Start young when planning for retirement
Amy Turner – a Cherokee Nation citizen, Allstate agency owner in Vinita, Oklahoma, and Tribal Employment Right Office-certified agent – looks at her agency’s Facebook page at her desk. Turner said when saving for retirement it’s important to constantly contribute to the plan while making sure one’s savings goals are met. STACIE GUTHRIE/CHEROKEE PHOENIX
VINITA, Okla. – When it comes to retirement planning, Cherokee Nation citizen and Allstate agency owner Amy Turner said it’s best to start young so when it’s time to retire people can live comfortably and won’t have to return to work because they lack funds.
The Tribal Employment Rights Office-certified agent said the reason it’s good to start investing young is so a foundation can be formed.
“It’s really important to start in your 20s, you know, to kind of get your foundation going with like your home insurance, your life insurance,” she said. “It’s really important to build a strong foundation, and once you have those emergency funds and all of those type funds set up then you can start worrying about your retirement. But you want to make sure and have those emergency funds set up in case the car breaks down.”
She said most people in their 20s feel that retirement is a “long time” away.
“A lot of people in their 20s, they’re at an employer where they offer 401(k) or sometimes an IRA (Individual Retirement Arrangements) retirement vehicle, and it’s just important that people take advantage of those in their 20s. They feel that retirement’s a long time away, all those type of things, but really if you’re not taking advantage of those IRAs and 401(k)s you’re just really leaving free money on the table because a lot of employers now match up to 3 percent,” she said.
She said when people reach their 40s and 50s they should look into increasing their investments.
“Your salaries increase as we become professionals, and we get into our 40s and 50s we’re normally making a lot more money, so it’s important to increase your investment contributions,” she said.
Turner said is some cases people can’t depend on Social Security so it’s wise to save for retirement.
“Everybody dreams of those golden years where you can play or not work all the time, and without a retirement strategy you can’t do that,” she said. “You can’t depend on Social Security alone. The government could amend how that’s allotted or say the retirement age is now 75. I mean, it’s never going to go away, but there could always be changes in the law of how it’s distributed. I feel like it’s evolving, like everything else in life. It’s evolving and you can’t depend on it alone.”
She said it’s also important to review your retirement plan to see if the account is on track with set goals.
“You want to always be contributing, always re-evaluating it with your financial advisor and just making sure that you’re going to be able to make those goals,” she said. “When you’re in your 60s and you’re really at that retirement age, you just really want to take a good look at your vision and see that you are where you want to be and to make sure that you have a detailed plan and have your estimated expenses kind of lined out. What you think you’re going to spend monthly and always making sure that you’re taking into account taxes and health care expenses.”
Turner recommends individuals to contribute as much money as they can to their retirement funds.
“It really depends on how much you can afford,” she said. “I recommend going above and beyond that 3 percent. You’re for sure going to get that match from your employer, but if you feel like you could do a couple of hundred dollars more than that then great.”
ᏙᏧᏓᏢᎥᎢ, ᎣᎦᎵᎰᎹ – ᏃᏊᏃ ᏳᏟᎢᎶᏢ ᎠᏑᎵᎪᏍᏗ ᏙᎸᏫᏍᏓᏁᎲ ᎠᏛᏅᎢᏍᏙᏗᎢ, ᏣᎳᎩ ᎠᏰᎵ ᎨᎳ ᎠᎴ Allstate agency ᎤᏬᏢᎯ Amyy Turner ᎠᏗᏍᎬ ᏓᏤᏟ ᎠᎴᏅᏗ ᎥᏓᎨᎯᎨᏍᏗ ᎨᏒ ᏅᏗᎦᎵᏍᏙᏗ ᎡᎵᏊ ᏱᏂᎦ ᏣᎵᏍᏕᎸᏙᏗ ᎾᎯᏳ ᏳᏭᏟᎵᎶᏟ Ꮭ ᎾᏍᎩ ᏱᎦᏣᏂᎬᎬ ᏣᎵᏍᏕᎸᏙᏗ.
ᎾᏍᎩ ᎠᏂᎳᏍᏓᏢ ᏧᏂᎸᏫᏍᏓᏁᏗ ᏚᏳᎪᏛ ᎤᏂᏴᏍᏗ-- ᎨᎦᏒᏱᏗ ᎤᎾᏅᏘ ᎠᏗᏍᎬ ᏅᏗᎦᎵᏍᏙᏗᏍᎬ ᎣᏏ ᎨᏒ ᎠᎴᏅᏗ ᎥᏓᎨᏊ ᎨᏒ ᏱᎦᎫᏍᏓ ᎣᏍᏓ ᎠᎴᏅᏓ.
“ᎢᎦ ᎤᎵᏍᎨᏓ ᎠᎴᏅᏗ ᎾᎿ ᏔᎵᏍᎪᎢᏊ ᏲᏕᏘᏴᏓ, ᏱᏣᏅᏓ ᎢᏳᏍᏗ ᎦᎫᏍᏛᏓ ᎠᎴᏅᏗ ᎤᏛᎾ ᏤᏅᏒ ᏧᏓᎸᏗ, ᎲᏅᏅ,” ᎤᏛᏅᎢ. “ ᎢᎦ ᎤᎵᏍᎨᏗᎢ ᎪᏢᏗ ᎤᏟᏂᎩᏓ ᎦᎫᏍᏓᎢ, ᎠᎴ ᎾᎿ ᎤᏟᏍᏗ ᏗᎬᏙᏗ ᏱᏣᎭ ᏃᏊ ᏯᎴᏅ ᎭᏓᏅᏖᏍᎬ ᏱᏣᏕᎵᎪᏣ ᏕᏣᎸᏫᏍᏓᏁᎲᎢ. ᎠᏎᏃ ᏣᏅᏘ ᎢᏳᎵᏍᏙᏗ ᏣᎲ ᎤᏟᏍᏗ ᏗᎦᎬᏙᏗ ᎢᏳᏃ ᏗᎦᏚᎴᏂ ᏱᏣᏲᏤᎵ.
ᎠᏗᏍᎬ ᎤᏂᎪᏛ ᎠᏂᏴᏫ ᎾᎿ ᏔᎵᏍᎪ ᎢᏧᎾᏕᏘᏴᏓ ᎾᎿ ᎤᏂᏑᎵᎪᏍᏗ ᏚᏂᎸᏫᏍᏓᏁᎲ Ꮟ ”ᎪᎯᏓ ᎤᏓᎷᎳ”.
“ᎤᏂᎪᏓ ᎠᏂᏴᏫ ᎾᎿ ᏔᎵᏍᎪ ᎢᏧᎾᏕᏘᏴᏓ, ᏚᏂᎸᏫᏍᏓᏁᎲ ᎤᏂᎰ 401(k) ᎠᎴ ᏴᏓᎭ IRA (ᎠᏂᏏᏴᏫᎭ ᏙᎢ ᏱᏄᎾᏛᏁᎵ ᏚᏂᎸᏫᏍᏓᏁᎲ ᎤᎾᏛᏅᎢᏍᏙᏗᎢ) ᏳᏑᎵᎪᏣ ᎤᏦᏙᏗ ᏗᎦᏚᎴᏂ, ᎠᎴ ᎾᏍᏊ ᎤᎵᏍᎨᏗ ᎠᏂᏴᏫ ᏙᎯᏳ ᎤᎾᏓᏅᏖᏗ ᎯᎠ ᏳᎾᏛᏗ ᎠᏂᏓᎨᎢᏊ ᎨᏒᎢ. ᎪᎯᏓ Ꮟ ᎤᏓᎷᎳ ᎠᏁᎵᏍᎪ, ᎠᏎᏃ ᎾᏍᎩ ᎢᏳᏍᏗᏓᏂ Ꮭ ᏱᏂᏓᏛᏁᎰ, ᎢᏴᏓᎭ ᎾᏍᎩ ᏂᏚᏍᏛ ᎤᏅᏌ ᎤᏂᏍᎪᎸᏙ ᏯᏛᎾ 3% ᎤᏂᏠᏗ ᎤᏅᏌ ᎤᏠᏯ ᎭᎵᏏᏅᏗᏍᎬᎢ” ᎠᏗᏍᎬᎢ.
ᎠᏗᏍᎬ ᎾᎿ ᎠᏂᏴᏫ ᏅᎩᏍᎪ ᎠᎴ ᎯᎦᏍᎪ ᏱᏄᎾᏕᏘᏴᎭ ᎤᎪᏓ ᎠᏃᏢᏍᎪ ᎠᏕᎳ, ᎤᎵᏍᎨᏓ ᎠᎪᏙᏓ ᎢᎦ ᎠᏃᏣᎴᏍᎬ ᏣᎳᏏᏅᏗᎢ,” ᎠᏗᏍᎬᎢ.
Turner ᎠᏗᏍᎬ ᎢᎦᏓ ᎾᎿ ᎤᎾᎵᏍᎨᏍᏩᏩᏙ Social Security ᎤᎵᏍᎨᏓ ᎠᎵᏏᏅᏙᏗ ᎾᎿ ᏱᏣᏑᎵᎪᏣ ᏕᏣᎸᏫᏍᏓᏁᎲᎢ.
“ᏂᎦᏓ ᎠᏂᏴᏫ ᎠᎾᏓᏅᏖᏍᎪ ᎯᎠ ᎠᏕᎳ ᏗᎶᏂᎨ ᏓᏕᏘᏯ ᎾᎿ ᏂᎪᎯᎸ ᏗᏁᎶᏗ Ꮭ ᏗᎦᎸᏫᏍᏓᏁᏗ, ᎠᎴ ᎠᏑᎵᎪᏍᏗ ᏙᎸᏫᏍᏓᏁᎲ,” ᎠᏗᏍᎬ. ᏝᏃ ᏎᏍᏗ ᎪᏪᎵ ᎠᎾᏓᏈᏴᎡᎲ ᎡᎵᏊ ᏱᏂᎨᎢ. ᎾᏍᎩᏃ ᏩᏥᏂᎡᎵᏊ ᏱᎪᏢᎯᏌ ᎡᎵᏍᏗ ᎾᏃ ᏙᎢ ᎢᏳᎾᏛᏗ ᏚᏂᎸᏫᏍᏓᏁᎲ ᎾᎿ ᎦᎵᏆᏍᎪ ᎯᏍᎩ ᎢᏳᎾᎶᏘᏴᏓ ᎨᎳ. ᏝᏃ ᎢᎸᏢ ᏳᏓᎶᎶᏏ, ᎠᏎᏃ ᏂᎪᎯᎸ ᎠᏓᏁᏟᏴᏍᎨᏍᏗ ᏗᏥᎾᏩᏛᏍᏗ. ᏂᎪᎯᎸ ᏣᏕᏲᎱᎢ ᎡᎵᏍᏗ ᎤᏠᏯ ᎥᎬᏅᎢ. ᏂᎪᎯᎸ ᎠᏕᏲᎰ Ꮭ ᎾᏍᎩ ᏱᎦᏴᎵᏍᎦᏍᏗ ᎤᏩᏌ.”
ᎠᏗᏍᎬ ᎤᎵᏍᎨᏓ ᎢᎸᏢ ᎢᏳᏓᎵ ᎠᎪᎵᏱᏗ ᎾᏍᎩ ᎠᎦᏴᎵ ᎠᏑᎵᎪᏍᏗ ᏗᎦᎸᏫᏍᏓᏁᏗ ᏂᎨᏄᎾ ᏣᏢᏅ ᎪᏪᎵ ᎪᎱᏍᏗ ᎤᏓᏁᏟᏴᏓ ᏱᎩ ᏣᏅᏘ ᎢᏳᎵᏍᏙᏗᎢ.
“ᏂᎪᎯᎸᏃ ᏣᏚᎵᏓ ᏣᎵᏍᎪᎸᏙᏗᎢ, ᏂᎪᎯᎸ ᏣᎪᎸᏱᏗ ᏍᏗᏃᎮᏗ ᏣᏍᏕᎸᎯᏙ ᏣᎧᎲᎢ ᏙᎯᏳ ᏣᏅᏘ ᎢᏳᎵᏍᏙᏗᎢ ᎢᏳᏍᏗ ᏣᏑᏱᏒ ᎠᎴ ᏕᏧᎪᏔᏅᎢ,” ᎠᏗᏍᎬᎢ. “ᎾᏊᏃ ᏑᏓᎵᏍᎪ ᏱᏂᏣᏕᏘᏴ ᏃᏊ ᏯᏓᏅᏖ ᏣᏑᎵᏍᎪᏍᏗ ᏕᏣᎸᏫᏍᏓᏁᎲ, ᏙᎯᏳ ᎣᏍᏓ ᏣᎪᎵᏱᏓ ᎠᎴ ᏣᎪᏩᏛᏗ ᏣᏚᎵᏍᎬ ᏣᏅᏔ ᏂᎦᏓ ᏕᏧᎪᏔᏅ ᏂᎦᏓ ᎣᏍᏓ ᏂᏨᏁᎸᎢ. ᎢᎦ ᏛᏔᏂᏒ ᏒᎾᏙᏓᏆᏍᏗ ᎠᎴ ᏣᎦᏎᏍᏙᏗ ᏂᎦᏓ ᎠᏙᏣᎴᏍᎩ ᎠᏠᏯᏍᏛ ᎠᎴ ᏙᎯ ᎮᎲᎢ ᏣᏈᏴᏔᏂᏓᏍᏗ.” Turner ᎠᏑᏱᏍᎬ ᎠᏂᏏᏴᏫᎭ ᎤᎾᎵᏍᎪᎸᏙᏗ ᎢᎦ ᏄᏂᏤᎲ ᎾᎿ ᏳᏂᏑᎵᎪᏣ ᏚᏂᎧᏫᏍᏓᏁᎲᎢ ᎤᏅᏙᏗ.
“ᏙᎯᏳᏃ ᎠᎦᏎᏍᏙᏗ ᎢᎦ ᎡᎵᏊ ᎾᏛᏁᎲᎢ,Ꮰ ᎠᏗᏍᎬᎢ. “ᎦᏑᏰᏍᎪ ᎦᎸᎳᏗᏢ ᏣᏑᏰᏍᏗ ᎾᏃ ᏦᎢ%. ᎾᏍᎩ ᏣᏅᏔ ᎤᏠᏯ ᏂᏛᏛᏁᎵᏒ ᏧᎧᏍᏟ, ᎠᏎᏃ ᏱᏣᏚᎵ ᏔᎵᎭ ᎢᏕᎸ ᏗᏥᏯᏍᏗ ᎾᏍᎩ ᎣᏍᏓ ᏱᎩ.”