Retirement Planning
It’s never too early to think about retirement planning. Establishing a good savings habit, and mapping out a long-term investment strategy is vital to meeting your retirement goals. Here’s why:

• You will likely need 60% to 75% of your current annual income to maintain your lifestyle in retirement;
• If you’re like many people, Social Security will account for less than half of the income you’ll need at retirement;
• Inflation will substantially reduce the value of your savings over the period you are retired. At a 4% annual inflation rate, for example, you may need twice your current income to maintain your standard of living 20 years from now.
• The longer you wait to save, the more you will have to contribute monthly to accumulate the amount you need. For example, if your goal is to have $500,000 by retirement—and your money gets a 10% annual return—the amount you need to invest monthly, starting at age 25, would be just $131; at age 35 it would be $374; at age 45 it would be $1,196 and at age 55 it would be $6,403. [This is a hypothetical example and is not intended to imply the performance of any specific investment.]

Brooks can help
Brooks' Financial Services department can assist you to develop a long-term strategy that will blend a variety of savings and investment opportunities to help meet your anticipated retirement needs. The components of your plan—and how much you are able to invest—will likely change as your income and family needs evolve over time. The important thing is to start the process as early as possible, and to maintain your commitment over the long-term.