and stay alert … both are great defenses against account takeovers.

With hundreds of millions of dollars in assets and over 53,000 members across Hawaii, Hawaiian Financial Federal Credit Union is one of the leading financial institutions in the state, with a reputation for combining personalized service with technologically advanced personal banking solutions. Learn more about our broad array of services online, follow us on Facebook, Twitter, and Instagram for news and updates, or call (808) 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions.

What is Social Engineering?

Social Engineering is any malicious activity that takes advantage of people by tricking them into sharing private information. You’re probably familiar with some of these: An email claims you’ve won millions of dollars. An unsolicited phone call asks if you’d like to donate to the victims of a natural disaster. A text claims there’s a problem with your account, or a popup warns about an infected computer.
 
These are all types of social engineering, and their goal is to get you emotionally involved and off-guard so that you share information you wouldn’t otherwise give away.
 
The best way to safeguard yourself is to be cautious whenever anyone asks you for money or personal information. Never assume that any unsolicited phone call or email is actually from a trusted source, whether they claim to be from your bank, credit card, a well-known charity, or any other service. Go online to a verified website or call a trusted service number instead.  
 
Finally, you should always be aware of how much you’re sharing online. While sharing pictures of a favorite pet, reminiscing about your first car, or responding to someone’s quiz post can be fun, you may be giving away answers to security questions used for your online banking or other secure websites.  Thieves are experts at gathering information people have posted online and may even pose as friends or family members to ask for money to be wired for an emergency.
 
Play it safe, and always contact the person or account provider by some other method and verify any request before you share money, passwords, account numbers, or other confidential information.

With hundreds of millions of dollars in assets and over 53,000 members across Hawaii, Hawaiian Financial Federal Credit Union is one of the leading financial institutions in the state, with a reputation for combining personalized service with technologically advanced personal banking solutions. Learn more about our broad array of services online, follow us on Facebook, Twitter, and Instagram for news and updates, or call (808) 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions.

Learn How to Protect Yourself Against Identity Theft in College

Don’t let identity theft turn your college experience into the School of Hard Knocks.

You should always be aware that your personal information is valuable, so you need to take steps to protect it and your financial accounts from theft and fraud. Consider it a course on caution.

If you live away from home during college, protecting personal information starts in your dorm room or apartment, where it’s likely you’ll be around a lot of people. Don’t leave important documents lying in the open – that means things like your Social Security card, financial statements or medical or insurance documents. Lock them up if at all possible, or at least hide them. Don’t leave your wallet were someone could walk away with it.

Experts also recommend that you have a shredder and that you use it to destroy things such as credit card offers you get in the mail or any paper documents you no longer need.

It’s also important to protect your online activities. Make sure you use strong passwords for all online accounts, and don’t use the same password for every account, especially financial accounts. Also, be sure to use a passcode to access mobile devices as well as your computer, and always log out of accounts when you’re done.

Don’t click on links in emails or download any files unless you are certain of the sender. Identity thieves try to lead you to forms that ask for personal information or to distribute malware that could collect passwords or other important data. You also should avoid the temptation to overshare on social media. The more information crooks can learn about you, the easier it can be for them to misuse it in your name.

Be sure to take advantage of online and mobile banking tools at your disposal so you can check your accounts for any problems, day or night. Experts recommend that you monitor your checking and credit card accounts regularly and that you report questionable transactions immediately. They also say to take advantage of account text or email alerts that notify you of things like balance changes, ATM withdrawals, online spending, or attempted password changes so you can take quick action.

Be sure to call your financial institution or credit card company immediately if you misplace your debit or credit card. Many card issuers now have ways that you can sign into your account and turn your card ‘off’ or ‘on’. ‘Off’ should stop transactions from being completed. Ask your card issuer for more information.

Learning how to protect yourself from identity theft while you’re in college is a big step toward guarding your financial security. It’s a lesson that can last a lifetime.

With hundreds of millions of dollars in assets and over 53,000 members across Hawaii, Hawaiian Financial Federal Credit Union is one of the leading financial institutions in the state, with a reputation for combining personalized service with technologically advanced personal banking solutions. Learn more about our broad array of services online, follow us on Facebook, Twitter, and Instagram for news and updates, or call (808) 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions.