Career-Focused Adults

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Financial guidance for maturing adults without children

Maximizing your paycheck in your 30s and 40s is a priority during this time when your income tends to rise. You may have discretionary income for travel and hobbies, and the challenge is to find the right balance between spending and saving. The financial decisions you make now will have the greatest impact on the lifestyle you will enjoy during retirement. It’s important to note that people are retiring earlier and living longer, and you may need more money in the future than you think.

The Community State Bank can help you stay on track with your long term financial goals.

Look for a mortgage or consumer loan that fits your lifestyle

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There are many types of mortgage products with varying terms including protection from rising interest rates and flexibility for change. Fixed rate mortgages may be best for families who expect to make no changes in their home for the entire life of their 30-year mortgage. However, very few families remain in the same home for 30 years without needing to refinance for home repairs, remodeling, room/garage additions, or major life changes such as financing college educations. You will want to consider all the costs involved in obtaining a mortgage including interest rates, up-front points or fees, down payment requirement, and private mortgage insurance purchase requirement.

With competitive rates, experienced lending professionals and local decision-making, you’ll be sure to find a loan at The Community State Bank that meets your needs. Contact Us.

Understand your credit report

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Your financial behavior over the past seven years, including how much credit you have, how long you've had it and whether you pay your bills on time is information included in your credit report. Three credit reporting agencies — Equifax, TransUnion and Experian — maintain these reports, and lenders buy them to help them decide whether to offer you a prequalification. Your credit report also carries your credit score ranked between 300 and 850 that many lenders use to decide whether you are creditworthy and whether you will repay a loan. Your credit score can also influence the interest rate you pay. In many cases the higher your score, the lower your interest rate.

Each agency allows consumers one free credit report a year. It is a good idea to check your credit report three times a year using a different agency each time. If you have any questions, you may call and speak with someone in the loan department. Contact us

Save for Retirement

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Many people underestimate the amount of money they’ll need in retirement. Be realistic about major expenditures, e.g., will your mortgage be paid off by retirement? If so, you may need less income than you do now. Do you plan to buy a vacation home or travel extensively? Will you have to pay for your own health insurance? These and other financial considerations all come into play.

Now is a good time to up your contributions to your retirement savings accounts. Talk with The Community State Bank IRA specialist to learn about the products we offer that can help you meet your retirement goals.

Traditional IRA – Tax deductible contributions to a traditional IRA can help you build long term wealth and help you reach your retirement goals. Call an IRA specialist, today for more information.* Contact us

Roth IRA – Contributions to this type of retirement account are not tax deductible, however, when you retire, distributions are tax free. For more details call an IRA specialist.* Contact us

*Consult a tax advisor

Check to see if your assets are covered

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Call a TCSB representative today to find out whether all of your money is covered by the FDIC. We can give you peace of mind knowing that your wealth is safely insured. If you would like to check your own coverage, you can visit and use the FDIC insurance calculator.