October - Harley Marine Services, Inc.

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Harley Marine Services A Full Service Marine Transportation Company October 2012 Space Shuttle Endeavour as it passes high above the Starlight Marine office on September 21 st . Please join me in Welcoming Mason St. Luise to the Harley Marine Family! Birthday: Weight: Length: September 5th 9lbs. 8oz. 21 inches Proud Parents: Gary and Somer St. Luise and big sister Brooke. Gary works for Olympic Tug & Barge in Seattle as a Captain onboard the Olympic Scout. Congratulations! 14
Harley Marine Services Safe, Responsible, Reliable, Efficient October 2012 401(k) Plan Education – Saving for Retirement Many of us are afraid we won’t have enough money at retirement – though we don’t know how much that should be. Six easy steps can help you calculate a goal and chart your progress. 1. Figure out how much income you'll need. Some people will tell you to sit down and draw up an elaborate budget. And maybe that's the perfect solution. For most people, the best guess for the income you'll need to live on in retirement comfortably is about the same as the income you need now. 2. Figure out much you will get from outside sources. That means how much you will get from Social Security. It may also mean how much you will get from a pension plan, if you are among the diminishing few who have one. 3. Figure out how much income you will need from your investments. Once you know how much income you'll need (Step 1) and how much you can expect from Social Security and any private pension plan (Step 2), it's easy to work out how much you're going to need from your own investments. (Step 1 – Step 2 = Income). 4. Understand how long your investments will have to last. In other words, how long you're likely to live in retirement. To save enough for your retirement, you're going to have to set aside enough money to provide you with a suitable income for several decades. Think 25 years, maybe even 30. 5. And here's your answer. You now have the data to make some estimates. Let's say you plan to retire at 65 and will need an income of $10,000 a year from your investments. (We'll take that, as it's a simple place from which to start the calculations.) And you want to make sure the money will last up to 30 years. Based on those numbers, you probably need to set aside about 20 times your required annual income by the time you retire. If you need your portfolio to generate $10,000 a year and last up to 30 years, for example, you'd want to start with about $200,000. If you need your portfolio to generate $50,000 a year, you'd want to start with $1 million. 6. And how to stop panicking. It's no wonder so few people want to do the math. They haven't saved anywhere near enough. There are no easy answers to making sure you have enough at retirement, but we suggest contacting Kibble & Prentice to work with an advisor to discuss your 401(k) plan and to help get you on the right track. * Source: http://money.msn.com/ Administrative Questions If you have questions regarding your quarterly statement, participant website, or plan provisions, please contact your plan administrator: Moran Knobel www.moranknobel.com 425-451-9389 1-800-822-9205 Investment Questions If you have questions or need guidance with the fund options in your retirement plan, please contact your plan education specialist: Kibble & Prentice Melody Prescott 1-206-676-7421 melody.prescott@kpcom.com Plan Eligibility You are eligible to enter your retirement plan if you are age 21 or older, and have completed 3 months of service. 15
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October - Harley Marine Services, Inc.

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