The Update

Long-Term Financial Planning

Long-term financial planning isn’t just for the wealthy — it’s for anyone who wants to stop living paycheck to paycheck and start building a secure future.

Here’s a guide to long-term financial planning to help you secure your future.

Start Early

Compounding interest isn’t just math; it’s magic. Whether it’s a retirement account or an investment portfolio, the earlier you begin, the more time your money has to grow. Even small, consistent contributions while in your 20s can grow to six-figure balances by the time you retire.

Retirement is Closer Than it Seems

Social Security is not a retirement plan and neither is “hoping it works out.” You need a real plan for your retirement. One of the best options is setting up an IRA or contributing to your employer’s 401(k) — especially if they match — is like giving your future self a raise.

Emergency Funds are Non-Negotiable

Without an emergency fund, any surprise can go directly to your credit card — and debt is one of the biggest obstacles to long-term financial wellness. Aim for 3–6 months’ worth of essential expenses in a high-yield savings account. It’s not glamorous, but it’s a safety net. And when emergencies come (because they will), you’ll be grateful.

Investing Isn’t Just for Wall Street

Investing can seem like it’s only for rich people or day traders. What most people don’t realize is that index funds, diversified portfolios and consistently automated contributions can make investing simple, safe and surprisingly low-effort.

Set Goals Bigger Than Your Next Vacation

Write your goals down, break them into small, measurable steps and revisit them often. Your money needs direction.

Estate Planning Isn’t Just for the Elderly

Here are the basic components of an estate plan:

• Will. A will is the cornerstone of any estate plan. It’s a legal document specifying how your assets will be distributed after your death and who will be the guardians of any minor children. Without a will, the court will decide for you.
• Trusts. Trusts are legal arrangements allowing you to specify how assets should be handled on behalf of beneficiaries. Unlike a will, trusts avoid the probate process (a potentially lengthy legal proceeding) and can provide ongoing control over assets.
• Power of Attorney (POA). A POA authorizes someone you trust to make financial and legal decisions on your behalf if you cannot. Without a POA, the court might appoint someone to make these decisions.
• Healthcare directives. Healthcare directives outline your medical preferences if you can’t make decisions yourself. They can include instructions on life-support preferences, palliative care and organ donation.
• Beneficiary designations. Certain accounts, like life insurance policies and retirement accounts, let you name beneficiaries who will receive funds directly upon your death.
• Letter of intent. A non-binding document clarifying your intentions, a letter of intent provides personal messages, explanations of decisions or details on funeral arrangements.

Use our guide for successful long-term financial planning made easy.

Life Insurance at RGCU

Life insurance is one of the many financial products offered by RGCU to help members protect what matters most. Coverage can provide financial support for essential expenses such as mortgage or rent payments, everyday living costs, and medical or funeral bills in the event of a loss.

In addition to our financial products, RGCU also offers free financial coaching as a separate service. Financial coaching provides personalized guidance to help individuals better understand their overall financial picture, set goals, and make informed decisions for the future. Coaching is available at no cost and is open to both members and non-members.