Tag Archives: Research Library

Planning for Retirement Program Recap

One of the biggest financial considerations for anyone is retirement.  When do I retire? How much money will I need?  Where should I put my money?  These are some common questions as it relates to retirement, but you don’t need to be a financial expert to start planning.  Britany Enelow, Financial Advisor from the Credit Union of New Jersey shared the following information to help you on the pathway to retirement.

First and foremost, there are some broad considerations regarding retirement you should think about.  What does retirement look like for you?  When are you going to start retirement and how long will it last?  What sources of income do you need in order to live comfortably in retirement?  By having a clearer picture of what you want your retirement to be, including where you are going to live, you will have a better understanding of how you should start preparing financially for retirement.

Once you have a picture of our retirement, you need to start building a retirement strategy.  When determining how you are going to prepare for retirement, you should plan to have enough funds to last 20-30 years while in retirement.  The assets in your portfolio should be spread out between Growth, Access, and Predicable Income:

  • Growth – assets that continue to grow while in retirement, such as stocks.  Goal is ensure that your money outpaces inflation.
  • Access – liquid money that you can use immediately for emergencies or unexpected expenses, such as a savings account
  • Predictable Income – used to cover necessary expenses, regardless of how the market is doing, such as Social Security, Pension, Annuity, part-time employment

According to the Bureau of Labor Statistics, the average annual expenditures for persons aged 65 and older are:

  • Housing and utilities – 34%
  • Transportation – 15%
  • Health Care – 15%
  • Food – 13%
  • Entertainment – 5%
  • Other – 18%

By preparing a budget using the assets in your portfolio, as well as your current expenditures, you can more definitely determine how much money you would need in retirement to survive.  This includes determining the sources of income that you will rely on to meet those expenditures.  Possible sources of income include Social Security, 401k, IRA, investments, pensions, or deferred compensation.  Once you identify all of your income sources, organize them into Predictable and Variable incomes to better determine how much money you will have easily accessible to pay for your necessary expenses as well as plan for non-essential costs that add to your quality of life.  Use the 4-Box Strategy, shown below, to better visual your incomes and expenses and determine what works best for you.

Once you have done all the planning, its time to start building your Nest Egg.  As you approach retirement, your asset allocation should become more conservative, relying less on stocks and high-risk ventures and more one safer options, such as bonds.  In an ideal world, you want your Nest Egg to be 15x your annual income.  The reason for such a high number is to ensure that your annual growth from the investment, about 5%, will equal 75% of your pre-retirement salary, which should be enough to pay for your necessary expenses.  For example, for someone making $75,000 a year, their Nest Egg should be around $1.125 million.  5% of that Nest Egg equals $56,250, which is equal to 75% of their $75,000 annual income.  This will help insure that you will not run out of money in retirement and allow you to have some monetary legacy to pass on after your death.

Unfortunately, retirement planning and funding are not without risk.  With modern medicine, people are living longer which means that you might outlive your retirement funding.  Therefore, it is critical to plan for at least 20 years of retirement when determining how much money you will need.  Another risk is inflation, which means that the money you have today will not be worth the same amount in the future.  Therefore, it is important to have some of your money in growth-focused assets to ensure that your money keeps up or outpaces inflation.  Healthcare expenses are rising quickly and can easily consume a majority, if not all of your retirement spending.  For example, the median yearly cost for a home health aid is about $50,000; it is higher if you live in NJ.  Lastly, withdrawing money too soon or too often can have a devastating impact on your future finances, which you may never be able to recover from.

For more information on retirement planning or investing, please contact Britany Enelow at benelow@cunj.org or 609-538-4061 ext. 2056.  For a copy of the handout, please visit https://www.njstatelib.org/wp-content/uploads/2019/11/Planning-for-Retirement.pdf.

 

WEBINAR – Finding Your Women Ancestors in New Jersey Records

Are you trying to research a female ancestor from New Jersey and don’t know where to start?  Regina Fitzpatrick, Genealogy Librarian at the New Jersey State Library will review how to find women in popular New Jersey genealogical collections.  Learn smart research strategies within individual collections and more about collections you may not have thought to check for your ancestor.

Click here to register!

Persist and Prevail: African American Family Achievements Program Recap

Thank you to Muriel Roberts and Barbara Polk Riley for sharing their family histories in honor of National Family History Month.  African American lineages can be difficult to trace further than a few generations and thanks to Muriel and Barbara, there are some tricks that may help people when searching for ancestors who were or came from former slaves.

A unique aspect to both of their families was the propensity to refer to people, especially males, by their middle names.  As a result, they ran into many roadblocks by searching for their ancestors, thinking that the name relatives called them was their first name when actually it was their middle name.  Oftentimes, names can be confirmed by checking vital records (birth, marriage, and death), which is why it is so important to obtain these documents when starting research on any ancestor.  They can confirm or reveal important information that can be used to identify other relatives, locations, and time periods with certainty.

Muriel Roberts was able to find a wealth of information through a little known source, the Works Progress Administration’s Slave Narratives, published between 1936-1938.  During the Great Depression, the Roosevelt Administration commissioned writers to produce books and documents on a wide variety of topics, one of which was to record interviews of former slaves.  Comprising of roughly 3,500 interviews, the Slave Narratives can provide a wealth of first-hand knowledge that can greatly influence one’s research into their African American lineage.  While the interviews were only 1-2 pages long, they contain important information such as names, both family and owners, locations, including during and after slavery, and occupations.  These narratives can be a major breakthrough and a hidden treasure trove for anyone researching slave ancestry.

It is also important to consider DNA testing when dealing with African American ancestry.  In some cases, a person’s ancestors may have been the offspring of a white owner and African slave.  This may be revealed through matches in a person’s DNA which can lead to more avenues for one to look, including wills that may confirm the presence of a slave ancestor.

Anyone who can prove ancestry to a slave can join the lineage society of the Sons and Daughters of the United States Middle Passage.  As a lineage society, there are stringent requirements regarding what documents are needed to prove direct ancestry, but the society has many resources available to its members that can help further along genealogical research.

WEBINAR – Shining a Light on Fraud, Waste, and Abuse in all Levels of New Jersey Government CANCELLED

Our tax dollars fund the State of New Jersey so it is important to ensure that our money is being spent properly.  Fraud, waste, and abuse cause unnecessary burdens to be placed on not only the taxpayer, but different branches, departments, and agencies.  In 2007, the Office of the State Comptroller was created to battle fraud, waste, and abuse through accountability, audits, and investigations.  It also provides an avenue for citizens and groups to report suspected abuse, fraud, or waste to help the agency carry out it’s duties.  Please join us as Nicole Acchione and Rich O’Brien of the New Jersey Office of the State Comptroller, Investigations Division, discuss the work of their office and what you can do if you suspect government fraud, waste or abuse.

 

Persist and Prevail: African American Family Achievements

Tracing African American lineage in the United States can be very difficult, especially if one’s ancestors were slaves.  While records were kept listing slaves as property, often times they did not include the name of the slave and if they did, it was only a first name.  Please join us as Muriel “Dee Dee” Roberts and Barbara Riley Polk discuss how a 1938 Works Progress Administration slave narrative helped answer their family questions and expanded their research.  They will also touch on how DNA testing was able to confirm their findings.

Dee Dee is currently serving her 4th year as Secretary and 9th year as Membership Chairperson for the New Jersey Chapter of the Afro–American Historical and Genealogical Society.   She is also a member of the Hudson County Genealogical Society and a charter member of SDUSMP, Sons and Daughters of the United States Middle Passage.

Barbara Riley was a professional librarian for over 40 years and is an amateur historian and a collector of books of the African American experience.  She also volunteers in the Local History Department at the Plainfield Public Library.

 

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Affordable Care Act

 

The passage of the Patient Protection and Affordable Care Act on March 23, 2010 was a major change for health insurance in the United States.

Among other features, the Affordable Care Act (ACA) meant that people enrolled in an ACA Marketplace plan cannot be denied health insurance coverage for pre-existing conditions, and children can remain on their parents’ health plan until age 26. In addition, many states expanded Medicaid in order to cover more people in certain income groups.

You can find detailed and up-to-date information about the Affordable Care Act on the New Jersey State Library Affordable Care Act Research Guide.

The open enrollment period for the ACA Federally-facilitated Marketplace (also known as the Federally-facilitated Exchange) has changed since the law was implemented.

Here are the 2020 important dates & deadlines:

  • 2020 Open Enrollment starts Friday, November 1, 2019.
  • The last day to sign up for 2020 coverage is Sunday, December 15, 2019.
  • Coverage for people who sign up during Open Enrollment starts January 1, 2020.

Some states have built their own State-based Marketplace and may have different Open Enrollment periods.

For insurance starting in January 2020, New Jersey remains on the Federally-facilitated Marketplace, and so residents will enroll through HealthCare.gov between November 1, 2019 and December 15, 2019.

New Jersey plans to transition to a State-based Marketplace/Exchange for 2021.

New Jersey requires residents to maintain health insurance. The New Jersey Health Insurance Market Preservation Act is a law that requires all NJ residents to have minimum essential health coverage throughout 2019 and beyond, unless you qualify for an exemption.

The HealthCare.gov web site provides help and information about many topics including enrollment during and outside of the Open Enrollment period, what plans cover, canceling plans, dental coverage, dates and deadlines, how to pick a plan, how to estimate income, and much more.

Information on some frequently requested topics can be found here:

In addition to online help, there is a toll free number available 24 hours a day, 7 days a week (except holidays): 1-800-318-2596 (TTY: 1-855-889-4325).

You can also search by zip code or city to find local, trained, in-person assisters to help you enroll.

 

Specific for New Jersey

Get Covered New Jersey provides health coverage information to New Jersey residents, connecting them with Healthcare.gov, and/or NJ FamilyCare.

NJ FamilyCare is New Jersey’s health insurance program that provides free or low-cost health coverage for qualified residents of any age. It’s also known as Medicaid and the Children’s Health Insurance Program. Enrollment in NJ FamilyCare can take place any time.

Picturing Your Research – Finding, Procuring, and Preserving Images

Did you realize that you have a UNIQUE, never shared before collection of archival materials in your house right now? Your family photos!  Your research can come alive with images, but finding, scanning, and preserving them can be a daunting prospect. In this talk, we’ll look at all three—from the perspective of a designer, photographer, researcher, and archivist (in training). Michelle D. Novak will give us an introduction on how to best scan the images you have, ways to find images in collections to supplement your research, new online resources to help identify those mystery people, and share some tips for protecting the photos and artifacts for future generations. (P.S., It’s her favorite talk and a hot-topic!)

Michelle D. Novak is a brand designer at [MND] (mnd.nyc) which serves finserv, education, and technology clients; genealogist; and teacher. She is a Master of Information student (formerly, MLIS) at Rutgers University in archives and digitization, holds a BFA from the Rhode Island School of Design, and certificates from Boston University, Gen-Fed, and the Genealogical Institute of Pittsburgh, among others. Novak is Trustee and Webmaster for the Genealogical Society of Bergen County (GSBC), New Jersey, and a former Trustee of the Genealogical Society of New Jersey (GSNJ). She also serves as Project Administrator for the GSNJ-NJSA New Jersey Early Land Records Project (a joint project between the Genealogical Society of New Jersey and the New Jersey State Archives); Editor of the GSBC’s national award-winning newsletter, The Archivist; and is involved with numerous transcription, indexing, publicity, and digitization projects.

 

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Investment Basics

Join us for a COMPLIMENTARY seminar from the Credit Union of New Jersey to help you better understand investments.  Investments are a key part of a person’s financial well-being and long term financial plans.  Britany Enelow, Financial Advisor, will outline different types of investment vehicles and their associated risks, including:

  • Benefits and Risks of Investing
  • Types of Common Investments
  • Understanding Your Risk Tolerance
NOT A CREDIT UNION DEPOSIT; NOT NCUA INSURED; NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY; NOT GUARANTEED BY THE CREDIT UNION; MAY GO DOWN IN VALUE.
Securities, Investment Advisory and Financial Planning services offered through qualified registered representatives of MML Investors Services, LLC, Member SIPC: 222 Central Park Ave Suite 1100 Virginia Beach VA 23462 (757) 490-9041. Member Wealth Management and Credit Union of NJ are not subsidiaries or affiliates of MML Investors Services, LLC.  CRN202004-253092

 

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Using Online Polish Archives for Genealogical Research Program Recap

Researching Polish ancestry can be a difficult endeavor that requires patience and knowing where to look.  Dr. Elana Broch, Assistant Population Research Librarian and amateur genealogist, has done years of research on her Polish lineage, even visiting Poland to try and find primary documents to answer her family history.

One of the most important things to recognize about Polish ancestry is Polish history.  Throughout the 19th and 20th centuries, Poland as a country often did not exist.  Parts were under the control of the Austro-Hungarian Empire, Ukraine, Germany, and Russia.  Therefore, depending on the time period, document languages and location names may have changed depending on who was in power.  Additionally, if you are looking for Jewish ancestry, family and town names may be Jewish or Yiddish, adding yet another layer to deciphering someone’s lineage.  JewishGen has a wonderful Communities Database that is worth looking at even if you did not have Jewish Ancestry.  The database maps the location names over time so you can better understand where records may be and in what languages.  Additionally, Poland was a crossroads of conflict in World War 1 and 2 so many records were destroyed, leaving gaps in civil registration collections and vital records.

On the bright side, the Mormon Church, responsible for Ancestry.com (subscription) and FamilySearch (free) have digitized countless Polish related records during their mission trips so some (but not all) records are available through those sites.  It is highly recommended to check Ancestry and FamilySearch first to see what information and records you can find on your Polish ancestors before moving forward.  The best place to find information would be the United States and specific state censuses, which during the later half of the 19th century and forward, list places of birth and all of the names within a household, rather than just the head of household.  This information can be critical in tracing a relative back in Poland, but remember, that if the place of birth was listed as Russia or Germany, they may have actually been living within the borders of present-day Poland.

If you have exhausted these resources and are looking to find records in Poland, be aware that there are multiple archival institutions and locations, depending on what you are looking to find.  Also, you will need to write to the specific archive or employ a professional genealogist in Poland to obtain the records as a vast majority of their records (outside of those digitized on Ancestry.com or FamilySearch) are not digitized.  The Central Archives of Historical Records (AGAD), are the official repository for materials that are no longer under Polish privacy restrictions.  This includes birth records that are over 100 years old and marriage and death records over 80 years old.  Additionally, the AGAD contains information from Ukraine.  The Civil Registry Office (Urząd Stanu Cywilnego) contains vital records that are still protected under their privacy laws.  There are many regional archives where most records are currently housed, which is why it is critical to determine the location an ancestor lived to accurately determine which region or district archives to contact.  Lastly, there are local parish or archdiocesan archives that will contain important genealogical records such as baptism and marriage records.

The Polish Archives does have a searchable website that comprises of 4 different databases, however all of the information is in Polish, which means you will need to use a translation service such as Google Translate or a browser extension that can translate the page for you.  While some of the filters and headings are in English, all of the collection titles, descriptions, and notes are all in Polish.

It is highly recommended to check out the FamilySearch Wiki on Poland Genealogy to help determine what records to look for and where to find those records.  For more information on the presentation or help with Polish genealogy, please contact Elana Broch at ebroch@princeton.edu.  For a copy of the presentation, please visit https://www.njstatelib.org/assets/PolishArchivesPresentation.pdf.

Using Online Polish Archives for Genealogical Research

Elana Broch is an amateur genealogist who has spent much of her research efforts trying to find out about her grandfather, Saul Lichtman, a 1941 Holocaust victim.  Although Lichtman’s birth town (Bilshivtsi) is now in Ukraine, the town (Bolszowce) was Polish until after World War II.  Many Polish records of that era defy the rules of archival provenance and are in the Polish Archives in Warsaw (AGAD).  Her genealogical quest took her to the Polish historical archives in Warsaw in 2018. It was a long way to go to find out that the archival records aren’t freely available.  Fortunately, many of them are available online. Her presentation will focus on Ancestry.com and the Polish archives online at https://www.szukajwarchiwach.gov.pl/en/strona_glowna.

 

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Lifelong Financial Education

Finances play an important role in our everyday lives and often determine what we can and cannot do, such as buy/lease a new card, rent or buy a home, and even how often we can treat ourselves to meals at a restaurant.   As we grow and make more financial obligations, especially planning for retirement, it is important to be educated in financial literacy to make sure we make the appropriate decisions based on our goals and means.  Dayana Moya and Brad Katz, from Lifelong Investments LLC, will discuss 4 important parts of financial literacy:

1. How to make a financial plan
2. Income, benefits and spending
3. Saving and Investing
4. Risk Management

Dayana Moya is the Client Relationship Manager at Lifelong Investments LLC.  She is also a licensed Insurance Agent.  In her role, she is responsible for assessing, researching and advising clients regarding their insurance needs; in addition to building and maintaining relationships with Lifelong’s clients which includes everyday client services and administration of the office on a daily basis.  Dayana received her Bachelor of Science in International Business Management from Bloomfield College.

Brad Katz, CWS®, AIF® is the founder of Lifelong Investments LLC and is a Registered Principal with First Allied Securities with more than 20 years of experience in the financial services industry. Specializing in comprehensive wealth management services, Brad works with each client to determine their specific goals and objectives before crafting a customized strategy designed to not only grow their wealth, but to also protect, distribute, and transfer their wealth.

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Financial Aid Information Session

Paying for college can be a complex and confusing process, from finding scholarships, to applying for financial aid, to determining which student loans are the best fit.  Sharon Austin from The Higher Education Student Assistance Authority will help to clear the confusion through their Financial Aid Information Session.  This session will provide useful information on all of the Federal and State grants, scholarships and loan programs available through the FAFSA (Free Application for Federal Student Aid).  Key information and requirements on filing the FAFSA are covered.  In addition,  college cost of attendance, the expected family contribution and their combined role in determining aid will also be covered.

 

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