Southport Bank’s Life Stage Financial Solutions


Staying the Course

Established in your career with retirement planning and supporting your children’s education on your mind; preparing for your future

Suddenly, the future looms closer. It seems like yesterday that you comforted your son on his first day of kindergarten. But now he’s off to college, and your daughter’s not far behind. It’s the time when balancing present desires like supporting your children’s education with future goals like retirement becomes most challenging.

If this sounds like your life, you’re probably attempting to Stay the Course financially. And at Southport Bank we can help, by identifying your priorities, setting goals, and recommending solutions for your unique needs.

1. Conserve time, money and paper with Southport Bank’s convenient checking account with online banking and bill pay as well as no-charge ATM services learn more

You’ll reduce the time it takes to pay your bills and save on the expense of printed paper checks and postage while helping the environment as well.

eZ Checking

2. Shop for the best consumer loans learn more

 

With competitive rates, experienced lending professionals and local decision-making, you’ll be sure to find a loan at Southport Bank that meets your needs.  All loans are subject to credit approval.  To apply for a consumer loan now, click on the links below, or stop by and talk with one of our lending officers.

Consumer Loans

3. Understand your credit report learn more

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 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.  Your credit score is available from the three credit reporting agencies:

Equifax – (800) 685-1111 or www.equifax.com
TransUnion – (800) 888-4213 or www.Transunion.com
Experian – (888) 397-3742 or www.experian.com

4. Save for Retirement learn more

Many people underestimate the amount of money they’ll need during 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 will come into play.

Now is a good time to up your contributions to your retirement savings accounts.  Talk with Southport Bank’s Financial Consultants to learn about the products offered that can help you meet your retirement goals. 

Southport Bank’s IRA Products

Investment Services

5. Start saving for College learn more

By starting early, when your child is in preschool or before, you can build a realistic fund through the power of compounding over many years.  The earlier you start, the less you’ll have to save per month.

Through Southport Bank’s Investment Services, you can access products designed to help you fund your child’s higher education.  To learn more, click on the links below.

The New 529 Plan
Learn More
Contact Us

Coverdell Educational Savings Account
Learn More
Contact Us

UGMA/UTMA Accounts
Uniform Gifts for Minors Act (UGMA)/Uniform Transfer to Minors Act (UTMA)
Learn More
Contact Us

Other College Planning accounts exist in addition to those listed above. To learn more about all of the College Planning options, Contact Us.

Securities and Insurance Products Offered Through LPL Financial, Member FINRA/SIPC. Located at Southport Bank.  LPL is not affiliated with Southport Bank.

Not FDIC Insured - No Bank Guarantee - May Lose Value
Not a Deposit - Not Insured By Any Federal Government Agency

Investment returns and values will fluctuate so that an investment when redeemed may be worth more or less than the original cost.  Southport Bank is not a registered broker/dealer, nor is it affiliated with LPL Financial.

 

Tips for Effective Financial Management:

  • Make sure your mortgage payment, including taxes and insurance, represents no more than 30% of your gross monthly income.
  • Review the cost of your health care insurance and make sure you have adequate coverage at the best price.
  • Make wise purchasing decisions by determining what you “need” compared to what you “want”.  This will help you make ongoing decisions to keep your finances in check.
  • Guard against impulse shopping, especially for high priced items such as vehicles, major appliances, electronics, furniture or jewelry. 

Doubling your Money.

When it comes to finances, it's usually safe to say that the longer you invest your money, the more you'll have. You can figure out how long it will take to double your money with the "Rule of 72," by dividing your interest rate into 72.

Example: Savings interest rate = 2%          72 ÷ 2 = 36
Money in a saving account earning 2% interst takes 36 years to double.


Southport Bank Making your Life Easier with:

  • eZ Checking or eBusiness Checking options
  • Online banking and bill payment
  • eStatements

Get started today!

For help in determining the best accounts and products for you while you're Staying the Course, please contact us at 262-942-1111 or at information@southportbank.com.

Calculators for Staying the Course


 

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