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By THE BAKERSFIELD CALIFORNIAN
The advice for retirement -- start saving money now. It's as simple as putting away $50 to $100 and letting it grow, but whatever you do, don't withdraw from your savings.
That is what local financial planner Steven Van Metre suggested Tuesday on "First Look with Scott Cox."
When calculating how much money you need to retire, it all comes down to spending and how much money you need, Van Metre said.
When his dad retired, he told Van Metre that he'd need the same amount of money he had during his working years in retirement. Other people suggest having 80 percent socked away, but his dad told him he'd need more.
"He said that every night is Friday night and every day is Saturday," Van Metre said.
As people start thinking about retirement, many think of Social Security, pensions or 401(k)s to keep them afloat, but a lot of these tools aren't providing enough financial support.
Social Security, for example, wasn't designed for people living longer than 90 years, Van Metre said.
As people continue to live longer and government programs are limited, Van Metre advised people start saving money on their own -- and soon.
"You can start your own 401(k) by putting away money every month," Van Metre said.
If you're interested in more advice from Van Metre, he teaches a retirement planning course for the Levan Institute at Bakersfield College on Thursdays and Saturdays.
For more information, visit www.myretirementplanningcoach.com or call 398-9900.