Estimated read time: 2-3 minutes
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Coco Warner ReportingWhen the government created Social Security in the 1930's, a person was only expected to live to 65.
Now, the age we retire is practically considered middle-aged, which means planning for your retirement is even more important.
We're improving the quality of our lives this month and today she's helping with our retirement.
This story really is for everybody because you need to start thinking about your retirement beginning in your 20's, and be saving and planning in the following decades. And now that our life expectancy has increased, a good retirement plan is crucial to handle long term healthcare.
Fred Ball/Zions Bank: "Pay yourself first. Put something away, even if it's just a miniscule amount, but start in your 20's and, of course, that could increase as you go along."
It's difficult to think about the future, when your own future is just getting started. But time really is on your side when you are young.
Fred Ball/Zions Bank: "With the magic of compound interest, that money is working for you while you're still working."
And Fred Ball's strongest recommendation is to invest in your company's 401K plan if offered, an idea that has paid off for Gary Blake, who retired five years ago.
Gary Blake: "So every time I had an opportunity in any employers to get into a retirement program they had, I made sure I got into that."
Gary uses a computer program to keep track of his finances. He also followed expert advice by becoming more conservative in his investments as he got older. And good medical coverage has paid off.
Gary Blake: "We've had sudden surprises medically, you know, had we not had that medical insurance, we would have been in pretty difficult financial straights."
Coco Warner/Eyewitness News: "And lessons about retirement are something the Blakes hope to pass on to their children and grandchildren."
Gary Blake: "I lecture our children a lot. I say while you're young, get started. You've got time on your side. Invest, plan, you know, take advantage of every opportunity."
And don't be afraid to ask for help. A good financial planner, brokerage firm, accountant or attorney can be invaluable.
Fred Ball/Zions Bank: "This is critically important to you, so get some good input, good feedback. I don't think you should do it alone."
Your bank can also help.
And to help you get your finances in order, Zions Bank and KSL 5 will pay off your month's debt. Add up your monthly expenses... credit cards, mortgage, car loans, personal loans. And send us the total along with your information... name, address, phone number, and your date of birth... to contests@ksl.com.
You have until the end of today to submit your entry. Then we randomly select a winner. We'll annouce the winner tomorrow.
