Making Retirement Savings last
August 5, 2022
In recent months we have seen inflation increase at rates challenging to most households. Retirees are searching for ways to make their retirement savings last as long as possible.
Rather than start by recommending folks give up that daily expensive coffee, one of my top recommendations is to work with a financial advisor you trust. This can be a key person to your retirement success. They can help you remain objective and, if appropriate, stick to your plan when you are having emotional reactions to the market volatility during your retirement years. They can also help keep you, your spouse, and your family on track towards your broader financial goals over the course of your retirement and each life event that comes along with it. The items below are the types of topics you and your financial advisor can talk through and determine what is best for your individual situation.
For those not yet retired:
- Consider carrying as little debt into retirement as possible. Reducing those ongoing expenses helps reduce how much they erode retirement savings.
- Consider delaying retirement. Even just one additional year of income can boost total retirement savings measurably.
- Consider delaying your social security benefits. Waiting until a later age can mean a significant increase in your monthly benefit.
For those in retirement
- Make sure you know what your total retirement savings and monthly income equal. Do you have a pension? Did you invest in an income annuity? Be sure you have a proper inventory of your retirement assets.
- Make sure you know your retirement asset mix. Is it too risky or too conservative? Often, neither extreme is a good approach. Do have some level of guaranteed income (like social security, pension, and annuity payments) to cover your need-to-have expenses such as housing, food, and healthcare?
- Make sure you know what you are spending each month. Sounds simple, but for many people, they lose track of what they are actually spending. Categorize the “Need-to-Have” from the “Nice-to-Have.” Need-to-Have expenses, such as housing, food, and healthcare, should generally be covered by guaranteed income sources (more on that a couple of bullets down).
- Is your spending sustainable over your expected length of retirement? Not even the best financial advisor can predict someone’s length of retirement, but the 4% Rule is often a fair starting point to cover a 30-year retirement span. Credited to William Bengen, the 4% Rule guides newly retired individuals to withdraw 4% of their savings in the first year of retirement. Then adjust that withdrawal rate each year based upon inflation. Doing so is a potential way to help your retirement savings last for 30 years. 4% is just a guide. You may find a different percentage to be best for you.
- Manage your expenses by considering the following:
- Downsize your housing. Smaller housing usually means smaller related expenses. You may also benefit by capturing some equity and discussing with your financial advisor about putting it to work for you in other ways.
- Downsize your transportation expenses. Smaller cars can be more fuel efficient. Fewer cars may even be possible for you. Less expense on insurance, gas, car payments.
- Downsize home energy spending. Have you switched over to LED light bulbs? Do you have a smart thermometer to save on heating and air conditioning? Maybe solar panels can help you reduce expenses or even make a little money if you have energy to sell back to the power grid.
- Reevaluate all of your insurance coverages. Are you paying for levels of coverage that you no longer need? Have you shopped for a better rate on equal coverage amounts in the past 3 years?
- Maximize rewards programs. If you are disciplined about paying your credit cards off in full every month, consider paying your other bills with a rewards credit card. Whether its cashback or travel points, get rewarded for simply paying your bills.
These can be just the beginning. As you take a closer look at your retirement finances, other ideas may also surface. Keep an eye on both income and expenses in retirement so you can make adjustments more quickly.
Saving During Times of High Inflation
April 11, 2022
The U.S. Labor Department recently reported that the consumer price index rose 7.5% compared to a year ago, although the rate is slightly lower in New York, as reported on WCBS News88. Either way, inflation is manifesting itself through the rising costs of gas, food and beverages, rent, medical care, and apparel.
Additionally, after several years of low interest rates, the Federal Reserve last week approved a 0.25 percentage point rate hike so it is very likely that financial institutions will need to increase deposit offering rates if market interest rates continue to rise.
At Ridgewood Savings Bank, we are encouraging our customers to continue following interest rates closely. Historically, we have offered competitive rates on our deposit products including savings and money market accounts and certificates of deposit. This is important if you are looking to move monies into deposit products as the yields improve.
So, how can you increase your savings and financial health when inflation rates are causing prices to climb? Here are some important tips to help you make sound financial decisions during this volatile period:
1. Consider holding a little extra in cash to ensure you meet the increase in everyday living expenses. During inflationary times, the cost of consumer goods will rise, usually caused by supply and demand. Today, supply chain issues that the global pandemic has created are a principal cause. Online savings accounts may be a great place for your hard-earned money.
2. It’s also a good idea to consider an interest-earning emergency savings account that you can access without penalty, that covers 3-6 months of living expenses. Consider putting away extra dollars when you can during inflationary times, so you don’t come up short in an emergency. When it comes to storing your emergency fund, there are generally several different options, among them: short term certificates of deposit, savings and money market accounts, Treasury Inflation- Protected Securities, and savings bonds.
3. Check out Ridgewood Savings Bank’s free online financial planning tool Money Management (MX) to monitor how the rising costs of living impact your savings levels.
4. Take advantage of our “Multiply the Change” program in which you can add savings via small additions by rounding each of your debit card purchases up to the nearest whole dollar. While each individual deposit may seem insignificant at first, added together, they can make a meaningful and positive impact to your savings.
5. Plan for the future. During times of higher inflation, smart investors budget carefully and review their portfolios. Ridgewood’s financial consultants can help. They each possess many years of asset management and retirement planning expertise. Whether you are a single individual or have a family, it’s never a bad time to talk to one of our experienced professionals to determine if you are on the right path to achieving your financial goals. Meet our team.
At Ridgewood, we strive to maintain your trust. It really is our top priority. Whether your banking needs are personal or business, Ridgewood Savings Bank (Ranked #1 by Forbes on their prestigious 2021 ‘Best-in-State Bank’ list) is prepared to assist you and your loved ones today, and every day.
Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Ridgewood Financial Services Corporation is a subsidiary of Ridgewood Savings Bank. Infinex is not affiliated with either entity. Infinex does not offer tax advice. Consult your tax advisor for more details.
NOT A DEPOSIT
NOT FDIC INSURED
NOT GUARANTEED BY THE BANK
MAY GO DOWN IN VALUE
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Lessons Learned: How one Young Couple Gained Space, and Cut Housing Costs by Buying Instead of Renting
June 11, 2021
Last year, Jessica, 24, and Ryan, 25, discovered they could get more space for less money—and build savings for the future—by buying a house instead of renting an apartment on Long Island.
Jess (as she prefers to be called) and Ryan had been paying $2,500 a month for a one-bedroom apartment in Amityville. But after her mother strongly urged the couple to start thinking in terms of building equity by buying a home, they did the math.
“It turned out that buying was the obvious choice,” says Jess, who graduated college in Boston in 2019 and now works as a paralegal in New York. “That was when we started to buckle down and figured how we could do it.”
Ridgewood Savings Bank which operates a robust community mortgage program in the New York Metropolitan area, arranged for a SONYMA mortgage at only 3.375% for the couple, who also got a helping hand from the Town of Babylon ($20,000) and the State of New York Mortgage Agency (SONYMA), which granted an additional $11,025 in assistance.
Ultimately, Jess and Ryan put down only 3% to buy a $367,500 two-bedroom house with a yard in West Babylon with a monthly mortgage payment of $2,150, which includes property taxes and mortgage insurance.
“It was like a miracle occurred to make this happen so painlessly,” said Ryan, who works as a coffee house manager and as a musician. “It was a real game-changer. Now we have more space at less cost plus we’re building equity. We are so grateful!”
As it did for Jess and Ryan, Ridgewood Savings Bank would like to help others realize the dream of home ownership. The bank’s new mortgage product, Good Move Plus, can help eligible low-to-moderate-income (LMI) New Yorkers qualify for a mortgage and in certain cases provide financial assistance to cover some of the upfront costs. It’s designed to remove some of the hurdles to home ownership for families and individuals who have the income but need a little extra support. However, unlike most other affordable mortgages, Good Move Plus is not just limited to first-time homebuyers; it is open to any individuals interested in purchasing or even looking for a cash-out refinance on a single-family up to a four-family home, condominium, or co-op, who meet the eligibility requirements.
“While we have an expansive line of mortgage products, this one is among our most affordable options yet. It enables eligible borrowers to purchase a residence with a down payment as low as 3% and receive up to $7,000 in closing costs and mortgage insurance assistance,” says Anthony J. Simeone, Executive Vice President & Chief Lending Officer of Ridgewood Savings Bank.
To qualify for a Good Move Plus loan, the property must be located in the New York metropolitan area and is available to eligible buyers with an annual income of up to 80% of the median income in their area. In addition, an applicant’s debt-to-income requirement can be as high as 48% of monthly gross income. If an eligible applicant’s income does not meet that requirement, the income of an immediate family member can be considered for qualification purposes, even if the relative will not be living in the residence.
For eligible LMI home buyers looking to purchase a home, other features include:
- A down payment as low as 3%;
- Ridgewood offers $2,000 towards closing costs and $5,000 towards mortgage insurance;
- A reduced interest rate;
- Consideration of an immediate relative’s income to qualify for the loan;
- The debt-to-income ratio as high as 48%;
- A shorter term on mortgage insurance, so it is not required for the life of the loan;
- Up to 108% financing if the buyer has obtained other qualifying grants and/or a second mortgage;
- Consideration of a FICO score as low as 620;
Good Move Plus helps eligible homeowners to refinance their current mortgage for a single-family up to a four-family home, condominium, or co-op by offering:
- Rates and terms up to a 95% LTV (loan to value);
- Cash out equity up to an 85% LTV;
- The debt-to-income ratio can be as high as 48%;
- A reduced interest rate;
- Consideration of a FICO score as low as 620;
Jess and Ryan are both Gen Z’ers—the generation born in 1997 and beyond—and their generation appear eager to become home owners in their 20’s. That’s because Gen Z has lived through the Great Recession and COVID-19, may have seen their parents struggle, and want to build long-term financial security.
In its December 2019 report entitled “Experts: More Gen Z'ers than Millennials Will Own Homes,” Zillow’s survey of more than 100 economists, analysts, and real-estate experts, concluded that “more than one-third (38%) said they expect homeownership rates among those in the 35- to 44-year-old age range to increase in the next 15 years (when the oldest Gen Z members turn 40).
Leonard Stekol, Ridgewood’s Chairman, President & CEO makes the following observation: “During the pandemic, the importance of having a place to call home and a community partner to lean on has never been more important. We have designed the Good Move Plus loan to give more families and individuals an opportunity to achieve their dream of home ownership.”
All loans are subject to credit approval. Products and terms are subject to change without notice. Ridgewood Savings Bank is an Equal Housing Lender. Member FDIC
4 Tips to Simplify Bill Paying
February 18, 2021
Life is busy, and paying bills is just one more thing to add to your to-do list. But an organized approach to addressing your bills makes it easier. Here are four tips to help you stay on top of your bills, save time, and avoid late fees and penalties.
1. Pay your bills electronically.
Ridgewood's digital banking makes it simple to pay bills quickly and securely. Enter payee information just once, and pay your bill electronically each month. Just indicate the amount to be paid, and the payment is on its way. You can also pay bills on the go with the Ridgewood Mobile App, which allows you to use your mobile phone to pay bills wherever and whenever it is convenient for you.
2. Use autopay whenever possible.
Many expenses may be the same each month, such as your mortgage, rent, car loan, and insurance bill. Ridgewood Savings Bank's online banking and mobile app let you set up recurring auto payments quickly and securely so these bills are paid on time, every time.
You can even use autopay on bills that vary from month to month, like a credit card bill, if your vendor offers eBills. You can set autopay to pay either the entire balance or a set amount. This feature could help you avoid issues that potentially arise from manually inputting each monthly bill payment.
3. Use your Ridgewood Debit Mastercard®.
Some bills vary from month to month, such as your phone or utility bill, but you can still automate payments. Here's how: Go to your service provider's website and see if there is an autopay link. If there is a link, you can use your Ridgewood Debit Mastercard to cover the automatic payment each month and earn reward points every time you pay the bill!
4. Pick a day each month to pay all your credit card bills online.
Many people use several credit cards to take advantage of discounts offered on gasoline and specific-store purchases. You probably have a general credit card for other purchases. That means you may have at least three credit card bills to pay each month, increasing the risk you might overlook one.
Here's how to help prevent that:
Consider paying all your credit card bills online at once, preferably on the same date each month for consistency. Note the due dates for every credit card you have and choose a date that is 3 business days before the first bill is due. Then go online and pay them all at once. It's an easy way to help avoid penalties and late fees.
Bill paying doesn't have to be a hassle! By simplifying bill paying using Ridgewood’s digital banking tools, you can enjoy additional time either with family or friends or even just relaxing on your own.
Multiply the Change! Start Saving Your Spare Change Automatically with Ridgewood Debit Mastercard®
October 23, 2020
The Ridgewood Savings Bank Debit Mastercard® is a great way to earn reward points when you pay bills or purchase everyday items.
But now, your debit card can do more! Ridgewood’s new Multiply the Change option can help you grow your savings every time you use your debit card to pay for expenses!
Here's How it Works
When you enroll in Multiply the Change, Ridgewood will round up all of your debit-card purchases to the nearest dollar and transfer the difference from your checking account into your Ridgewood savings account.* You’ll find that all that change can quickly add up! Use your debit card to pay for everyday expenses, such as groceries, meals, transportation, and merchandise, while, at the same time, you’re painlessly adding cash to your savings account each year.
So, start saving money automatically today by enrolling in Multiply the Change. All you need are a Ridgewood Savings Bank Checking Account with a debit card and a Ridgewood Savings Account (including a Statement, Smart Move, or Holiday/Vacation Club Savings Accounts). Once you’ve signed up, Multiply the Change will help you save every time you spend with your Ridgewood debit card.
In today’s busy world, Multiply the Change is just one more convenient way Ridgewood helps you on your journey to financial security.
*Round-ups from debit card purchases are transferred at the end of the day from your checking account into your savings account.
Terms and conditions apply. Multiply the Change service is subject to change and discontinuance without notice.
Need More Space? Now's the Time to Buy a Home
October 19, 2020
New Yorkers are used to high rents and small apartments, but they're not used to being in their apartments nearly 24/7 because of the pandemic. People are working at home; children are attending school online; and more folks are staying home at night and on the weekends. No wonder apartment dwellers feel a little cramped these days, yearning for more space.
The good news is that buying a house may not be beyond your means. Right now, mortgage interest rates are at historic lows, which means more people can afford to own a home. And Ridgewood Savings Bank is working hard to make it more affordable.
"With the high cost of rent today, families may be surprised that they can own their own home by paying just a little bit more towards a mortgage as opposed to their rent each month," explains Anthony J. Simeone, Executive Vice President and Chief Lending Officer at Ridgewood Savings Bank. "That money buys families more than a roof over their heads; they're building equity for the future."
Ridgewood Savings Bank offers several affordable mortgage options, including SONYMA programs and the Ridgewood affordable loan, the Good Move Mortgage. These options are designed to help customers take advantage of today's lower interest rates.
According to Leonard Stekol, CEO, President, and Chairman of Ridgewood: "Homeownership strengthens and stabilizes communities, so the more we can help people and families afford to buy a home, the stronger our communities will be. As a community bank, we are driven to invest in our communities."
Ridgewood historically has offered many affordable mortgage options, and now these offerings will gain significantly more exposure and visibility. Ridgewoodhas joined the New York Mortgage Coalition, a nonprofit collaboration of banks, community housing agencies, and community-based groups, that is dedicated to expanding the opportunity of homeownership to low and moderate income individuals and families in New York City and surrounding counties. Through its membership in this coalition, Ridgewood will gain access to additional grants to provide its borrowers with more financial assistance opportunities.
Therefore, if you are thinking about buying a new home or refinancing your existing home, contact a friendly Ridgewood mortgage consultant to discuss what type of mortgage is right for you. By providing competitively priced mortgages and exceptional customer service, Ridgewood has been helping customers achieve their homeownership dreams since 1921.
Loans subject to credit approval. Products subject to change without notice. Equal Housing Lender.
'Hello? Can You Please Verify Your Bank Account Number? '
STOP! IT’S LIKELY A SCAM; YOUR BANK SHOULD NEVER ASK THAT!
Want to Know How to Spot a Scam? Ridgewood Savings Bank’s New Videos Will Show You How!
October 2, 2020
“Hello? Could you please verify your bank account number?” The ploy is familiar: you receive a phone call from your “bank” and the caller ID displays the bank’s name. So, you may not suspect anything is wrong when the caller asks you to verify your bank account number.
But you should always be suspicious any time your “bank” calls you out of the blue and asks for your account number. “While we may call to verify certain account activity, we will never ask you for personal information, either on the phone, or in an email or text,” warns Leonard Stekol, Chairman, President, and CEO of Ridgewood Savings Bank (“Ridgewood”). “We advise anyone who receives a suspicious phone call, email, or text to contact the bank directly.”
Fraud is on the rise, according to the Federal Trade Commission, which received 3.2 million reports of fraud in 2019, up from 3.1 million in 2018. Phone calls accounted for the lion’s share—74%—of reported frauds. More and more people seem to be getting “spoof” calls that display phony caller IDs.
Now, just in time for National Cybersecurity Awareness Month in October, Ridgewood has posted a new series of short, informative videos to teach consumers how to spot possible fraudulent schemes. Viewers will learn about the techniques used by scammers to siphon money out of checking accounts and steal Social Security numbers. The videos also help consumers identify an IRS or Medicare hoax.
Protecting Customers from Debit Card Fraud
Ridgewood’s fraud protection services extend well beyond instructional videos. The bank offers several tools and services to help protect customers from fraud when using the Ridgewood Debit MasterCard®, including:
- Real time fraud alerts of unusual debit-card transactions or charges;
- Real time alerts when a debit card is used, approved, or declined; and
- Card controls to turn off your card if it is lost or stolen, or manage how and where the card is used by setting limits based on location, merchant category, transaction type, and dollar amount.
Ridgewood also helps to protect customers from identity theft. If you suspect your identify may have been compromised or stolen, you can take advantage of Ridgewood’s Identity Theft Resolution Services through the Bank’s partnership with EZShield®. Certified resolution specialists based in the U.S. are available to speak to you 24/7. These services are available to at no charge to all Ridgewood Checking Customers.
Ridgewood Premier Checking customers also receive free access to EZShield ID Protection Plus, with additional benefits such as daily credit monitoring and identity theft insurance, among other features. Remaining checking customers can purchase EZShield ID Protection Plus services at a beneficial rate negotiated between Ridgewood and EZShield.
“As a community bank, our job is to help hardworking people save for the future and achieve financial security,” Stekol explains. “We are happy to offer an array of fraud-protection services to help them keep their money safe. Through a business partnership with EZShield, a proven specialist in ID Theft prevention and protection services, we are able to meaningfully leverage these services to our customers.”
About Ridgewood Savings Bank
Founded in 1921, Ridgewood Savings Bank continues to serve the community as a strong and stable mutual savings bank with over $6 billion in assets and 35 branches located throughout the New York metropolitan area. It ranks #2 on the prestigious Forbes Best-in-State Banks 2020 list in New York State and is among the top 5 banks to receive Banking Choice Awards for New York City and Long Island. Since inception, Ridgewood Savings Bank has remained true to its community bank roots and mission to provide its customers the best possible service and banking experience. As it continues to refine and enhance its services and delivery channels, Ridgewood Savings Bank will continuously strive to be the bank that offers “Traditional Values with Modern Solutions.”
Products and terms subject to change.
When You Need Cash Fast, Apply for Ridgewood’s No-Fee Personal Loan
September 16, 2020
Use it for credit card debt consolidation, furnishing your new home, or emergency repairs.
No matter how carefully you manage your finances, sometimes you need extra money to cover expenses, such as moving, car repairs, or medical bills, to name a few. This is particularly true for young adults, who may have good, steady jobs but not much cash saved.
But now, qualified borrowers have an easy, fast, and secure way to apply for funds to cover unexpected expenses: Ridgewood Savings Bank’s new No-Fee Personal Loan is an unsecured loan, based on your creditworthiness. Everything is done online, including filling out the application and finding out if you qualify for a loan. If you are approved and accept the loan, you won’t have to wait long for the money: in most cases you can have access to funds within 24 hours.
Here's how the loan process works:
- To be considered for a No-Fee Personal Loan, you must be:
- a resident of New York, New Jersey, or Connecticut;
- at least 18 years old; and
- meet Ridgewood’s credit requirements.
- You can apply to borrow anywhere from $5,000 to $30,000 for a term of either 3 or 5 years.
- Ridgewood has an online rate check tool that will estimate the annual percentage rate of your loan—without affecting your credit score at all. If you are approved for and accept a Ridgewood Personal Loan, the loan information will be reported to the credit bureaus which will have an impact on your credit score.
Three things that set Ridgewood’s Personal Loan apart from competing online lenders. “First, there are no fees. Second, we offer live customer service support. Third, you’re doing business with a bank that has been in business for nearly 100 years,” says Anthony Simeone, Executive Vice President and Chief Lending Officer of Ridgewood Savings Bank. “You know we’ll be here for you.”
For more information, visit https://www.ridgewoodbank.com/home/digital/personal-loans.
Financial Planning in a Pandemic
August 31, 2020
The COVID-19 pandemic has led many people to put plans on hold, such as buying a house, taking a trip, or hosting a wedding. But not everything can wait, especially when it comes to planning for your future financial security. By paying attention today—even during these extraordinary times—you may be able to take steps that can lead to stronger financial security tomorrow.
Financial planning is important to everyone, including people whose financial circumstances have been adversely affected by the pandemic. When money is limited, a professional can help you decide how to spend it wisely. Professionals can assist people who are employed as well. A financial specialist can suggest ways to make your money work harder. If you are retired, you may also want to review your financial assets with an adviser. The plan that was right for you a few years ago might now need a few tweaks. A financial consultant can help you work out a plan for both today and tomorrow.
Fortunately, you can get meaningful financial advice located on the premises of Ridgewood Savings Bank. Like the Bank, Ridgewood Financial Services (RFS) is a resource for community members. A complimentary financial review can be yours for the asking.
“Even in challenging times such as these Ridgewood has the ability to assist you in managing your money, no matter what your current financial situation is,” says James R. Jewett, Jr., First Vice President and Chief Investment Officer at Ridgewood Savings Bank. “Ridgewood is here for you.”
What to do now
If you are presently unemployed, you may think you don’t need to worry about financial or retirement planning now. However, Jewett thinks you may be missing out on an opportunity to safeguard the money that you do have, particularly in your 401(k) plan.
“If you’ve been saving for retirement using your 401(k) at work, you may want to consider rolling it over into a safer financial product,” he says “There are a number of financial products that can help protect that money for you and your family.”
If you have continued to work during the pandemic, you may find you have more money at the end of the month. That’s because you aren’t spending money on things you might otherwise do, such as going to the movies or taking your children to an amusement park. If you’re working from home, you’re saving on transportation costs, too. Jewett suggests that savers should consider doing something with that extra cash.
“You should keep an emergency fund in your savings account to cover your expenses for at least six months if something should happen, but beyond that, you may want to make your money work a little harder,” he explains. “We can assist you in finding a financial product that may pay a better return and protects your principal. It keeps your money safe.”
If you are retired and have not reviewed your financial plan in a while, RFS consultants can help you assess how the current environment may be affecting your financial circumstances. You may want to move a piece of your nest egg to a safer investment or look into products that deliver guaranteed income for life.
Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Ridgewood Financial Services Corporation is a subsidiary of Ridgewood Savings Bank. INFINEX is not affiliated with either entity. Check the background of this firm and our INFINEX Financial Advisors on FINRA’s BrokerCheck. Products and services made available through Infinex are: NOT A DEPOSIT NOT GUARANTEED BY THE BANK NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT FDIC INSURED MAY GO DOWN IN VALUE
What You Need to Know About Your Stimulus Check
May 6, 2020
More than 150 million households are eligible to receive a stimulus check from the Internal Revenue Service as a result of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020. Economic Impact Payments (EIP), the program’s official name, bring welcome financial relief to Americans affected by the country’s COVID-19-related economic slowdown.
But many people have questions about how the EIP program will affect them personally. Here are two key things to know about who is eligible for a stimulus check and when it’s likely to be received. If the IRS already has your bank routing and account number and if you are eligible, the IRS will likely deposit your stimulus check directly into that account if it hasn’t deposited it already.
For more detailed information, please consult your tax advisor.
Eligibility is based on your tax filing status and the adjusted gross income (AGI) you reported on the most recent 1040 you filed. AGI is generally the income you reported minus the deductions you took. Here is information gathered from the IRS website:
A few other things to note:
The IRS said that almost 90 million payouts were made by April 17th, the latest data available. The IRS sent the first payments to people would had previously sent the IRS their bank routing and account numbers (i.e., for direct deposit refunds). If the IRS cannot directly deposit the payment into a bank account, it will send a paper check. People who did not file taxes in 2018 and will not file taxes in 2019 can indicate where the IRS should send the payment by clicking here on the IRS website. If you are eligible for an EIP and haven’t received it, the IRS website also allows you check its status by clicking here.
There’s one more thing to know: the EIP is tax free! It does not have to be claimed as income for tax year 2020.
Eager to find out if the IRS has deposited your stimulus check in your Ridgewood account? Use our Mobile App to look up your checking account balance whenever you want, wherever you go. Plus, you can immediately pay bills or deposit some of the money into your savings account.
The information above was obtained from the IRS and third-party sources and does not constitute legal or tax advice from Ridgewood Savings Bank. Please consult your tax advisor.
November 14, 2019
RIDGEWOOD, N.Y. -- Ridgewood Savings Bank now offers customers the convenience of voice banking with Amazon Alexa. Whether you are shopping online or involved in a task, you can have instant access to your bank account information.
Voice banking streamlines the way you access your financial information in real time. It’s simple to get started. Download the Ridgewood Bank Alexa “skill” app and link your online account information today.
Voice banking with Alexa is just one of the ways that Ridgewood continues to grow our suite of products and services that will make your life easier. In addition to Voice Banking, we offer Telephone Access Voice Banking, On-Line, and Mobile Banking - featuring our highly-rated mobile app, and for those that prefer the personal touch, interactive Call Center with Chat.
Want to set up Alexa Voice Banking today? Click here.
To find out how easy it is to start using this new service, view our “how-to video”.
Amazon, Alexa, and all related logos are trademarks of Amazon.com, Inc. or its affiliates.
October 30, 2019
RIDGEWOOD, N.Y. -- Eager to buy that Galaxy Note10 smartphone? Or book a luxurious $700/night villa for a week with friends? Ridgewood Savings Bank can help make it easier—and faster— to earn a favorable return on your savings and help these dream purchases come true. Even if you just want to save money for a rainy day, you should make your next move a Smart Move, with a Ridgewood Smart Move Online Savings. It takes just minutes to open an account, and the account can be opened from wherever you are**. Whether you choose a smartphone, tablet, or laptop, setting up your account is a cinch.
After your initial deposit, you’ll be able to watch your money grow. Funds in a Smart Move Online Savings Account earn a highly attractive 2.75% APY* There’s no monthly fee and the minimum deposit required is only a penny ($.01). You’ll also have 24/7 online access to your account, and the account is FDIC insured up to $250,000.
While this type of account can only be opened online, once established, you can manage your money either online, on your mobile device or in person at any Ridgewood branch. With a limit of six withdrawals per statement cycle, this account is truly designed to help you to grow your savings most effectively. With the Smart Move Online Savings, Ridgewood offers you a great way to begin today to get successfully prepared for future expenditures.
*2.75% APY (annual percentage yield) applies to accounts with balances between $.01 to $249,999.99. For accounts with balances of $250,000.00 or more, the APY is 0.25%. Rates are effective as of 11/14/2022. Fees charged may reduce your earnings. APYs and terms are subject to change without notice. **Must be a resident of New York State or Fairfield County Connecticut to apply for the Smart Move online account.
October 2, 2019
RIDGEWOOD, N.Y. -- People like having a credit card to make purchases, shop online, and avoid carrying a large amount of cash. But not all credit cards are the same. Now Ridgewood Savings Bank is offering customers a better card—and it’s from a bank they already trust.
Ridgewood is introducing three new credit cards: Ridgewood Platinum Rewards Mastercard®, Ridgewood Platinum Mastercard® and World Mastercard®. Whether someone is looking for a low-interest-rate credit card or wants to earn rewards, Ridgewood has the right credit card for you. What’s more, the credit cards come with special introductory offers that are sure to attract resourceful consumers.
The Platinum Rewards Mastercard® allows cardholders to earn flexible rewards points, which can be redeemed for cash back, travel or popular gift cards.
The Platinum Mastercard® is perfect for individuals who carry a balance on their credit cards and want to explore lowering their interest rates.
The World Mastercard® offers cardholders a chance to earn more rewards points on travel, dining and gas purchases.
“Ridgewood is introducing three new credit cards that offer some of the best rates and features in the industry,” explains Leonard Stekol, Chairman, President and CEO of Ridgewood Savings Bank. “If you have a large balance on your credit cards, the Platinum Mastercard® allows you to consolidate your credit card debt on one card. If you usually pay all or most of your credit card bill every month, then the Platinum Rewards Mastercard® is a great way to earn cash back or other rewards on your purchases. If you travel and dine out frequently, World Mastercard can help you earn more rewards points.”
Mr. Stekol adds, “This is just one more way that we’re increasing our services to help our customers and strengthen the community.”
To find out more about these exciting offers, please click here. All credit cards subject to credit approval.
By Refinancing Your Home at Today’s Current Low Interest Rates, You Might be Able to Reduce Mortgage Payments—Even If You Took Out the Mortgage Last Year
September 23, 2019
RIDGEWOOD, N.Y. -- To many people’s surprise, 2019 is turning out to be a great year for refinancing mortgages. Even though economists predicted that the low interest rates of 2018 wouldn’t last, interest rates have dropped further this year. As of mid-September, 30-year fixed mortgage rates were down from generally around 4.75% about a year ago to often below 4%—the lowest 30-year fixed rate mortgage interest rates have been since 2016.
So, even if you bought a house or refinanced your mortgage last year, you may have an opportunity to lower your mortgage payment further. That’s exactly what Stephen Haller of Glendale, New York, did. He bought his home in July 2018 and chose to lower his interest rate this summer.
“It was very easy,” Haller says. “My interest rate went from 4.6% to 3.8%. It made a real difference.”
Haller worked with his knowledgeable mortgage consultant at Ridgewood Savings Bank. She presented him with several options, explained each one in detail, and ran the numbers. Haller notes that throughout the process, his mortgage consultant was always ready to assist him. “She was very happy to help me and responded to all my questions and emails,” he explains. Now he is happy too. “I’m saving hundreds of dollars each month.”
While refinancing’s cover the great majority of situations in which borrowers want to change terms on their existing loans, loan modifications can be used if an eligible borrower wishes to only change the interest rate without altering any of the remaining terms of the original loan agreement—the route that Haller took. A conversation with a lending specialist is always beneficial before making a decision as to whether to refinance or modify your mortgage.
You might be able to lower your interest rate too. Call 866-772-4111 or click here to learn more.
Minimize ID Theft & Fraud by Taking These Simple Actions
August 9, 2019
RIDGEWOOD, N.Y. -- After recently hearing about how nearly 100 million Americans and 6 million Canadians were exposed in a massive hack involving a major financial institution, consumers everywhere are sure to be asking: “How can I protect myself?”
Ridgewood Savings Bank customers can be assured that we employ some of the most sophisticated protections available – and are constantly assessing our security protocols, procedures, and protections to help protect your personal information, emails, credit cards, and social security numbers from would-be cyber crooks.
“Hackers are always on the hunt for vulnerabilities – both on an institutional and individual level,” says Leonard Stekol, CEO of Ridgewood Savings Bank. “Therefore, the Bank is continuously evaluating and updating its security posture to protect customer’s information. In addition, we offer a number of services to ensure they have the strongest protections available in the fight against cyber crimes.”
For a nominal $4.99 monthly fee, Ridgewood offers its checking account customers EZShield Identity Theft Protection, a sophisticated platform that delivers prompt restoration assistance to fraud victims. In partnering with an industry leader like EZShield, we provide a vital layer that minimizes the risk of identity theft, fraud and stolen personal information.
This service also includes 24/7 live support with a US-based Certified Resolution Specialist to restore identity through a 32-step restoration process as well as ID restoration; dark web and credit monitoring; and identity theft insurance with up to $1 million reimbursed for identity theft-related expenses, including lost wages incurred during the time period a customer is protected by EZShield.
But there are also ways that you can minimize the risk:
If you receive a voice-or a text-message from us and are unsure about responding, call us directly at (718) 240-4778 for assistance.
“Customer service is central to all that we do at Ridgewood,” Stekol says. “We marry modern technologies with traditional services. Together, we can put forth meaningful defenses against hackers and cyber-criminals and protect our customers.”
Terms and conditions subject to change. Member FDIC
First Lesson: Open a Student Advantage Account with Ridgewood Savings Bank Today.
With college students returning to campus, now’s the time to provide them with the tools to manage their spending money, and help them establish a full relationship with a bank.
Ridgewood Savings Bank designed its Student Advantage Account with the needs of today’s student in mind. There’s no monthly service fee for student advantage account holders, all the benefits of a debit card, access to 55,000 surcharge-free ATMs, and even one “oops” fee reversal per year for checking overdrafts.
Additionally, the bank waives up to 8 out-of-network ATM fees each month. While saving money and attending college are two terms that typically contradict each other, the Bank offers various fee-saving options to assist college students in achieving their financial goals as they mature and gain further independence.
The Student Advantage Account also comes with free online and mobile banking. Students can quickly check their balances, deposit checks, and set up real-time notifications of transactions. These features make it easy for busy students to stay on top of their spending.
Ridgewood offers one feature at no cost on all of its checking accounts that it hopes students never have to use: ID theft on-call resolution. For a modest $4.99 monthly fee, extra protection can be obtained in the form of ID restoration, daily credit monitoring, and other related identity theft and credit protection services.
A Student Advantage Account can be opened with as little as $25 and there is no charge for the first 80 checks ordered. Students that prefer to pay bills online can easily do so by signing up for our online banking services, or that wish to earn rewards can do so by using their debit card to purchase items. Best of all, parents have the ability to deposit money directly into the account as needed.
“Our Student Advantage Account is a great way to help students manage their money,” says Carlos Sanchez, Ridgewood’s Chief Banking Officer. “College students can see where their money goes, set budgets, and begin to spend and save responsibly. It’s really like Money Management 101. The account provides a young person with a true sense of independence, and offers important lessons that can last a lifetime.”
Terms and conditions subject to change.
June 13, 2019
The current expansion of the U.S. economy has lasted nearly 10 years, more than double the average duration of the eight most recent periods of expansion since World War II. In a recent survey of business economists, nearly half believe a recessionary period could start in the U.S. by the end of next year1. Are you prepared for what might happen if times get tough?
What occurs during a recession?
People and businesses buy fewer goods and services during a recession, so the economy shrinks and there’s less money to go around. The stock markets typically decline; housing prices often sag, and companies may lay off employees. If you or someone in your family loses a job, it may take time to find another one. Meantime, your savings may dwindle while your credit-card debt ticks upward.
“Recessions can be hard to predict and difficult to navigate, however, you can take steps now to protect your financial health during any potential downturn in the economy,” says Leonard Stekol, Chairman, President, and CEO of Ridgewood Savings Bank. “At Ridgewood, we have many tools to help our customers weather the storm.”
Four ways to protect your financial well-being
1. Save, save, save. Then, save some more!
There’s no better time to save for a rainy day then while the sun is shining. So, if you are not saving money every month, this is the time to start. You might be surprised how fast savings grow when you consistently set aside a percentage of your pay. You can start small and add as you go.
The rule of thumb is to save enough money to cover expenses for three to six months if you lose your income. Take advantage of Ridgewood’s free Money Management (MX) program, available to all Ridgewood Mobile Banking and Online Banking users, to track spending and create a budget. MX has spending tracking and smart budget creation tools that automatically create a budget based on your spending history. Once you fully appreciate and understand where your money goes each month, you can spot potential places where you can trim expenses and save more.
Also, consider establishing and adhering to a savings schedule, by arranging for automatic weekly, biweekly, or monthly withdrawals from your Ridgewood Checking Account into one of our many savings options (i.e. vacation and holiday club savings accounts, money market or CDs that permit periodic deposits to be made prior to maturity). We have many competitive deposit offerings and are happy to work with you to find the best method to grow your savings based upon your personal needs.
Why do we do it?
2. Reduce your debt as much as possible.
Nothing strains a budget more than paying off debt, especially high-interest loans like credit-card debt. To avoid a financial squeeze in the future, consider paying off as much debt as you can now. Use Money Management (MX) to assist in tracking your debt and assessing how long a repayment plan would take to help you become debt-free. Given the choice of saving or eliminating credit card debt, the latter is usually more beneficial.
For many people, their biggest debt obligation is their home mortgage loans. Recessionary periods often lead to lower interest rates, as the government seeks to encourage business to invest. Consider whether you might benefit by refinancing your mortgage to a lower interest rate or consolidating your debt through a home equity line of credit. Reach out to our lending team, and we will happily review all options for you.
3. Make your money work as hard as possible.
You want your savings to be safe and to earn as much interest as possible. As a mutual savings bank that does not need to constantly meet the earnings expectations of stockholders, Ridgewood is able to offer great rates, fewer fees, and more flexibility than you’ll find at most banks. We invite you to discover the multiple ways you can save with us by visiting us in person at one of our 35 branches in Queens, Bronx, Brooklyn, Manhattan, Nassau, Suffolk, and Westchester, or online.
4. Make yourself more employable.
Now is a good time to hone your skills with additional training. Earning a certification in your field can help to make you more valuable to your current employer (potentially providing more job security) or potential future employers should you seek alternative employment opportunities. Certifications in employment fields such as healthcare or education that are more stable during tough times may be particularly beneficial. In addition, start and continue networking. If a recession comes and you lose your job, you won’t be the only one unemployed. Personal connections may help you learn of a job before it is formally advertised, or assist you in promoting your resume to a potential employer.
In this Age of Growing Identity Theft and Fraud, Service Provides 24/7 ID restoration for all checking customers
June 1, 2019
You hear it all of the time: A friend, neighbor or family member loses their credit card information, social security number or identity to a cyber-thief.
The result can be hundreds of dollars in out-of-pocket cleanup costs, not to mention untold stress and countless hour’s aggravation.
Sadly, the scenario has become all too common, as identity theft is one of the fastest growing crimes in the United States. In fact, 79.1 million Americans were victims of identity theft and fraud in 2017, which on average, costs them $290 in out-of-pocket costs to resolve.
It’s not fair to innocent victims, and it can be a serious nuisance to fix.
We get it. That’s why Ridgewood Savings Bank, the largest mutual savings bank in New York State, is offering our checking customers EZShield Identity Theft ProtectionÒ – the sophisticated platform that delivers prompt restoration assistance to fraud victims.
To be considered for a No-Fee Personal Loan, you must be:
- a resident of New York, New Jersey, or Connecticut;
- at least 18 years old; and
- meet Ridgewood’s credit requirements.
- Payout increases by $500 for qualifying children aged 16 and under.
- Payouts are available to people who do not file taxes, including Social Security recipients, SSI or VA beneficiaries, or individuals and households with income below $12,200 and $24,400 respectively.
- Sign up for text and email alerts. Alerts are a great way to stay informed. Our alerts won’t include a link, and will only come from a 5-digit number. A valid notification will ask a cardholder to reply with a message such as “Yes”, “No” “Help” or “Stop.” You won’t be asked to log into your account.
- A phone call from our institution will only include a request for your zip code. We will NEVER ask for your PIN or the 3-digit security code on your card. If someone asks for that information, it’s a fraud. Hang up and call us directly.
- Regularly check your account online to see if there has been any suspicious activity. If something looks amiss, call us directly.
“By offering this service to our customers, we are providing a critical added layer of security that will help save them time, money, and endless frustration,” notes Leonard Stekol, Ridgewood Savings Bank President, CEO, and Chairman. “So, you should consider this community bank as your ally in minimizing customer risk of identity theft, fraud, and lost or stolen personal information.”
Through our partnership with industry leader EZShield, Ridgewood Savings Bank provides all of our checking customers with free access to EZShield ID Restoration which includes 24/7 live support with a US-based Certified Resolution Specialist to restore identity through a 32-step restoration process.
Ridgewood’s Premier Checking customers also receive free access to EZShield ID Protection Plus—a powerful suite of protection services, which include:
- ID restoration;
- Dark web monitoring (daily monitoring of customer personal information on black market websites)
- Credit monitoring (daily scans that monitor for changes and activity on customer credit reports)
- And identity theft insurance with up to $1 million reimbursed for identity theft-related expenses, including lost wages incurred during the time period a customer is protected by EZShield.
Why do we do it?
It’s part of Ridgewood’s value proposition for a diverse base of customers, which include senior citizens, working millennials, growing families and successful business owners.
“Ridgewood Savings Bank truly understands the stress that identity theft and fraud create for our customers,” Mr. Stekol says. “While everyone’s financial needs may vary, they share a common desire for protection, security, and peace of mind. That’s something you can’t put a price tag on.”
EZShield ID Protection Plus is also available to other Ridgewood checking customers, non-checking customers, and business customers for a fraction of the retail price of these services if purchased by a consumer independently.
Putting the Community in Community Banking
February 10, 2019
Walk into any of Ridgewood Savings Bank’s 35 branches across New York City’s five boroughs, Long Island or Westchester, and you’ll be sure to be met by one of our friendly community bankers. Chances are, the person greeting you might even be a neighbor or active at a local civic association, as many of our bankers live in the communities they serve.
Community banks are vital to Main Streets, downtowns, small businesses, and families all across the United States. And Ridgewood Savings Bank, the largest mutual savings bank in New York State, remains a pillar in the communities we serve. Why? We rely on relationships.
We use our core deposits to fund loans for mortgages, small businesses and housing development. In fact, you can literally see where we are putting our money. In 2017, the Bank financed over $200 million in multi-family housing in moderate and low-income neighborhoods and invested another $7.5 million to build or rehabilitate affordable housing for New Yorkers.
Community banks like Ridgewood see things differently than the so-called “Big Box Banks.” We invest in our neighborhoods and offer competitive rates, and new products and services. We care about helping folks to finance their dream of homeownership. Leonard Stekol, chairman, president & CEO, calls it “Ridgewood’s Value Proposition.”
Part of that Value Proposition translates into competitive deposit offering rates, friendly terms on our loans, lower fees, and better service.
Traditional phrases such as “You can bank on it,” or “Take it to the bank” implied banks were viewed first and foremost as havens of stability and trustworthiness in the community. Due to the rising prominence of e-commerce, today’s customers are most readily enticed by convenience. Our values and business model remind members of our community that we will always be there for them, and will constantly seek to earn and keep their trust.
However, we certainly don’t ignore the critical importance of convenience as we continue to enhance our highly rated mobile and internet banking applications and offer customers access to over 55,000 surcharge-free ATM’s.
But even those numbers don’t tell the entire story:
Ridgewood Savings Bank employees dedicated 2,788 volunteer hours – including 845 hours at local soup kitchens – and contributed $57,000 in charitable donations to local community organizations. We contributed $577,000 in corporate giving and charitable donations and dedicated $140,600 in community reinvestment.
As bankers, we know that numbers tell a story. At Ridgewood Savings Bank, they also describe how we feel about the communities we serve.