Kids’ winter reading program

There’s a new reason to love your library this February! Children from birth to fifth grade are invited to have some reading fun with Chill Out and Read, LaPorte County Public Library’s first system-wide winter reading program.

Kids in grades K-5 are welcome to stop by any of the library’s eight locations each week to pick up a bookmark filled with easy activities. They then complete seven of the activities and return the bookmark to the library to select a special treat. There’s new bookmark each week, and anyone finishing all four bookmarks will receive a book to keep AND a book for their classroom.

For little ones who are not yet in school, there is a calendar of activities. Parents or caregivers simply complete 14 of the activities throughout the month and their child will receive a board book of their choice.

Chill Out and Read is made possible through a grant from the LaPorte Literacy Council and the Unity Foundation, as well as funding from Friends of the Library.

Public workshop meetings

The library will host five public workshop meetings to gather input from the community about the library’s budget issues.

Meeting schedule:

– Tuesday, Feb. 14, 6:30 to 8 p.m., South Central School

– Wednesday, Feb. 15, 6:30 to 8 p.m., Rolling Prairie Elementary School

– Friday, Feb. 17, 8 to 9:30 a.m., LaPorte library

– Tuesday, Feb. 21, 6:30 to 8 p.m., LaPorte library

– Saturday, Feb. 25, 10 to 11:30 a.m., Coolspring library branch

Input will be sought to discuss issues relating to the library’s structure, organization and financing, and to receive and consider proposals from the public to address these issues. All the meetings will be conducted by an outside facilitator.

An online survey will be created as an opportunity for people who cannot attend a meeting, to offer their thoughts on issues relating to the library’s structure, organization and financing. It will contain both the summary report from Umbaugh and Associates and the same questions as the meetings.

Geeks of the Week

Have you visited the library’s website lately? If so, perhaps you have recognized some of the local people who are featured as the Geek of the Week.

In addition to seeing a variety of people from the community, you can read about what they geek (are interested in.) Visit www.laportelibrary.org every week to see who appears!

Library and YMCA team up

LaPorte County Public Library and the YMCA are teaming up on Wednesday afternoons at the Y’s Youth Activity Center. The center is open Monday through Friday between 3 and 7 p.m. for students ages 11 to 18. It’s free!

Each Wednesday, library staff will host after-school activities. Participants play games, do crafts, make movies and more. So if you’re looking for something to do after school, come to the Y!

Free tech help

You can get free help from the IT professionals at the LaPorte library:

– Social Networking & Employment — Tuesday, Feb. 7, 1 to 2:30 p.m. Learn how to use online sites such as LinkedIn, Monster Jobs and Indeed.com to find employment opportunities.

– Borrowing eBooks from Your Library — Tuesday, March 6, 5 to 6:30 p.m. Learn how to download free eBooks from the library onto your Kindle, Nook, smart phone, laptops and other devices. Bring your device with you or just come and soak up the information.

To register for either class, please call the computer lab at 219-325-7128.

Great Backyard Bird Count

On Saturday, Feb. 11, at the LaPorte library from 10 a.m. to noon, our friends from the Potawatomi Audubon Society will be back to educate and inform us about local birds. Make a pine cone bird feeder and drink apple cider!

LISA NIELSEN is marketing coordinator for LaPorte County Public Library.

The "three amigos" -- Don Tonsoni, Steve King and Greg Fruth -- stand outside the LaCrosse High School Gymnasium.

Story and photos by Mike Kellems

(Click on photos to enlarge)

The Jan. 27, 2012, south-county rivalry between South Central and LaCrosse not only delivered an exciting basketball game in a backdrop that was made for Hoosier basketball, it was the scene of a reunion of former LaCrosse teachers, a couple of D.A.R.E. officers, and an alumnus.

For those who have never been, the LaCrosse gymnasium — and the school, for that matter — look like they’re straight out of “Hoosiers.” The LaCrosse gym is a twin to the gym used in the movie. Legend has it that the LaCrosse gym was scouted for the movie, but wasn’t used because it didn’t have a parquet floor. (It does now!)

Walk through these doors and you'll step back in time ...

When you walk in the front door of the gym, take six tiny steps and you’re under the basket. The basket on the opposite side is just a few steps from a stage. The seating consists of six rows on each side. The capacity is just over 700; at Friday night’s game, the crowd was estimated at over 900. Not bad for a town whose population is around 600.

When you walk through those double doors, you take a step back in time. The place reeks of nostalgia. Until this school year, the school was still run by the township trustee, one of only two in Indiana not incorporated. The other unincorporated school in Indiana? Wanatah.

For the past few years a group of LaPorteans with ties to the tiny town near the southern tip of LaPorte County have talked about going to see a ballgame. The biannual game on Jan. 27 offered the opportunity. Greg Fruth, a longtime LaPorte High teacher (now retired), taught at LaCrosse in the 1970s and coordinated the reunion along with Norm Kleist, LaCrosse’s superintendent. Greg was joined by former 1970s LaCrosse teachers Don Tonsoni (currently LaPorte’s attendance officer) and retired LaPorte County Judge Steve King. Myself and John Boyd, both veteran officers of the LaPorte County Sheriff’s Department, taught elementary and high school Drug Abuse Resistance Education (D.A.R.E.) programs in the 1990s. To round out the group, Judge Richard Stalbrink, who replaced Judge King in LaPorte County Superior Court 2 and is a 1986 LaCrosse graduate, came along.

Not only did we have an opportunity to see a great ballgame, the prinicipal left the school doors unlocked — which afforded us a great chance to take a walk down memory lane. Judge King and Don Tonsoni walked us through their old classroom on the second floor; they joked that while at LaCrosse they were the “co-chairs” of the social studies department. (The inside joke was that they were also the only two teachers in that department!) Up on the fourth floor, better known as the Crow’s Nest, Judge Stalbrink discovered a box full of old record books and found the score book from his senior year on the basketball team.

I have to admit, it was a great history lesson as the tour came to a stop on the second floor and the group started rehashing memories of the old days; the names of the principals, teachers and staff, where they were now, how they came to teach at LaCrosse. And boy, has the world changed. We spent the better part of an hour touring and chatting; it turned out to be one of the best lessons I’ve ever had in a school building.

The basketball season is winding down, with only a few more weeks before the sectionals start. If you are any kind of fan of the game … if you have any love for history … if you want a great night of nostalgia and Hoosier Hysteria … don’t waste any time. Get to the LaCrosse Gym soon.

MIKE KELLEMS is a sergeant in the LaPorte County Sheriff’s Department, liaison officer at LaPorte High School, and a LaPorte School Board member.

Superintendent of Schools Norm Kleist (left) stands with Don Tonsoni, Steve King and Greg Fruth in LaCrosse High School.

Judge Richard Stalbrink (yellow shirt) shows Judge Steve King the basketball scorebook from his senior year at LaCrosse.

]]> http://www.whatsnewlaporte.com/2012/01/31/alums-thrive-on-hoosier-hysteria-lacrosse-style/feed/ 2 http://www.whatsnewlaporte.com/2011/12/31/happy-new-year-from-wnlp/ http://www.whatsnewlaporte.com/2011/12/31/happy-new-year-from-wnlp/#comments Sun, 01 Jan 2012 01:08:30 +0000 Staff http://www.whatsnewlaporte.com/?p=28557

WNLP photographer Dennis Proud captured the scene at LaPorte's annual Memorial Day ceremony in Fox Park.

(CLICK ON PHOTOS TO ENLARGE)

As “What’s New, LaPorte?” prepares to bring you another year’s worth of local news, images and events, we pause on this New Year holiday to bring you some of our favorite images from 2011 taken by our faithful photographers, Dennis Proud and Mike Kellems, as well as you, our readers. Thank you for inviting WNLP into your homes and workplaces in 2011, and we look forward to a fun 2012.

Mike Kellems took this photo of a Springfield Township firefighter battling a blaze that took down the abandoned Midway Motel on Aug. 11, 2011.

Jon Burger sent us this photo of a desolate-looking Jefferson Avenue during a blizzard.

All the action of a calf ropin' is frozen in time by Dennis Proud during a junior rodeo at the LaPorte County Fairgrounds in June 2011.

Mortarboards fly during the LaPorte High School Class of 2011 graduation. Photo by Mike Kellems

Marie Mareska captured the LaPorte County Fair at sunset.

Judges carefully monitor an entrant in the unusual 4-H category of goat jumping during the LaPorte County Fair. Photo by Dennis Proud

Slicer Josh Fleming goes up under the basket for 2 in a 2011 game. Photo by Mike Kellems

Ben the dog keeps Jim Forrester company as he digs out after a heavy snowfall. Photo by Chris Forrester

The blackboard chalks up the totals on Election Night to show that Blair Milo will be the new mayor of LaPorte. Photo by Dennis Proud

A hawk lands on a utility line with perhaps a tasty morsel in its talons. Photo by Mike Kellems

Sharon Goodman took this serene photo of a swan and a deer contemplating one another.

1. Nobody cares more about your money than you. Much of the financial service industry is broken. Corporate greed continues to dispense big bonuses, and advisor greed continues to prey on the trust of individual investors, as evidenced by the recent headline from Reuters’ “Wells Fargo Investments, LLC Fined $2 Million for Unsuitable Sales to the Elderly.” Investors need accountability for their investments and retirement by demanding 100% transparency from their advisors. Trust is great, but seeing is believing when it comes to your money.

2. Political dysfunction is robbing your retirement. After a year of political wrangling, the stock market is right where it began. Even as I write, the arm-crossed rhetoric of Washington and the eyes-wide-shut attitudes of Europe continue to drive “the markets.” The buy, hold and hope habits of long-term investors must change to: Buy what you know and know when to sell. Don’t invest in “the market.” Instead, gain ownership in solid companies that have proven track records of paying (and increasing) dividends.

3. Change is the new “normal.” Without change, a baby boomer would sit in front of a black and white TV, watching one of five channels, and waiting for a neighbor to get off the party line so he could call a friend. Investors can’t wait for interest rates to return to the double digits of the ’80s or for the next tech-bubble to push the markets higher. Individuals must create investment plans based on today’s realities.

So, as we turn the page to 2012, enjoy personal memories — but to the markets, say: “Lessons learned.”

IN ADDITION to being President and Senior Advisor of LaPorte-based Osborn Wealth Management, Drummond Osborn, CFP, is also a self-proclaimed retirement activist. As his firm focuses on conservative portfolio management and values-based retirement planning, he and his partner continue their personal crusades to educate and enlighten individuals on preparing for and enjoying retirement. For questions/comments, contact him at 1-800-889-7401 or at Drummond@OsbornWealthManagement.com.

An advertisement showing Dr. S.B. Collins' LaPorte building and testimonies for his opium addiction "cure." (Courtesy antiquemedicines.com)

(Click on photos to enlarge)

We’re bombarded these days by infomercials and advertisements hawking over-the-counter “medications” that will supposedly cure everything from hot flashes to hair loss. Think this is a new thing? Then you don’t know about “Doctor” S.B. Collins of LaPorte.

Samuel B. Collins was born in Darke County, Ohio, in 1835. His family moved to Indiana, first to Dearborn County and then to Wabash County in 1843. Samuel followed in the footsteps of his father, who was a brick mason. It is believed the Collins family came to LaPorte because a sister and brother of Samuel’s father lived here.

In September 1859 in LaPorte County, Samuel married Josephine Drollinger. They had three children, but their marriage was rocky. Nevertheless, Josephine, along with a trusted employee, W.S. George, worked with Collins to develop his cure for opium addiction.

In 1868 Collins announced his “Dr. S.B. Collins Painless Cure from your Opium Habit.” The elixir was “recommended by the Medical Facility,” according to advertisements. Morphine, an extract of opium, was commonly used during the Civil War as a painkiller. Many soldiers who suffered battle injuries became addicted to it, and morphine addiction became known as “Soldiers’ Disease.”

Collins never had any medical training, but referred to himself as a “Spirit Physician.” He said the opium cure came to him in a dream. In 1870, he published a 100-page pamphlet entitled “Theriaki and Their Last Dose.” Published in Chicago, it contained testimonials of the numerous “cured” individuals who had used Collins’ concoction.

In November 1871, Collins announced the construction of a new building, which was located on the west side of East Main Street (now Michigan Avenue) and north of the post office at that time. A.P. Andrew Jr. and Sons, Bankers, was located on the lower level of this building for a short time. The building was called a “marble front” and on the facade was the name “Doct. S.B. Collins.” Collins occupied the two upper floors, where he manufactured and shipped his antidote. The masonry block bearing his name from that building is now permanently on display on the lower level of the LaPorte County Historical Society Museum.

Based on all evidence collected, Collins was quite a ladies’ man. During his marriage to Josephine, he became acquainted with Caradora (Andrew) Gregory, the daughter of Abraham Piatt Jr. and Viola (Armstrong) Andrew; Abraham was the son of one of the founders of LaPorte. Caradora was married to Samuel Oscar Gregory and they had one child. Samuel Gregory divorced Caradora in June of 1872 and she was allowed to resume her maiden name of Caradora Floretta Andrew. Josephine divorced Collins in December 1873. By Feb. 9, 1874, Caradora and Collins were married.

Juicy headlines, 1870s-style

The media was silent about Collins’ personal activities until February 1874, when a story headlined “The Latest Sensation — A Local Scandal and a History” was published, detailing his activities and his divorce from Josephine and marriage to Caradora. The public was so stirred up, it “culminated in burning Collins and his wife in effigy in the street in front of his office.”

In January 1875, Josephine commenced the manufacture of the opium habit cure. It was reported that “she is a worthy woman and clearly entitled to the support of the public, she will be almost certain to succeed.” Collins applied for an injunction to prevent her and W.F. George from making the “antidote.” It was later reported that “Josephine beat Collins” in the injunction suit and she had the right to use the names of all his patients. Following this, Josephine issued a scathing circular entitled “In Self Defense” to vindicate herself against the charges issued and circulated by Collins. The Argus newspaper reported that it kept some “for us to look at and to show the ‘Doctor’s’ friends.”

Caradora died in August 1880, perhaps from complications of the birth of a child born in July of that year.

A libel case filed by Collins against Josephine was finally settled in March 1881, with a verdict favorable to Josephine. The trial lasted two days and the courtroom was packed.

On May 3, 1881, Collins married Sadie Bearup in Elkhart.

By 1889, Collins had started work on a telephone invention, which he reported would be patented soon. In February 1890, Collins purchased a house in Chicago and moved there. It was the general opinion that he’d been involved in some local squabbling and that led to his move.

Finally, on Nov. 1, 1893, it was reported locally: “Dreamt Himself Rich. Collins is dead. Believer in spiritualism and entered at once upon this branch of the medical profession. From brick mason to doctor.”

According to the husband of one of Caradora’s descendants: “There are some who have said that his opium ‘cure’ was nothing more than a liquid containing opium, and it is reasonable to assume, that being the case, that his ‘patients’ did, indeed, feel better after a dosage.”

FERN EDDY SCHULTZ is LaPorte County’s official Historian. To learn more about S.B. Collins and a host of other local history subjects, visit the LaPorte County Historical Society Museum and its website, www.laportecountyhistory.org.

An ad touting Collins' "painless antidote." (Courtesy antiquemedicines.com)

A lone tree silhouetted against a sapphire sky in rural Scipio Township.

Photos by Mike Kellems

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Photographer Mike Kellems takes time to chronicle the beautiful scenes he encounters as he travels the county. Here are some examples.

Oak leaves hold on tightly before falling to the ground south of Union Mills.

On a calm afternoon at La Lumiere School in rural Springfield Township.

Corn ready to be harvested as the sun sets in Hanna Township north of U.S. 30.

A ripple of water works its way across a private pond on CR 900 N near Ind. 39.

How’s this for an uplifting topic on a Monday? There is never a great time to answer the question, “What will happen to my retirement savings when I die?” It’s a question folks prefer to put on the “To Do” list for tomorrow. But tomorrow never comes because when tomorrow becomes today, then tomorrow is still a day away. So, let’s all commit to making today our tomorrow.

The power of one page

When you enrolled in your 401(k) or opened your IRA, a Beneficiary Form was part of the pile of paper. And you undoubtedly filled it out. But do you remember what it says? And is it still current? Since you originally completed that form, have you been married or divorced, added children to your family or maybe lost a named beneficiary to death? What if something happened to you today and your Beneficiary Form still names a spouse you divorced two years ago? Your Beneficiary Form gives you power to speak from the grave. So, make sure your voice can be heard clearly.

How to beat Uncle Sam

You may not have written his name on the form, but Uncle Sam is a beneficiary of most every 401(k) and IRA account. For a while, your contributions and earnings have grown tax free. Those dollars are taxed when you spend them or when you die and your beneficiary spends them. Unless … you give those dollars to charity. If you are charitably minded, you’ll want to consider donating some or all of your accumulated retirement funds to charity. As a qualifying charity, the entity (church, hospital, college, community foundation, etc.) is exempt from paying taxes.

Make it personal

No matter how big or how small my paychecks have been, I have always made charitable giving to my community a priority. So, when I’m no longer able to write those regular checks, I can still make one final donation, upon my death. I’ve designated 10% of my retirement funds to support local causes, knowing that 90% is still going to my family. Does my family feel robbed of 10% of their inheritance? Absolutely not. They know that the one thin dime off each dollar is leaving a legacy for their community generations into the future.

That’s how to add real power to a simple page of paper.

And you thought the Beneficiary Form was just another sheet in that pile of paper.

D. DRUMMOND OSBORN, CFP, CTFA, is President & Senior Advisor of OSBORN Wealth Management, a fee-only registered investment advisory firm, and Co-Founder of RetirementProject.org. For 25 years, Drummond has provided clients with expert investment and retirement planning advice. His wisdom has been quoted by CNBC.com, USA Today Weekend, and BankRate.com, and his insight has been sought for numerous workshops and speaking engagements. E-mail him at Drummond@OsbornWealthManagement.com.

With National Save for Retirement Week coming to an end, here’s what some readers want to know:

Q: Is a Roth 401(k) better than my regular 401(k)?

A: While it’s tough to avoid paying taxes (at least legally), sometimes you have a choice to pay taxes now or pay taxes later. A 401(k) plan that offers both Roth 401(k) and traditional 401(k) deferrals gives you that option. Traditional thinking suggests that one’s tax rate will be lower in retirement. But with tax rates near historic lows, that may not be the case. By making Roth-type contributions to your 401(k) plan, you won’t be lowering your current tax bill, but your contributions will grow and be distributed tax-free. When you ultimately separate service from your company, you can transfer your Roth 401(k) balance to a Roth IRA, which will continue to grow and be distributed tax-free. And unlike a traditional IRA, your Roth will not be subject to Required Minimum Distributions at age 70 1/2.

Q: I’ve looked at the investments in my 401(k), and none of them are very good. Should I just skip contributing to my 401(k)?

A: Stop contributing? Only if you plan never to retire. Short of that, there are several ways to approach a bad menu of investment options:

1) See if your plan has an in-service withdrawal provision. Many plans will allow individuals who meet certain age and service requirements to withdraw funds without separating service. If you qualify for such a provision, consider periodically rolling your accumulated balance to a brokerage IRA, where you can continue tax-favored investing with an unlimited menu of options.

2) Select the best of the bad. Even if the investments are mediocre, a 401(k) plan provides a structured system for saving (which is always good), provides tax-favored savings and/or growth (which is always nice), and may even provide free money in the form of a matching employer contribution (free is unbeatable). To help lessen the impact of those poor investments, look at the 401(k) investments in the context of your total net worth and maybe concentrate your entire 401(k) balance into one asset class. When viewed in a bubble, one would never invest everything in one fund. But when taken in the context of your entire net worth, your 401(k)’s allocation to that one fund is not inappropriately high.

3) Share (in a professional way) your concerns with your company’s plan administrator. Do your homework beforehand and have specific suggestions. Many plan providers now offer a brokerage option, which if added to any plan, creates access to the world of investing.

D. DRUMMOND OSBORN, CFP, CTFA, is President & Senior Advisor of OSBORN Wealth Management, a fee-only registered investment advisory firm, and Co-Founder of RetirementProject.org. For 25 years, Drummond has provided clients with expert investment and retirement planning advice. His wisdom has been quoted by CNBC.com, USA Today Weekend, and BankRate.com, and his insight has been sought for numerous workshops and speaking engagements. E-mail him at Drummond@OsbornWealthManagement.com.

When it comes to investing your IRA, the world is your oyster and the options are almost limitless. When it comes to investing your 401(k), it’s a very different story. It’s like allowing your spouse to choose his or her favorite restaurant and you’re stuck with finding something tasty on the menu: You have no choice but to make the best of the situation.

The typical 401(k) menu offers an investment fare of 18 choices; 3 bond funds, 2 large-cap funds, 2 mid-cap funds, 2 small-cap funds, 2 international stock funds and 7 lifestyle or target-date funds. There is no dessert (retirement) menu for a 401(k), as investors are on their own after the main course of employment.

So, how do you choose?

1. Begin by taking the Risk Quiz, available with every retirement plan under the sun. The quiz can be surprisingly helpful in identifying your risk tolerance, and will typically guide you to your allocation between stocks, bonds and cash.

2. Decide what type of investor you are. Are you interested in picking your own individual funds or do you want someone to do it for you? In other words, will you snuggle up with the Wall Street Journal on Sunday, or will you kick back with the funny pages for a nap in the sun? If you’re a hands-off-Sunday-nap type of investor, match your Risk Quiz results with the appropriate lifestyle/target date fund and enjoy the zzzzzz’s. Your investment is on auto-pilot (though you still need to pay attention). If you enjoy reading a Sunday paper that has no comics (OK, the Wall Street Journal does have one cartoon), then use your Risk Quiz results as a foundation for building a portfolio of funds.

Selecting individual funds is about studying the performance, expenses and portfolios of the choices in each category – compare large-cap funds to large-cap funds, bond funds to bond funds, etc. You’ll also need to understand if the current economic environments favor large-cap growth over large-cap value funds, or intermediate government bonds over high-yield corporate bonds.

3. When in doubt, select the lower cost option. Investment choices should never be driven on cost alone, but if all things are equal, let cost decide. Why? Because cost comes right off the top before investors see any return – lower cost equals less off the top.

4. So, what should you invest? Before the regulators lock me up, “the following is offered as general investor education, and should not be construed as a specific recommendation or advice.” Having said that, for an investor with a Moderate Risk profile, consider 30% large-cap value (we like dividend paying stocks), 10% large-cap growth, 10% mid-cap growth, 15% international growth, 20% core-bonds, and 15% high-yield bonds (but watch those high-yield bonds if rates start to rise). Investment indigestion will likely occur if you don’t pay attention to what you’ve ordered off the menu.

So, when Sunday afternoon comes around, make sure to read the business section before you pick up the comics. (Of course, this assumes you’ve already read the sports section while eating your Coco Puffs — the only real choice on the breakfast menu).

D. DRUMMOND OSBORN, CFP, CTFA, is President & Senior Advisor of OSBORN Wealth Management, a fee-only registered investment advisory firm, and Co-Founder of RetirementProject.org. For 25 years, Drummond has provided clients with expert investment and retirement planning advice. His wisdom has been quoted by CNBC.com, USA Today Weekend, and BankRate.com, and his insight has been sought for numerous workshops and speaking engagements. Have a question? Send Drummond an e-mail and he’ll try to give you an answer in this very space on Friday: Drummond@OsbornWealthManagement.com.

Let’s get right to it: The answer is 10%. That’s what you wanted to know, isn’t it? After all, the age-old rule of thumb has always told us that. Of course, the age-old rule assumed a monthly Social Security check, and was predicated on average market returns during and after one’s working years.

BUT …

Sizable Social Security checks may be interrupted by job changes. And historical averages for interest rates and stock market returns haven’t been so average lately.

So, how much should one really save for retirement? It’s not such an easy answer.

Asking “How much should I save for retirement?” is akin to asking “How much should I save for a car?” The “How much” depends on the kind of car you want to drive or the type of retirement you want to live. So, begin with the end in mind. Envision your retirement. Who knows what retirement will really cost in 20 years?

So just assume you’re retired today. (Congratulations on your retirement!) And contrary to another rule of thumb, assume you’ll spend just as much in retirement as you do today. You might not have a mortgage in retirement, but you might start traveling more. And the health insurance you received while working will come out of your own pocket. You get the idea. In retirement you won’t spend less — you’ll just spend differently.

Click for your personal answer

If you’re a do-it-yourselfer, you can get a good estimate of your retirement nest-egg needs by following this link to the CNN Money website: http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner_101.jsp

It’s simple and quick, and allows you to punch in your own variables. If you’re currently participating in a 401k, then check out your plan’s website, as most have similar calculators. If you’re not comfortable with point and click, contact a local fee-only advisor who will charge you a flat or hourly fee to run the numbers for you. Until you know how much you’ll need, you’ll have no idea how much you need to save.

Save early, save often, save automatically

So, what did you learn with the calculators? Does the number seem high and out of reach? That’s OK. It’s your number. Now, with that number clearly in your mind, begin saving early and saving often. Get to the point where you’re putting 15-20% of your pay away for retirement. Be sure to count employer contributions toward that number. Don’t assume your saving or investing habits will be consistent between now and retirement. Because I guarantee: Things will change.

Save early and save often to reach that nest-egg number as quickly as you can. Most 401k plans can help you with features that allow you to automatically increase your savings rate every year. So if deep soul-searching indicates you can only save 2% today (everyone can save 2%), then proudly start with 2%. At the same time, enroll in the auto-increase feature of your plan to have that savings rate increase by another 2% every year, until you reach 20% of pay.

“Saving,” by definition, is simply doing without today in order to have something tomorrow. It’s about making tough choices.

So, how much should you save for retirement? You tell me. After all, it’s your retirement.

THURSDAY: Finding the specials on your retirement investment menu.

D. DRUMMOND OSBORN, CFP, CTFA, is President & Senior Advisor of OSBORN Wealth Management, a fee-only registered investment advisory firm, and Co-Founder of RetirementProject.org. For 25 years, Drummond has provided clients with expert investment and retirement planning advice. His wisdom has been quoted by CNBC.com, USA Today Weekend, and BankRate.com, and his insight has been sought for numerous workshops and speaking engagements. Have a question? Send Drummond an e-mail and he’ll try to give you an answer in this very space on Friday: Drummond@OsbornWealthManagement.com.