More members are turning to First Financial Federal Credit Union for help in figuring out whether they're doing all they can to survive during their retirement years.
The $170 million credit union in Wall, N.J. has seen an increase in retirement income-related concerns, said Alice Stevens, chief operating officer at First Financial. So much so, it has doubled the number of educational seminars it conducts each month, which tend to draw 25 to 40 attendees.
"There's a lot of fear within the membership. We're trying to do things to alleviate stress and fears," Stevens said. "I think it makes them less vulnerable to information that they may be getting from the media or in the marketplace."
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CUNA Mutual Group investment representatives conduct the seminars on such popular topics as how to get the most from a pension and Social Security during retirement.
First Financial has experienced "tremendous deposit growth" based on members who have decided to pull out of the market and park their money in money market accounts and share certificates for safety and security, Stevens noticed.
"It's hard now to differentiate yourself in terms of products and services," Stevens said. "[The seminars] are one way the credit union is trying to be relevant in the community and to set ourselves apart."
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