Whether you’re five weeks away from retirement or 50 years removed from getting your golden watch, you want to be completely prepared when you clock out for the final time. While you diligently plan, save and invest to be ready, hidden costs may lurk under your pristine retirement budget.

At Community Point Bank, we want to help our customers and community tackle their financial goals, including saving for retirement. Stick with us to learn more about hidden retirement costs and what you can do to be prepared.

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As you map out your financial goals for the future, you may have come across the term “financial independence.” But what is financial independence? Fiscal freedom can look different for everyone. You can search high and low to answer the question “what is financial independence?” and not find the same explanation. However, one aspect is true for every situation: at the core of financial independence is having a say in how your money is used.

Keep reading to learn more about financial independence and how much you need to achieve it.

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Developing attainable financial goals is one of the best ways to set yourself up for future success. Budgets and retirement savings are a few financial goals that can help you gain more control over your money. However, what are you supposed to do when your financial situation is out of your control?

You can plan out several aspects of your financial life to achieve success, but substantial, unexpected costs can toss your best-laid plans out the window.

If you’ve recently experienced a financial emergency and are dealing with the aftermath, please take a moment to keep reading. We’ll cover common signs of a financial crisis, frequent examples and steps you can take to recover.

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Saving money is top of mind for many of us. About 9 in 10 Americans save regularly, according to a NerdWallet survey. Of these savers, most said their top goal was building an emergency fund. 

Saving for your goals can be more challenging than it sounds. Should you start saving more? If so, where do you begin, and how many savings accounts should you have? One savings strategy is to open multiple accounts and use each for a specific purpose. 

Should you open a second or third savings account? Discover how this strategy could benefit you, especially if you have several financial goals.

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Debt management is an essential part of financial literacy. Knowing how to borrow responsibly can make the difference between reaching your financial goals and living paycheck to paycheck. If you’re new to borrowing, one essential skill that can serve you well is the ability to discern good debt vs. bad debt. If you’re asking, “what is good debt? Isn’t all debt bad?” You’re not alone. These are common questions people ask as they develop their financial literacy.

Keep reading to learn more about the differences in debt, what it means to borrow responsibly and where you can get started.

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