A windy park might seem an odd choice to talk retirement, but being out in nature is what Deanna Smith wants to do more of in retirement.
"It's so peaceful for me, just the different colors and different animals and things like that," said Deanna Smith. "It's beautiful and stunning and it's just amazing what God has created."
Not so peaceful is figuring out how to get there. Retirement takes planning.
"For every $10,000 that you'd like to spend per year in retirement, have $200,000 as a goal to have saved in retirement," Vogel Financial Advisors Mike Busch said.
So for $50,000 a year in retirement you'd need $1 million in savings.
"I think it's a real eye opener," said Smith. "I never would have thought I'd need a million dollars."
So how much should you be saving right now? The average savings rate for Americans is about 5.5 percent, and many Americans have no retirement savings. Here's a link on how to start saving more.
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"For people just starting out,10 percent is kind of a minimum for what they should save," Busch said. "If you are someone who has gotten a late start, haven't been able, trying to catch up, probably 15 or 20 is a good rule of thumb."
For Deanna Smith and her husband, like most of us, start with maxing out your 401k.
"Most employers will match 50 or 100 percent of what they put in, so that's like doubling your money instantly," said Busch.
Here's a basic formula for picking the stock/bond mix in your plan: Take 120 and subtract your age — If you're 45, 120 minus 45 equals 75 — which is the percentage which should go in stocks. The rest, 25 percent, should go in bonds.
"What's really important is that people save," said Busch. "Don't get paralyzed by all these choices. If nothing else put it in an index fund, especially when you're young."
Busch says an easy way to up your savings is the commit to putting your next raise, all of it, into your 401k. You won't feel it because you're used to living off your current income.
The Department of Labor provides this Retirement Toolkit.
