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SALT LAKE CITY — Sgt. Todd Royce was hired by the Utah Highway Patrol when he was 22 years old.
He has worked at the state Capitol and on the road.
"Now I'm working public affairs for the Highways Patrol, but as of last October I hit my 20 years," he said.
Which means technically he is eligible to retire.
"When you hire on with the state or with the Utah Highway Patrol, they start a pension for you," Royce said.
It's the kind of pension your parents or grandparents had. Royce can retire with about 50 percent of his annual salary.
"Fifty percent of a little bit is even a little bit littler than that," he said.
But most recommend 80 percent of your salary for retirement.
"I'm looking to supplement that with a 401K and a Roth IRA," Royce said.
An AARP survey found that 25 percent of Utahns have a traditional pension plan like Sgt. Royce. Sixty-five percent have a defined contribution plan.
The survey also found that 21 percent of Utahns do not have access to any workplace retirement savings.
Chad Waddoups, with Mountain America Credit Union, said the most important thing, no matter what your situation, is to start saving as soon as you can.
For most people, the 40s are the beginning of their peak earning years. Which should give you time and resources to pay down some of that debt.
–Chad Waddoups, Mountain America Credit Union
"The most important thing you have on your side in terms of planning for retirement is time," he said.
Waddoups also has three tips for 40-year-olds planning for retirement.
Step 1: Have good cash management
That means spending less than you make.
"For most people, the 40s are the beginning of their peak earning years," Waddoups said. "Which should give you time and resources to pay down some of that debt."
He said budgeting is very important to meet those goals.
"Make a little sacrifice now for a larger payoff later," he said. "And that's a hard thing to do."
Step 2: Maximize your contributions
"There are limits to what you can contribute to a 401K, there are limits to what you can contribute to an IRA," he said. "If possible, max those out."
This year, those max contributions are $18,000 annually for a 401K, and $5,500 in an IRA.
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Retirement: Tips for your 30s
LEHI &mdahsh; Whitney Ingram is 31 and her husband, Ethan, is 34. They are a young family with three children: Jack, Van and Violet. They also own a company called Rockwell Catering. "Food is our life," Ingram said. Being self-employed made retirement planning a bit more difficult for the couple."That could be a stretch for a lot of people, but I say contribute as much as you possibly can and your retirement savings will be in a much better place," Waddoups said.
Step 3: Get some help
"It's a good time to start building a relationship with a trusted financial adviser, someone who can stay with you throughout the rest of your working years and into your retirement years," he said.
A little guidance he said, can get you on the right path.
Royce has followed much of Waddoups' advice.
"I kind of do what everyone says to do, make sure you get a nest egg set up," he said.
Because of his planning and discussions about the future, he feels pretty confident about his retirement.
"I'm the type of guy that would throw a fly fishing pole in the back of my truck and a tank of gas and I'm just fine with that," he said.
His father, who served for 29 years in the Utah Highway Patrol, gave Royce some advice.
"One you'll never be rich, he said. But if you budget your money, you'll always have enough to get by. And that was good enough for me," he said.
