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Are you saving for RETIREMENT?

1) 50% of the current work force has no pension coverage.

2) U.S. families save only 5.3% of their incomes;

while the savings rate in other countreis is as high as 15.2%

3) There are about 30 million retirees in the U.S today;

by 2025, there will be nearly 60 million

4) Half of those retiring in the late 1980's had less than

$10,000 in savings.

5) 43% of pre-retirees expect an employer's pension to be

their most important source of income.

6) 86% of baby boomers don't expect to get out of

Social Security what they put into it.

7) Men age 33 today can expect to live to 85,

women to age 90.

8) Most people spend more time planning their LUNCH than

they do planning their retirement.

9) Nearly 4 in 10 people retire and depend only on

Social Security to provide more than 90% of their income.

10) Members of the Baby Boom generation must TRIPLE the

amount they save each year in order to avoid dramatic declines in their living standards.

What about generation-x and your kids!!!

10 Ways To Plan For Your Retirement Nest Egg

Most people guess when determining their retirement needs. Don't be one of them. Save now and enjoy your golden years to their fullest.

1. Know your retirement needs. According to the experts, you'll need about 70% of your current income to maintain your standard of living when you retire. Understand your financial future because retirement is expensive.

2. Figure out what your Social Security benefits will be. The average retiree gets about 40% of their current income paid to them by Social Security. Unfortunately, this may not provide a sufficient retirement income. Find out what your estimated Social Security benefits will be before you retire.

3. Find out about your company’s pension plan. Check to see what your pension plan is worth. If you request one, most employers will give you a statement about your pension plan benefits. Look into your spouse’s plan as well. You may find you’re entitled to benefits there, too.

4. Ask your company to start a plan. Suggest that your company start a retirement plan if it doesn’t already offer one. Every little bit helps.

5. Contribute to a tax-deferred savings plan. If your company offers a 401(k) or other tax-deferred savings plan, enroll and contribute as much as you can. Your taxes will be lower and your company may match your contributions in full or at least a percentage.

6. Invest in an Individual Retirement Account (IRA). You can contribute up to $2,000 a year into an IRA and delay paying taxes on investment earnings until you retire. There are several IRAs available: Traditional, Roth, Spousal and SIMPLE (Savings Incentive Match Plan for Employees). Each has certain rules and restrictions.

7. Leave your savings alone. Unless it’s an extreme emergency, don't touch your retirement savings. The interest, principal and tax benefits you’ll lose aren’t worth it. Remember, you’ll want to live comfortably after your retire.

8. Start saving now, whatever your age. The more time your money has to grow the better. Make saving for your retirement a high priority. With the help of a financial advisor, develop a plan and most important of all, stick to it.

9. Bear in mind basic investment principles. The type of investments you make is an important part of your retirement savings. Know how they work and how much interest each one bears. The more you know now, the better off you’ll be.

10. Do your research. These tips are a good start, but you'll need more information. Talk to your friends, your employer, your bank, or a financial advisor. They’ll be able to provide you with valuable insight, strategies and solutions.

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