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Retirement planning

The basics of planning a financially secure retirement are simple: you need to have enough money saved to provide the lifestyle you want in retirement. To help you start down that road, your Starion Investment Services representative will provide planning help and guidance on where to put your money. Additionally, we’ve added some practical changes you can make to save more.

Save more while working

  • Take advantage of company retirement plans. For 401(k) plans, contribute as much as you can and at least enough to earn any company match
  • Set up an automatic savings plan. Have a set amount deducted from each paycheck and deposited into an account you earmark for retirement.
  • Determine where you can cut back on monthly spending to reduce expenses. Some ways are refinancing your mortgage, increasing insurance deductibles to lower your premiums and reducing spending on discretionary items such as eating out.

Earn more on assets before retiring

Work with your Starion Investment Services representative to see how your money is invested. With a well-planned asset allocation incorporating your investment time horizon and risk tolerance, you can use diversification to help provide financial confidence. Generally speaking, the younger you are, the higher your investment risk tolerance can be.

Work longer

While it may not work for some, delaying retirement lets you save more for retirement in several ways:

  • You can deposit more into your retirement plan and through regular savings.
  • Especially with tax-deferred retirement accounts, leaving all your funds in the account lets them grow faster. For example, delaying retirement five years and earning just 5% on the funds, you will have about 27% more just from the earnings.
  • Delaying collecting Social Security benefits increases monthly benefits. One can start collecting full Social Security retirement benefits at age 66. If you start at age 62, you only receive 75% of that benefit. If you wait and start collecting at age 70, you will get 132% of that benefit.

Spend less in retirement

Everyone wants a full and active lifestyle during retirement, but you'll need to define what that means. Anticipating and setting sensible spending priorities are important to many individuals' retirement.

Monitor the amount you'll leave to your heirs

What you do not spend during your lifetime will pass to your heirs. It's important to discuss your finances with your family to prepare them for that day.

Take charge of your retirement

Starion Investment Services representatives are experienced in guiding you through the complexities of retirement planning. No matter where you are in life, it's never too late to consult a financial professional to review your plan:

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. Starion Bank and Starion Investment Services are not registered broker/dealers and are not affiliated with LPL Financial.
Not FDIC Insured, Not Bank Guaranteed, May Lose Value, Not a Bank Deposit, Not Insured by Any Federal Goverment Agency

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Starion News

Zinke graduates from banking school

Doug Zinke, business banking officer-vice president, at Starion Bank in Bismarck recently graduated from the Graduate School of Banking at Colorado (GSBC). Zinke graduated with honors, a special designation for students in the top 10 percent of their class.

Wed. Aug 16 6:08 PM Read more...

Starion promotes Petersen

Starion Bank has promoted SaraLi Petersen in Ellendale. Petersen has been promoted to universal banker. In this role, she helps customers with new accounts, provides customer service on deposit transactions and continues working in the teller line. Petersen, who graduated from Trinity Bible College and has several years of customer service experience, joined Starion in May 2016 as a teller.

Tue. Jul 25 9:07 PM Read more...

Starion Bank named Top 10 Young Professional Workplace

 Starion Bank was presented with a Top 10 Young Professional Workplaces award by the Bismarck-Mandan Young Professionals Network. 

Wed. Jun 28 2:06 PM Read more...

Starion Bank cuts ribbon on new branch

On Tuesday, June 20, Starion Bank and the Sun Prairie Chamber of Commerce Ambassadors officially cut the ribbon on the bank’s newest branch located at 350 South Grand Avenue.

Tue. Jun 27 4:06 PM Read more...

More News >>

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