To assist you with your financial planning, we have developed this handy guide. To utilize the Worksheets included, please print this guide.

No matter what stage you're at in life, it's important to commit to a savings program for retirement. An Eastern Bank Trust Officer can help you design a plan for a secure retirement. Whether you're looking to achieve short or long-term benefit, we'll help you determine what investments today need to be made to work toward a tomorrow that best meets your needs.

Even a modest monthly contribution toward your retirement can add up to healthy dividends in the future. And Eastern Bank can show you how to invest in a plan that's manageable now, but geared for long-term performance. The sooner you begin investing in your future, the more valuable those investments will become and the more comfortable you'll be in your golden years.

1. Take inventory of what you have
Retirement income usually comes from three sources: Social Security, an employer- sponsored retirement plan (when one is available) and personal investments. The following will help you project the annual income that you can expect from each source.

Social Security: Request an estimate of your Social Security retirement benefits by completing SSA Form 7004, Request for Earnings and Benefit Estimate Statement. You can visit your local Social Security office to pick up a copy or call 1-800-772-1213.

2. Determine your retirement needs
Financial advisors note that most retirees need between 70 and 80 percent of their ending salaries to maintain the same standards of living after retirement. You can use a similar percentage as a rough estimate of your needs: Existing Salary x Appropriate Factor (0.7 if you expect your retirement expenses to be on the low end, 0.75 if you expect average expenses or 0.8 for a more conservative estimate). For a more precise estimate, complete Worksheet B.

3. Measure your retirement income shortfall
With an idea of what you have and what you'll need, you can determine from Worksheet C what your income shortfall may be and what lump sum will be needed to produce this annual income stream during retirement.

Once you know how much to set aside for retirement, consider the best way to invest that money for your maximum benefit. Some of the most attractive alternatives let you defer taxes on the buildup of investment earnings. Tax deferral allows funds that would otherwise be paid to the IRS to stay invested and continue working for you until you make withdrawals. Compare the results:

Tax-Deferred Retirement Investments
The Value of Tax-Deferred Accumulation
Assumes $2,000 was contributed annually to a taxable and a tax-deferred investment yielding 7% annually for 20 years. A 31% tax bracket is assumed.

Taxable Investment = $68,093
Tax-deferred Investment = $87,730

Now that you have an idea of how much you need to save to reach your retirement goals, call 617-897-1110 and ask to speak with an Eastern Bank Trust Officer. We can help you design an investment plan tailored to meet your retirement goals.

Insurance available through Eastern Insurance Group, LLC, a wholly-owned subsidiary of Eastern Bank.

Investment management, financial planning, estate planning, retirement plan services and endowment management services are offered through Eastern Bank.