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:

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