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Time to observe Save for Retirement Week
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Oct.21-27 is National Save for Retirement Week, established by Congress to remind Americans of the importance of — you guessed it — saving for retirement. So why not mark the occasion by considering ways in which you can boost your own financial resources for those years in which you’re officially a “retiree”?

If you’re somewhat concerned about your financial prospects during retirement, you’re not alone. Check out a few of the findings from the Employee Benefit Research Institute’s 2012 Retirement Confidence Survey:

• Just 14 percent of workers are very confident they will have enough money to live comfortably in retirement.

• Sixty percent of workers report that the total value of their household’s savings and investment, excluding the value of their primary home and any defined benefit plans, is less than $25,000.

• More than half of workers report that they and/or their spouse have not tried to calculate how much money they will need to live comfortably in retirement.

In these challenging economic times, it can be challenging to pay your living expenses and still have money left over to save for retirement. But you can take some steps to help your cause. Here are a few to consider:

• Pay yourself first. Every time you get paid, move some money — even if it’s only a small amount — from your checking or savings account into an investment. Make it easier on yourself by having your bank move the money automatically.

• Boost your 401(k) contributions. Whenever you salary goes up, increase your 401(k) contributions. Your money can grow on a tax-deferred basis, which means it can accumulate faster than if it were placed in an investment on which you paid taxes every year.

• “Max out” on your IRA. Even if you have a 401(k), you’re probably still eligible to contribute to an IRA — and you should. A traditional IRA can grow tax deferred, while a Roth IRA’s earnings are tax-free, provided you’ve had your account at least five years and you don’t start taking withdrawals until you’re at least 59½. For 2012, you can contribute up to $5,000 to your IRA, or $6,000 if you’re 50 or older.

• Control your debts. It’s never easy, but try to reduce your debts as much as possible. The less money you need to devote to debt payments, the more you can add to your investments.

• Build an emergency fund. Try to build an emergency fund containing six to 12 months’ worth of living expenses, kept in a liquid account. This fund can help you avoid dipping into your retirement accounts to help pay for unexpected costs, such as a big doctor’s bill, a new furnace or a costly car repairs.

• Create a retirement income strategy. It’s important to project your living expenses during retirement. Then, once you have at least a good estimate, you can create a long-term strategy — involving your investments, retirement accounts, Social Security benefits and all other financial resources — to help you achieve the retirement income you will need. To calculate these figures and develop such a strategy, you may want to work with a financial advisor.

National Save for Retirement Week will come and go quickly. But your retirement could last for decades — so do everything you can to prepare yourself.

This article was written by Edward Jones for use by Laura Evans, Edward Jones financial adviser of Richmond Hill.

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Record April boosts Savannah's container trade at port
GardenCityTerminal
The Port of Savannah moved 356,700 20-foot equivalent container units in April, an increase of 7.1 percent. - photo by Provided

The Georgia Ports Authority's busiest April ever pushed its fiscal year-to-date totals to more than 3.4 million 20-foot equivalent container units (TEUs), an increase of 8.8 percent, or 280,000 TEUs, compared to the first 10 months of fiscal 2017.

"We're on track to move more than 300,000 TEUs in every month of the fiscal year, which will be a first for the authority," said GPA Executive Director Griff Lynch. "We're also anticipating this to be the first fiscal year for the Port of Savannah to handle more than 4 million TEUs."

April volumes reached 356,700 20-foot equivalent container units, up 7.1 percent or 23,700 units. As the fastest growing containerport in the nation, the Port of Savannah has achieved a compound annual growth rate of more than 5 percent a year over the past decade.

"As reported in the recent economic impact study by UGA's Terry College of Business, trade through Georgia's deepwater ports translates into jobs, higher incomes and greater productivity," said GPA Board Chairman Jimmy Allgood. "In every region of Georgia, employers rely on the ports of Savannah and Brunswick to help them become more competitive on the global stage."

To strengthen the Port of Savannah's ability to support the state's future economic growth, the GPA Board approved $66 million in terminal upgrades, including $24 million for the purchase of 10 additional rubber-tired gantry cranes.  

"The authority is committed to building additional capacity ahead of demand to ensure the Port of Savannah remains a trusted link in the supply chain serving Georgia and the Southeast," Lynch said.

The crane purchase will bring the fleet at Garden City Terminal to 156 RTGs. The new cranes will support three new container rows, which the board approved in March. The additional container rows will increase annual capacity at the Port of Savannah by 150,000 TEUs.

The RTGs will work over stacks that are five containers high and six deep, with a truck lane running alongside the stacks. Capable of running on electricity, the cranes will have a lift capacity of 50 metric tons.

The cranes will arrive in two batches of five in the first and second quarters of calendar year 2019.

 Also at Monday's meeting, the GPA Board elected its officers, with Jimmy Allgood as chairman, Will McKnight taking the position of vice chairman and Joel Wooten elected as the next secretary/treasurer.

For more information, visit gaports.com, or contact GPA Senior Director of Corporate Communications Robert Morris at (912) 964-3855 or rmorris@gaports.com.

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