Your personal savings are one of the four building blocks of a financially secure retirement along with your company's retirement plan, your IRA and Social Security. The amounts you will receive from those last three sources are somewhat out of your control. Social Security benefits are based on your wages, your IRA contributions are limited and your employer's retirement plan may limit what you can contribute. However, you have complete control over your personal savings.

Determining exactly how much you need to save for retirement can be complicated. To do the perfect calculation, you need to know your level of expenses during retirement, your future tax rates, the future returns on your assets and ultimately how long you are going to live. With all these uncertainties, the thought of doing the calculation can be daunting.

Having More is Better than Having Less
Even without an exact calculation, it is probably safe to assume that you want to accumulate more funds so you can enjoy the type of retirement lifestyle you want. Here is one simple idea that may give you some motivation to do something you know you should be doing - saving more.

Saving Early and Often is Under Your Control
The keys to accumulating a larger retirement nest-egg are to start early, save often and earn competitive returns on your funds. If you are 35 years old and plan to retire at age 65 (30 years to save), you can accumulate and additional $250,000 by saving $300 per month (assuming an earnings rate of 5%). Use the calculator to how much you need to save each month to have more when you retire.

Start Your Automatic Savings Today
There is no easier way to save than with an automatic savings plan. If you are already using direct deposit for your paycheck, have Forest Bluff Financial Services transfer the amount each month. Here is an Automatic Transfer Authorization form to help you enroll. You can also have your employer deduct the amount each month and deposit into the account of your choice. Here is a Payroll Deduction Direct Deposit form.

If you are not already using direct deposit for your paycheck, here is a Payroll Direct Deposit form to help you get started. You can also call a service representative at 800/723-7237 or email for more information.

Take Control of Your Financial Future

Articles from our library about retirement.

An IRA Refresher

IRA or Roth IRA

Four Components of a Secure Retirement

Retirement Benefits from Social Security

Handling lump sum distributions when changing jobs

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