If you're beginning to consider retirement, then you should be seriously thinking about how to ensure your financial life in those golden years will be as comfortable and stress-free as possible. Here are a few tips.

Make the most of your remaining paychecks to save for retirement. How much money you'll need to set aside for retirement — which for many people could last 30 years or more — will depend on a variety of factors. Among them: When do you expect to quit working? Will you continue to earn some income part-time? How much money do you have in savings and pensions? And, what kinds of expenses will you incur for housing and health care?

Because the future is uncertain, it makes sense, while you're still working, to put as much money as possible — 10 to 20 percent of your annual income, if not more — into savings for your golden years. Also make use of employer-sponsored retirement plans (especially if you'll receive matching contributions) and tax-advantaged individual retirement accounts (IRAs).

Try to reduce or eliminate debt. "Another way to save more money now for a more enjoyable retirement later is to cut back on unnecessary expenses," especially if you will need to go into debt to pay for them, said Luke W. Reynolds, Chief of the FDIC's Community Affairs Outreach Section. He said to try to pay off most or all of your credit card balances and other loans to cut down on interest charges and avoid being burdened with repayment during your retirement years.

Develop a plan to stretch your money through a long retirement. "The idea is to determine where your money will come from during retirement, so you won't have to live in fear of running out of money," said Susan Boenau, Chief of the FDIC's Consumer Affairs Section.

For example, consult with the Social Security Administration* or your accountant to learn how much Social Security and pension income you'd get each month if you "retire early" — any time between 62 and your "normal" retirement age — and how much more you would receive if you hold off on retirement. The penalty for starting to collect Social Security payments early can be substantial.

Discuss with a financial advisor how and when to withdraw money from your tax-deferred retirement accounts, such as employer-sponsored retirement plans and traditional IRAs. Also periodically review your retirement portfolio — your mix among stocks, mutual funds, CDs (certificates of deposit), bonds and so on — to be sure it's well-diversified. And as you get closer to retirement, consider a more conservative investment strategy than in the past so you can avoid losses to principal that could mean having to postpone retirement or struggle financially.

If you do not already have a financial advisor, your local financial institution most likely offers personalized investment services and can work with you based upon your retirement objectives and time frame.

The views of this article are for general information use only. Please contact and speak with a subject expert or your banker when specific advice is needed. Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Chaddie Platt and Priscilla Kumpe can’t imagine starting a day without some form of canine affection. The owners of Dog Party USA poured their affection for dogs into researching and developing the concept for the award-winning boarding and daycare facility in Springdale, Ark. They say one of the best rewards is seeing affection returned by “clients” as they are dropped off for a time of play and interaction. Wet kisses and wagging tails are applause to the mother-daughter co-owners.

Platt spent a year researching dog daycares and boarding systems before she and her mother,  Kumpe, opened Dog Party USA* more than seven years ago at 912 South Maestri Road, Springdale. The result is a state-of-the-art facility with five indoor play areas, two acres of fenced yard for outdoor play, and the best in climate-control technology and contamination prevention. Trained supervisors oversee each of the playgroups, which are divided according to size and temperament.

“There is not another facility in the area with the amount of outdoor and indoor space for play that we have or the number of trained staff on hand each day to supervise dogs while they play,” Platt said. “Plus, we are the only facility in the area that belongs to the International Boarding and Pet Services Association* and subscribes to training from national experts.”

The business also offers dog grooming services and training classes for obedience and Canine Good Citizen* certification. Want to celebrate? They offer birthday parties, puppy showers and “bark-mitzvahs.”

“We invite the public in on a regular basis for events they can attend with their dogs,” Platt said.

Everything they’ve poured into the business seems to be yielding rewards. Dog Party USA has been voted best boarding facility in the area every year since it opened. Those votes came in a variety of publications including Celebrate Arkansas magazine’s very best places to board your pets, Arkansas Democrat-Gazette’s Northwest Arkansas best of the best and Northwest Arkansas CitiScapes magazine’s best of listing.

Just as they strive to provide everything their canine clients need during a stay at Dog Party USA, Kumpe and Platt said they get what they need to help run the business side from Arvest Bank.

“We switched to Arvest Bank a few years ago and they have been very helpful,” Platt said. “Paula Wilson at the downtown Springdale branch always makes sure we have everything we need.”

The views of this article are for general information use only. Please contact and speak with a subject expert or your banker when specific advice is needed. Find articles like this and much more in the online Arvest Biz Center. Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

This is the second part of a two-part series about establishing financial security. Part one discussed what financial security is, why it’s important and establishing financial goals. You can read part one here.

We have established what financial security is and why it’s important. Now we need to dive into the nuts and bolts to actually achieving that security.

Monitor and control your spending
While this task may sound ominous, it does not have to be.  Consider breaking it into pieces. 

First, you need to know how much you have coming in each month. While you may be earning interest and dividends on savings accounts or investments, let’s just focus on income from your job. Every pay period (weekly, semi-monthly or monthly), you earn a certain amount. However, the check you receive is reduced by taxes that are withheld, your share of employee benefits (primarily health insurance), amounts you contribute to your company’s retirement plan and any other deductions you may have. The amount you have left is your monthly disposable income. That is how much you have to pay your bills and hopefully there will be some left over you can save.

Next, break your expenses into those that are fixed and those you can control. Fixed expenses include rent, parking, other insurance (probably renter’s and auto insurance), utilities and recurring medical costs.  You probably have some level of control over most of your other expenses.

Finally, subtract your fixed expenses from your disposable income. That is how much you have to cover your other living expenses and any other spending. To not overspend your income, just make sure you manage your other living expenses and other spending to have something left over each month. 

Build net worth
Accumulating net worth takes time and discipline. Here are three ideas that can help:

1. Contribute to your employer’s retirement plan. If you are eligible for a 401(k) plan, be sure to participate and contribute something. Most plans have some type of employer matching provision where the company contributes money equal to all or some portion of what you contribute. Be sure to understand how your plan works and, if you can, contribute enough so you get the maximum contribution from your employer.
2. Set up an automatic savings plan. Many employers will automatically deduct a certain amount and send it directly into a savings account at your financial institution. Choose an amount you are comfortable with and let it happen automatically each pay period. If your employer does not offer this, set up a plan with your financial institution so they move that amount from your checking account to your savings account each month.
3. Save what you do not spend. After you have paid your bills each month, move what is left over to your savings account. You will probably want to keep some funds in your checking account to cover unexpected expenses, but by moving excess funds to your savings account, you will be accumulating assets and probably earning more interest than if you left your excess funds in your checking account.

Establish good financial habits
Here is a list of 13 things to help put you on the road to financial security.

1. Make sure your financial information and records are organized. For information on what records to toss and when check out this article.
2. Use direct deposit for your paycheck.
3. Participate in your employer’s retirement plan and contribute as much as you can.
4. Set up an automatic savings program.
5. Prepare a household spending worksheet.
6. Periodically prepare a personal balance sheet.
7. Use as few credit cards as possible.
8. Reconcile your checking account monthly.
9. Review all your bills and statements as soon as you receive them.
10. Make credit card payments promptly and pay more than the minimum.
11. Be sensitive to fees and interest rates.
12. Build a good credit record. Read about how to do so here.
13. Learn more about handling your finances by reading personal finance columns in newspapers and personal finance magazines.

The views of this article are for general information use only. Please contact and speak with a subject expert when specific advice is needed.

A new online tool is now available to help you find answers to banking questions more quickly and easily than before! The Ask Arvest feature is located on arvest.com and is available 24/7 to answer common questions about our products, services and many other topics related to banking with Arvest. The goal is to improve your experience by providing quick access to helpful answers.  

What does it do? How does it work?
When you visit arvest.com, you can enter a question into the Ask box at the top right of each page and click the Ask button to search for an answer. The response to the question is returned on a subsequent page, along with related responses and other suggested questions that may also be of interest. You may rate the quality of the answer and either ask another question or choose one of the other suggested questions. The response page also serves as a keyword search result page, providing links to website pages containing similar topics. Ask Arvest will not return answers to any specific questions relating to your balances or other private account data.

The Ask Arvest question and answer system was first implemented in March on Arvest’s welcome page during Arvest’s acquisition of 29 branches. The system helped answer questions posed by these new customers. During the conversion period, Ask Arvest provided more than 20,000 responses to customer inquiries. We are now adding this tool to support the entire arvest.com website!

We believe this tool will quickly prove to be helpful in providing online self-service to you and improve your overall banking experience at Arvest.

This is the first of a two-part series about establishing financial security.

Reaching a point of financial security is a process which takes time, effort and perhaps some sacrifices.  However, the results are worth it. By starting early, you can put time on your side. When doing a few things right from the beginning, you can make the process easier and minimize the sacrifices you may be forced to make later.

Consider reaching financial security to be a project like building a house. You start with a foundation, you add the floors, you put on a roof, you finish the inside and then you move in. Fortunately, you have a long time to build your financial stability, and you can learn the skills and begin practicing them now.

What is financial security?
Financial security consists of several things including:

• Being able to afford your current needs.
• Having confidence you will be able to afford what you may need in the future.
• Enjoying some things you want now, but may not truly need.
• Being able to provide the type of financial lifestyle for your family you want.
• Having peace of mind knowing you are taking the right steps to reach financial security.

Why is a solid financial foundation important?
You, and you alone, are ultimately responsible for your financial well-being. Your decisions will affect how you live on a day-to-day basis and in the long term.  Handling the financial issues associated with starting out, establishing a household and having more responsibilities can be stressful. A solid financial foundation can help you spend less time and effort worrying about your finances so you can devote your time and energy to other important matters like your job, your family and your future.

Build a solid financial foundation
First identify a few very broad goals. Some ideas include:

• I want handling my finances to be easy.
• I want to be able to enjoy my current financial lifestyle.
• I want to know I am making progress toward achieving financial security.
• I want to be confident I am doing the right things and not doing the wrong things.

Components of a solid financial foundation

• Not spending beyond your means.
• Building some financial net worth.
• Establishing a good credit record.
• Establishing some good financial habits.

Tomorrow, we’ll learn about monitoring and controlling spending, building net worth and establishing good financial habits.

The views of this article are for general information use only. Please contact and speak with a subject expert when specific advice is needed.