Author Archives: VP of Marketing and Business Development Jessica

Life Insurance in Retirement

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What role can life insurance play in your retirement plan? Most of us think of life insurance as protection against financial loss should we die prematurely. But when we reach retirement and the kids are all self-sufficient, do we still need life insurance? The answer is maybe. Here are some situations where life insurance may make sense for retirees or those close to retirement.

Provide a Source of Retirement Income

While life insurance is designed to protect against unexpected economic loss, cash value life insurance also may provide a source of income during retirement. Earnings on the cash value accumulate tax-deferred, and in some instances, cash-value distributions can be received income tax-free. However, loans used to access cash values from a life insurance policy will reduce the policy’s cash value and death benefit, could increase the chance that the policy will lapse, and might result in a tax liability if the policy terminates before the death of the insured.

Help Pay for Long-Term Care

Some cash value life insurance policies provide multiple sources of protection. Along with the death benefit and potential cash value, these policies may also provide a long-term care benefit. Often, these policies allow for a portion or all of the death benefit to be “accelerated” if used for the payment of qualifying medical and long-term care expenses.

Provide for a Dependent Family Member

Sometimes, even in retirement, there are family members who depend on you for financial and/or custodial support. Should you die unexpectedly, life insurance may help provide funds needed to support dependent family members with disabilities.

Replace Income for a Surviving Spouse

While Social Security provides retirement income for many of us, at the death of a spouse, his or her benefits end, reducing the total benefits available to the surviving spouse. Life insurance can be used to replace the loss of income for the surviving spouse.

Pay Off Debt

While past generations often retired with little or no debt, it is not uncommon for today’s retirees to leave the workforce while still carrying a mortgage, car loan, and credit card debt. Life insurance can provide the cash to pay off these debts, which is especially beneficial for a surviving spouse.

Help Cover Final Expenses

Unfortunately, the expense of dying is often overlooked or underestimated. Uninsured medical bills, funeral costs, debts, and estate administration costs can add up. Typically, these expenses are paid in a lump sum, which can reduce savings for surviving spouses and dependent family members. Proceeds from life insurance can be used to help pay for these final expenses, which may help preserve savings for other needs.

Leave a Legacy

For many approaching retirement, as well as for those already there, a primary concern is having enough money to live comfortably. While conserving savings and keeping track of spending in retirement are important, all too often retirees will forgo spending on themselves in order to fulfill a desire to leave a legacy. Having life insurance can help you feel freer to spend more in retirement because you know you’ll be leaving something behind for your loved ones.

Life insurance provides protection for your family’s financial future should you die during your working years. However, life insurance may provide other benefits that can be useful during your retirement. Whether life insurance should be part of your retirement plan is best determined based on your individual circumstances and goals. You may want to talk with an insurance or financial professional before making this decision.

The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely there may be surrender charges and income tax implications. Any guarantees associated with payment of death benefits, income options, or rates of return are based on the financial strength and claims-paying ability of the insurer.

Questions about this topic? Contact First Financial’s Investment & Retirement Center by calling 732.312.1534.

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional. LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial. Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. CRPC conferred by College for Financial Planning. This communication is strictly intended for individuals residing in the state(s) of CT, DE, FL, GA, MA, NJ, NY, NC, OR, PA, SC, TN and VA. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Advisor Solutions Copyright 2025.

Received a Package You Didn’t Order? Brushing and QR Code Scams

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Have you received a surprise package at your doorstep recently? Packages from an unknown sender, especially those including a QR code – are likely part of a dangerous new brushing scam. With new scam tactics evolving constantly, knowing what to look out for and how to respond is important. At First Financial, we’re here to help you recognize these schemes and protect your personal and financial information.

What is a Brushing Scam?

A brushing scam is when someone receives packages they didn’t order, often low-cost or counterfeit items like beauty products or small electronics, from a seller trying to boost their online reputation. The scammer uses the recipient’s personal information (often obtained through data leaks) to create fake customer reviews, falsely increasing the legitimacy of their product listings. While the merchandise may seem harmless, the real concern is that your personal information – name, address, or even online account details, have likely been compromised.

The New Twist: QR Code Scams in Packages

Scammers are now also including QR codes in these unexpected packages. The note may say the QR code will reveal who sent the gift, provide return instructions, or offer a bonus or prize. But in reality, scanning the code could redirect you to a phishing website designed to steal sensitive information like your login credentials or credit card number. Even worse, it may install malware on your device, giving hackers access to your data and apps.

How to Protect Yourself from QR Code and Package Scams

Don’t Scan Unfamiliar QR Codes: If you receive a package you didn’t order, avoid scanning any QR codes inside. These can be designed to mimic legitimate company branding and lead to fake websites that steal personal data.

Check Your Online Shopping Accounts: If the package came from a known platform like Amazon or eBay, login to your account and look for any unauthorized orders. If you see suspicious activity, change your password immediately and report the fraud to the platform.

Change Your Passwords: It’s a good idea to update your passwords on shopping accounts and your email if you received a suspicious package. Always use strong, unique passwords and consider enabling two-factor authentication for extra security.

Don’t Contact the “Sender”: Don’t attempt to reach out, even if a name, phone number, or website is included in the package. Scammers may use this opportunity to trick you into providing more personal details under the guise of resolving the issue.

Monitor Your Credit and Accounts: Visit AnnualCreditReport.com to review your credit report and look for any unfamiliar accounts or inquiries. Also, check your bank and credit card statements for unauthorized transactions.

Consider Freezing Your Credit or Adding a Fraud Alert: If you believe your personal information may be at risk, take additional steps like placing a fraud alert on your credit report or freezing your credit to prevent new accounts from being opened in your name.

Keep Devices Secure and Updated: Ensure your phone and computer software are continuously updated with the latest security patches. A secure device is your first line of defense against malware and phishing attempts.

Use Trusted QR Scanner Apps: If you must scan a QR code, use a QR code scanner app that shows you the destination URL before redirecting you. This provides a chance to spot suspicious links before it’s too late.

What to Do if You Think You’ve Been Scammed

If you received an unsolicited package, scanned a QR code, or noticed suspicious activity on your accounts:

  • Change your passwords immediately – Update and strengthen passwords for your financial and email accounts right away.
  • Contact your financial institution – Report the incident and monitor for any unauthorized transactions.
  • Monitor your credit – Visit AnnualCreditReport.com to review your credit report and closely check for suspicious inquiries or accounts.
  • File a report with the FTC at ReportFraud.ftc.gov and, if necessary, start a recovery plan at IdentityTheft.gov.

Stay Safe with First Financial

We’re dedicated to helping our members stay informed and protected from scams. If you ever suspect fraud or have concerns about any of your accounts, call us at 732.312.1500 or visit one of our local branches.

Financial Considerations Before You Go Solar

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Switching to solar power can be a smart move for your wallet and the planet. But before you dive into solar panel installation, there are several important financial and practical considerations to keep in mind. At First Financial, we want you to make the best choice for your home and budget. Here’s what to think about before you decide to make the switch.

1. Is Solar Worth it for You?

Whether solar makes sense for you depends on many factors, including your current electric costs, your finances, your home’s potential, and how long you plan to stay there. Start by calculating your average monthly electric bill over the past year. Then, use online tools like Google Project Sunroof, EnergySage, or SolarReviews to estimate your home’s solar potential. These types of calculators factor in your roof size, orientation, and shading to project how much energy your panels could generate and when you might break even on your investment.

Keep in mind that estimates can vary widely between tools, so use them as a guide rather than a guarantee. If you plan to move within a few years, installing solar may not offer the potential savings you need to justify the upfront cost.

2. Is Your Roof Ready?

Before you invest in solar, assess the condition of your roof. If your roof is older and in need of repairs or a replacement within the next few years, it’s best to take care of this before installation. Otherwise, you might face the costly process of removing and reinstalling your panels. Ideally, your roof and solar panels should have similar life spans. Solar panels often come with a 20–25 year warranty, so it’s smart to ensure your roofing material will last a similar amount of time to avoid added expenses later.

3. Shop Around for the Right Installer

Don’t settle for the first solar installer you find. Collect multiple quotes and research each company’s reputation, certifications, and customer reviews. Comparing options will help you find the best value and ensure you’re working with a trustworthy provider. A quality installer will also be able to walk you through financing options, local incentives, and what you can expect in terms of performance and maintenance.

4. How to Compare Solar Proposals

When reviewing solar proposals, focus on these key points:

  • Price Per Watt: Lower cost per watt typically means a better deal.
  • Warranties: Look for 25 year panel warranties and 10–25 year inverter warranties.
  • Rated Power: Aim for panels with 420W to 440W for better efficiency.
  • Annual Production Estimates: Consider whether the system will meet 100% of your current energy use, and its ability to cover more if you add an electric vehicle or appliances.
  • Equipment Quality: Research solar panels and inverters. Microinverters are generally preferred over string inverters for better reliability.

Choosing high-quality components and a reliable installer will help maximize your investment and system performance.

5. Ensure Proper Insurance Coverage

Solar panel installation can impact your homeowner’s insurance. Before starting your project, contact your insurer to confirm your policy covers potential damages during and after installation. Some cities and states also require proof of insurance to approve solar projects, so make sure you meet all local requirements before moving forward.

6. Don’t Miss Out on Rebates and Incentives

The federal solar tax credit allows homeowners to deduct 30% of their solar installation costs from their federal taxes, available through 2033. That’s a substantial savings, and it applies regardless of the amount you spend, your income level, or whether you itemize deductions.

Some states and local governments offer additional incentives, like property tax exemptions or cash rebates. Research all the available programs in your area to maximize your savings. Keep in mind that you must purchase your system to qualify for the federal tax credit — leasing disqualifies you from this benefit.

7. Financing Your Solar Investment

Solar panels can be a big upfront expense, but financing options can make it manageable. Using a First Financial Home Equity Loan can be a smart and affordable way to fund your project.*

Features of our Home Equity Loans:

  • Competitive rates
  • No pre-payment penalties
  • No application fees
  • No points or closing costs
  • Flexible terms up to 20 years
  • Fixed monthly payments

We can provide the funds you need while keeping your payments predictable.

Thinking About Going Solar? We’re Here to Help.

At First Financial, we’re committed to helping our members make smart financial choices. Whether you’re exploring solar or other home improvements, we have the tools and expertise to support your goals. Ready to learn more? Call us at 732.312.1500, visit a local branch, or apply online.

*First Financial FCU (FFFCU) will waive closing costs at inception of loan. If loan is terminated within the first 2 years of opening, closing cost waiver is revoked and the borrower(s) will be required to pay back closing costs in full to FFFCU. A First Financial membership is required to obtain a Home Equity Loan, and is open to anyone who lives, works, worships, volunteers or attends school in Monmouth or Ocean Counties. See FFFCU for details or visit firstffcu.com for all current rates. Rates for financing up to 80% of Appraised Value less other Mortgages.

Busting Harmful Money Myths

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When it comes to managing money, misinformation is everywhere. From outdated advice to widely believed myths, these misconceptions can make it harder to reach your financial goals. At First Financial, we’re here to help you navigate your finances with confidence. Let’s clear up some of the most common money myths and set the record straight.

Myth #1: Debit is Always Better Than Credit

While debit cards can help prevent overspending, credit cards – when used responsibly, have their unique benefits. With a good credit card, you can earn rewards, build your credit history, and even get purchase protection. Read up on when it’s best to use cash, credit or debit in our blog post about this topic.

Our Visa® Cash Plus Credit Cards offer cash back and uChoose Rewards that can be redeemed for merchandise, gift cards, and more.* Using a credit card for everyday purchases while paying off your balance in full each month — can improve your credit score and help you qualify for better loan terms in the future.

Myth #2: Buying a Home is Always Better Than Renting

Homeownership is often seen as the ultimate financial milestone, but it’s not always the right choice for everyone. Buying a home comes with long-term responsibilities, maintenance costs, and upfront expenses like closing costs and property taxes. You can learn more about this in our recent blog post on the true cost of homeownership.

If you prefer flexibility, aren’t ready for the commitment, or live in an area where renting is more affordable – renting might be the smarter choice for your current lifestyle. Owning a home can be a great investment, but it’s not a one-size-fits-all solution. Schedule a phone call or video chat with a First Financial mortgage expert to help decide what’s right for you.**

Myth #3: My Partner Manages the Finances, So I Don’t Need to

It’s okay for one person to take the lead on budgeting and bills, but all adults in a household should be financially informed. Whether you’re married, in a long-term partnership, or living with roommates – understanding your household’s finances is essential.

Life can change in an instant. If something happens to your partner or the financial leader of the home, you need to be prepared to manage accounts, pay bills, and make smart financial decisions. Financial literacy is a shared responsibility. Check out our financial tools and publications to help yourself prepare to manage your household budget.

Myth #4: I Can Rely on Credit Cards for Emergencies

While credit cards can bridge short-term gaps, they’re not a reliable plan for true emergencies like a job loss or a medical crisis. Interest and other fees can quickly turn your emergency into overwhelming debt. Instead, build an emergency savings fund with 3–6 months’ of essential expenses. This safety net offers peace of mind and keeps you from relying on high-interest borrowing when the unexpected happens.

Myth #5: Emergency Savings Aren’t That Important

One of the most harmful money myths is that you don’t need emergency savings. This type of account isn’t for vacations or a new car — it’s for life’s curveballs.

Having a separate emergency fund from all other checking and savings accounts ensures you’re financially prepared for unexpected events like car repairs, medical bills, or job loss. It’s not a luxury — it’s a necessity. Start small and build over time; even saving a few dollars a week adds up!

Myth #6: I Make Enough Money — Budgeting Isn’t Necessary

Even if you earn a comfortable income, budgeting is still important. Without a spending plan, it’s easy to lose track of where your money goes — or accidentally overspend.

A clear budget helps you make intentional decisions, prioritize saving, and avoid lifestyle inflation. Use our Home Budget Calculator to track your expenses and identify areas of improvement. Whether you’re saving for a house, planning a vacation, or just trying to live within your means – budgeting helps you stay focused.

Get the Facts with First Financial

Smart financial decisions start with reliable information. We’re here to help you build habits that support your financial well-being, and that are free from myths and misinformation. Call us at 732.312.1500 or visit your local branch to learn more. Don’t forget to subscribe to our First Scoop Blog for ongoing financial resources and ideas.

*Your First Financial Visa® Cash Plus Credit Card will earn cash back based on your eligible purchase transactions. The cash back will be applied to your current credit card balance on a quarterly basis and be shown cumulatively on your billing statement. Unless you are participating in a limited time promotional offer, you will earn 1% cash back based upon eligible purchases each quarter. APR varies up to 18%, when you open your account based on your credit worthiness. This APR is for purchases and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa® Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties.

**APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. Standard text messaging and data rates may apply.

How Small Businesses Can Make a Difference This Earth Day

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While environmental challenges like climate change and pollution may seem overwhelming, every business — big or small, has the power to make a positive impact. With Earth Day on the horizon, now is a great time for business owners to evaluate their operations and implement small changes that will make a big difference.

At First Financial, we believe sustainable business practices aren’t just good for the planet, they’re also smart for your bottom line. Here are a few easy ways your business can go green this Earth Day.

1. Rethink Your Waste Habits

Start by taking a closer look at what your business throws away. Whether packaging, breakroom or food waste, reducing how much ends up in the trash can significantly lower your company’s carbon footprint. Encourage employees to recycle properly, set up clearly labeled bins around the workplace – and evaluate how often supplies are tossed when they could be reused or repurposed. Every item that gets recycled instead of landfilled counts.

2. Recycle Old Electronics and Office Equipment

E-waste is one of the fastest growing types of waste, and businesses can play a role in keeping it out of landfills. Instead of tossing old electronics, look for certified recycling programs or donation centers that take items like computers, printers, and monitors. Recycling electronics responsibly helps conserve valuable resources and keeps toxic materials from polluting the environment.

3. Go Paperless Where You Can

Cutting down on paper is a win-win for the environment and your business. Digital documents and cloud storage can reduce clutter, lower supply costs, and streamline collaboration. If your operations allow it – switch to paperless invoicing, emailed receipts, digital forms, and online customer communications. It’s a small shift that can have a lasting impact.

4. Choose Greener Packaging

Switching to biodegradable or recycled packaging materials is a meaningful step. Consider materials like plant-based plastics or recycled paper that decompose naturally and reduce your environmental footprint. Many customers also appreciate and support eco-conscious packaging choices, which can boost your brand’s image.

5. Power Down to Save Energy

Leaving electronics running when not in use, leads to unnecessary energy waste and higher utility bills. Turn off lights and equipment at the end of the day, and consider smart surge protectors that automatically cut power to unused devices. If available, enable power-saving settings on computers and other office electronics to minimize energy usage during idle times.

6. Upgrade to LED Lighting

Lighting may not seem like a big issue, but it’s one of the easiest places to save energy. Switching from incandescent bulbs to energy-efficient LED bulbs can reduce electricity use by up to 75% and these bulbs also last significantly longer. Take it a step further by installing motion sensors in lesser-used areas like restrooms or storage rooms to ensure lights are only on when needed.

7. Make Energy-Efficient Building Improvements

Commercial buildings contribute significantly to carbon emissions, but simple improvements can lower your impact. Try:

  • Sealing windows and doors to prevent energy leaks.
  • Using blinds or shades to regulate indoor temperatures.
  • Upgrading insulation to reduce heating and cooling needs.
  • As old light bulbs need to be changed, switch to energy-efficient lighting.

Ready to make an even bigger change? Consider renewable energy options like installing solar panels or energy management software that adjusts usage based on building activity.

Start Small, Think Big

Every environmentally conscious decision you make — no matter how big or small, can lead to significant results over time. As a business owner, your choices set the tone for your team and customers.

At First Financial, we’re proud to support small businesses in building stronger, more sustainable futures. For more tips on business banking and smart financial solutions, call us at 732.312.1500 or visit your local branch. Don’t forget to subscribe to our First Scoop Blog for ongoing resources and ideas.

Living Greener on a Budget

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With Earth Day around the corner, it’s the perfect time to think about ways to reduce our environmental footprint without stretching our wallets. Living a more sustainable lifestyle isn’t just good for the planet, it can also improve your health, foster a sense of community, and help you save money in the long run.

At First Financial, we believe in making smart choices that support your future, financially and environmentally. Here are six affordable ways to start living a little greener.

1. Swap Single Use for Reusable Alternatives

One of the simplest ways to reduce waste is to ditch disposable items in favor of reusable ones. Every day, disposable items add up – both in the landfill and on the wallet. Swap out the disposables for reusable shopping bags, water bottles, coffee mugs, or silicone food storage bags. Reusable products often last much longer and perform better than their single-use counterparts. A little upfront investment can go a long way for the planet and your budget.

2. Rethink Every Purchase

Being mindful of what you buy is one of the most effective ways to live sustainably. Ask yourself:

  • Do I really need this?
  • Will I use it regularly?
  • Could I borrow or buy it secondhand?

By purchasing less and choosing higher-quality, longer-lasting items – you’ll reduce waste and save money in the long run. Opt for goods with minimal packaging, shop locally when you can, and consider checking thrift stores, yard sales, or resale apps before buying something brand new.

3. Make Your Own Cleaning Products

Many store bought cleaners contain harsh chemicals and come with a hefty price tag. Making your own cleaning products is a budget-friendly and eco-conscious alternative. Basic ingredients like white vinegar, baking soda, lemon juice, and essential oils can tackle everything from countertops to windows. For an all-purpose cleaner, try mixing equal parts water and vinegar with a few drops of your favorite essential oil or lemon rinds.

4. Consider Refurbished Electronics

Looking to upgrade your tech? Save money and reduce electronic waste by buying refurbished gadgets. From laptops to smartwatches, refurbished electronics often come with warranties and are restored to like-new condition. Websites like Amazon Renewed can offer great deals without sacrificing quality — plus, you’ll be giving products a second life.

5. Shop Secondhand and Save

Shopping secondhand is not only cost-effective — it’s also great for the environment. When you buy pre-owned clothing, furniture, or home goods, you help keep usable items out of landfills and reduce the demand for new production. Thrift stores, consignment shops, and online platforms like Facebook Marketplace or OfferUp make it easy to find affordable, one-of-a-kind pieces. Bonus: Secondhand shopping is a fun way to uncover hidden gems and fulfill that exciting shopping experience without breaking the bank!

6. Stay on Top of Home Maintenance

Proactive maintenance can extend the life of your home and appliances, reduce energy usage, and help avoid costly emergency repairs. Routine tasks like checking for leaks, cleaning filters, and inspecting insulation — can make your home more efficient. Create a seasonal checklist to keep up with tasks throughout the year. This helps ensure your home runs smoothly and can help you spot issues before they become expensive problems. Don’t forget to build an emergency fund in case of large unexpected expenses, like water heater or roof replacements.

Make Greener Living Part of Your Financial Plan

Living sustainably doesn’t mean spending more — it often means spending smarter. Whether you’re starting with small changes or making larger lifestyle shifts, your choices matter. We’re here to support your journey toward a healthier planet and a stronger financial future. To learn more about managing your money wisely, visit your local branch or subscribe to our First Scoop Blog.