Preparing for retirement should begin early—the sooner, the better. If it’s a task you have been putting off, now is the time to start making plans. The following steps can help you plan to meet your retirement needs:

1. Start by reviewing your present financial situation. Analyze your in-come and your assets versus expenses and liabilities.
   
   
2. Maximize contributions to your employer-sponsored qualified retirement plan, e.g., a 401(k) plan. Also, in 2008, you can contribute $5,000 to a traditional Individual Retirement Account (IRA) or Roth IRA. Those age 50 and older can contribute an additional $1,000. Depending on your participation in other qualified plans, contributions to a traditional IRA may be tax deductible. Earnings for both traditional and Roth IRAs have the potential to grow on a tax-deferred basis.
   
   
3. Determine the amount you must begin setting aside through regular and/or automatic contributions to your savings plan. This will help close the gap between your retirement income goals and your potential retirement income.
   
   
4. Get out of debt. Pay off large bills now to avoid facing them when you retire.
   
   
5. Consider whether your life, health, and disability income insurance policies satisfy your current and future needs.
   
   
6. Find out how much you can expect to receive from pension plans, veteran benefits, and Social Security (contact the Social Security Administration (800-772-1213) to request your Earnings and Benefit Estimate statement).
   
   
7. Analyze which of your day-to-day expenses are likely to decrease after you retire (clothing, commuting, etc.) and which are likely to increase (travel, leisure, etc.), and plan accordingly.

 Stick to your plan and look forward to a comfortable retirement!

 In the game of life, expenses seem to be a constant consideration. For most of us, the prices of many things may seem to have risen ahead of our income. In some cases, it may be more than costs that have risen; it may be that our consumption has grown as well. If you are looking for ways to control both rising expenses and increasing consumption, while managing a tighter budget, here are some timely suggestions.

• If you are in the market for a new home, shop around for the best rates available for both your mortgage and any equity loans. Also, make sure you are deducting every penny allowable under current Internal Revenue Service (IRS) rules.
  
  
• Review your home heating fuel consumption for the last 12–24 months (or as long as you have owned/rented the property) and get on a budget plan that reflects true current prices. Lower fuel prices should not mean relaxing where insulation and conservation are concerned—check your insulation and trim another degree off the thermostat!
  
  
• Check your local electric and water departments for free conservation programs and tips. Expect their rates to continue rising, and adjust your lifestyle accordingly. When using air conditioning, remember to adjust the thermostat.
  
  
• Telephone service has added enhancement upon enhancement over the past few years. Are you really using all the services you’re paying for? Additionally, cell phone bills can become exorbitantly high if overages or roaming rates apply.
  
  
• Going to the “super” grocery store can be a great adventure. Make a shopping list of what you need, get a store card for specials, clip coupons, and grab a supermarket circular for weekly deals.
  
  
• Clothing prices may seem to have gone out of control, but you have the power to bring them back into line by remembering one fact: The “name” on the front, back, side, or anywhere else does not mean that the article of clothing will wear any better or any longer than the “no-name” variety. Try this fact on for size and watch your clothing expenses fit with reality once more.
  
  
• A good fitness program can lead to better health and fewer visits to the doctor or chiropractor. In many cases, the sidewalk outside your home will work just as well as the fitness club down the street.
  
  
• If your doctor agrees, shop “generic” when you need medications, and look for pharmacies that offer reduced rates on prescriptions. The same stores may even offer reduced prices on prescription eyewear needs.
  
  
• The cost of cable television seems to be ever rising, and the “necessity” of cable is a wonder of the modern age. An assessment of true cable usage may prove that all those “must-have” channels are watched so infrequently that the “cost per view” is one that could be trimmed easily. Is it time to return to fewer channels and more trips to the library?
  
• The cost of an afternoon or evening at the movies is another increasing expense. It may be time to begin enjoying Friday nights at home with the family making pizzas and watching DVDs. Family game nights are another great option!
  
  
• A meal out at a restaurant is not always a luxury. There are times when it becomes as necessary to personal survival as sleep. Dining out does not need to have a luxury price tag. “Two-for-one” specials and “kids eat free” offers are more common than ever before.
  
  
• All the “little” expenses—banking fees, subscriptions, personal care, lottery tickets, and such—can creep up gradually to create a new “Godzilla” ready to devour the best-laid spending plans. Analyze all of them and see which are truly necessities.
  
  
• The final budget-busting monster of the modern age is the credit card, with its associated annual fees and finance charges. High interest, long-term credit card debt is expensive, so develop a “pay-off” plan to strategically lower this costly burden until you’re debt free.

 America is increasingly focused on the benefits of a “green culture,” in which environmental responsibility is everyone’s business. For ideas on how you can contribute, the Environmental Protection Agency (EPA) provides a free consumer newsletter. “Go Green!” is a monthly e-mail publication that includes information about activities and events that can make a difference in our homes, communities, and offices. For more information, visit www.epa.gov.