Show Takes 32 Years Locally To Save SPECIAL TO THE CLIPPER How long would it take for the average Bountiful family earning earning earn earn- ing what it does at the present time to build up a retirement retirement re- re lund fund if it puts aside 7 per cent ot of its income each month THE QUESTION is tant one because of the constantly constantly con con- rising cost of living What was a sufficient amount ot of money to retire on 20 years ago is quite inadequate now even with social security It will be bemore bemore more inadequate 20 years hence Economists are advising advising advis- advis ing people to look ahead and raise their sights as to how much money they will need for retirement At one time the advertisements advertisements advertise advertise- ments read How I retired on a the amounts mentioned are at least twice that AT THE 7 per cent rate the average Bountiful family would be saving approximately 50 a month based on Its current in- in come I If it banked or otherwise invested invested in- in vested this money and received Interest at 5 per cent compounded compounded com com- pounded quarterly it would achieve the objective in 32 years except for the taxes payable on the Interest re- re IN MANY OTHER areas of the country wh where re incomes are arebe- arebe below be- be low the local level and the amount that can be saved is smaller a greater length of time would be needed to accumulate accumulate ac- ac cumulate On the average in the United States a period of 33 years would be required and in the state of Utah 34 years FOR THOSE local families that find It possible to put 40 a month into such savings the fund would be created in 34 years Their actual cash saYings savings in that period would S f i S total The remaining would come from divi- divi The month a saver would reach the point in 25 years He will have put away in that time and received in interest JUST HOW MUCH a family can save depends upon its particular particular par par- circumstances and upon how much it has left after taking care of its basic necessities According to the latest figures figures fig fig- ures total savings by individuals individuals In the United States this year will wUl amount to 25 bUll billion on This is about 3 billion below belo the amount they put aside last year b t t |