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New Year Jumpstart Guide

A new year has snuck up on us, but we’re here to help get it started on the right foot. Review your contact info so you never miss important account updates, keep an eye on the future by maximizing your contributions and savings, mark those calendars for your 2023 tax forms, and more!

Stay up to date

Your financial well-being begins with making sure all your information is current so we can reach out if needed. Now is also a great time to have your beneficiaries in order and keep a watchful eye on your accounts.

  • Contact details: Did you move in 2023? Change your name? Get a new phone number or email? Verify your contact info in digital banking (here’s how), call us at 800-445-4483, or start a live chat during business hours. Don’t miss important account communications (or helpful guides like this one)!
  • Beneficiaries: While you’re verifying your account info, take the opportunity to review and update your beneficiary information as well. 
  • Alert notifications: Keep tabs on your accounts by setting up transaction alerts via email, text, or push notifications.

Maximize your contributions and savings

Before you start planning for 2024, make sure you’ve made the most of 2023.

Save more in 2024


The current interest rate environment has made now the ideal time to park your money and watch it grow. Our savings products (including Cultivate and Vault) can help you make the most of your money and help your children start their financial journeys). And with our Savings Goal calculator and Savings Goal tool in digital banking, you can set targets to meet long-term savings goals. For additional financial resources, check out the “Related Articles” at the bottom of the page.

Keep your retirement on track

To ensure a steady income stream after you’re done working, continue to contribute to your retirement accounts. The following breaks down the maximum amounts you can add to these accounts each year:

 

It’s not too late! You have until April 15 to meet your maximum annual IRA contribution. As a reminder, the maximum limits for 2023 were $6,500 if you’re under 50 and $7,500 if you’re over 50. (Just make sure to note the contribution is for the prior year.)   

As the calendar has turned to a new year, contribution limits have increased for both traditional and Roth IRAs. As a reminder, you can contribute to a traditional IRA at any age if you’re still earning income.

  • If you’re under 50, the maximum contribution is $7,000 (up from $6,500).
  • If you're 50+, you can contribute up to $8,000 (up from $7,500).

     

Contribution limits have increased for 2024:

  • If you’re under 50, the maximum contribution is $23,000 (up from $22,500).
  • If you’re 50+, the catch-up contributions remain at $7,500, meaning you can now contribute up to $30,500.  

For the 2024 calendar year, maximum Health Savings Account contributions are also increasing. 

  • If you’re under 55, the new maximums are $4,150 for individuals (up from $3,850) and $8,300 for families (up from $7,750).
  • If you’re 55+, you can now contribute up to $5,150 (up from $4,850) to an individual HSA or $9,300 (up from $8,750) to a family HSA.  

Meet your withdrawal requirements

Required Minimum Distributions (RMDs) are required when you reach age 73. If you reached age 72 in 2023, your first required RMD will be April 1, 2025, for 2024. For Roth IRAs, RMDs are no longer required, but you must still take RMDs from designated Roth accounts for 2023; if you turned 73 in 2023, you’ll have until April 1, 2024, to take out your RMD. Speak with your financial advisor to learn specific details.

Young couple hiking

Retirement planning questions?

Whether you’re interested in opening a retirement account, reviewing your portfolio, or learning if other changes in 2023 affect your future planning, our CFS Financial Advisors* can help. Make an appointment to fit your schedule using our online scheduling tool.

When to expect your tax forms

For a complete list of tax forms—and when you can expect them—visit selco.org/tax-forms. (Please note: SELCO members will only receive a 1099-INT form if total dividends earned for the year were $10.00 or more.)

 

Setting up a SELCO direct deposit for a refund

Expecting a tax refund? In 2024, you likely will receive a substantial Oregon Tax Kicker in your tax return, so make sure you’re receiving your refund as quickly as possible by verifying that you’ve included SELCO’s routing number (323274445) and your full 14-digit account number. You can find your account information in a few places:

  • In digital banking, click or tap the account you wish to directly deposit funds into, then “Details,” and you’ll find the routing number and full account number for ACH/direct deposit.
  • On a check, your account number is the 14-digit number in the lower-middle portion.

A new year brings fresh opportunities to take steps to reach your financial goals. We hope this guide will help you get there.

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*Nondeposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Nondeposit investment products offered through CFS are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. SELCO Community Credit Union has contracted with CFS to make nondeposit investment products and services available to credit union members.