Whether you are single or married, right now you probably feel like your money is flying out the door. Just paying the bills can be a challenge but you may also be trying to save for your first home or set up a college fund for a new child. Planning for retirement may not feel like a high priority right now. At the same time you probably know that by the time your generation retires, Social Security benefits may be significantly reduced, while the cost of living will no doubt have increased. In fact many of today's retirees have to work far beyond their planned date of retirement because they lack sufficient investment income to quit working. If you'd rather not end up in that boat, start planning for retirement today. We can help you get started.

What To Consider

Time is on your side if you start when you're young

If you begin now with a systematic plan even a small amount of money invested per month for retirement will add up. That is because you'll have the power of compounding on your side. The following tools will help in the planning process:

• When should I begin saving?
• What will it take to become a millionaire?
• How much will my savings be worth?
• How much may I contribute to an IRA?

Pay yourself first

Smart people pay themselves first by having systematic savings plans set up with their employer so a small amount of money can be drawn from each paycheck to help fund retirement and other financial goals. Start by maximizing your contributions to your employer's retirement plan. Then direct any additional retirement savings to an Individual Retirement Account which will grow tax-deferred and some may also be used to withdraw from to fund your first home. If you are self-employed, consider opening an IRA account with Harborstone. Part of paying yourself first involves managing your cash flow. The following calculators will help answer some of the questions you might have:

• What's it worth to reduce my spending?
• Should I pay off debt or invest in savings?

Reduce your risk

A medical emergency or disability at this point in your life can wipe out your limited savings and prevent you from meeting future financial goals. You can help protect you and your loved ones financial security by ensuring you have adequate insurance coverage today.

Invest wisely

If you start saving for retirement today, while you are still young, over time you will have to save and invest less per month then someone who waits until their 40s and 50s to save for retirement. And you'll have the option of selecting investments that offer more return over time in exchange for more risk. We can help you select the investments that will allow your money to work harder.

How Harborstone can help

If you know you need to start thinking about retirement planning but are feeling overwhelmed; we're here to help. At Harborstone we have a wide array of resources to help you get started on funding your retirement. We can help you review your insurance coverage to make sure an unexpected emergency won't ruin your goals for you and your family's future. A Harborstone Financial Advisor can also help you set up a financial plan that will allow you to meet your many obligations and still contribute to your retirement. To schedule a complimentary appointment with a Harborstone Financial Advisor, call (253) 589-8396 today.

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