Broadcaster Press 5 February 26, 2019 www.broadcasteronline.com Planning For Retirement By Lorna Saboe-Wounded Head SDSU Extension Family Resource Management Field Specialist No matter what your age or when you plan to retire, now is the time to begin saving for retirement. Saving becomes secondary when we prioritize other demands, such as marriage, buying a house, and/or raising children. Each month you delay impacts the total savings you will have when you begin retirement. Prioritize your saving goals, save more for short-terms goals, save smaller amount for long-term goals. As the short-term goals are met, readjust your savings so more goes to the long-term goals. Ways to Prepare for Retirement Financial security in retirement does not just happen. It takes planning and commitment to save enough money to meet your needs. Following are tips to help you become more financially secure as you prepare for retirement. 1.Start saving and stick to your goals. If you are already saving, whether for retirement or another goal, keep going! You know that saving is a rewarding habit. If you are not saving, now is the time to get started. Start small then monthly or yearly increase the amount you save. The sooner you start saving, the more time your money has to grow. Make saving for retirement a priority by setting a goal, devising a plan, and sticking to it. 2.Know your retirement needs. Experts estimate that for each year of retirement you will need about 70 percent of your preretirement income – lower earners, 90 percent or more – to maintain your standard of living Use a calculator to estimate the amount of money you need to save based on your current savings and age. 3.Consider basic investment principles. Inflation and the type of investments you make play important roles in how much you will have saved at retirement. Diversify your savings by investing in different types of accounts. Diversification helps to reduce the risk and improve the return. Learn about your plan’s investment options and ask questions. 4.Contribute to your employer’s retirement savings plan. If your employer offers a retirement savings plan, such as a 401(k) plan, contribute as much as you can. This type of plan is tax deferred, which means that you will pay taxes on the amount withdrawn at retirement. Companies who offer 401(k) plans usually match your deposit up to a certain percentage. This benefit helps you to increase your savings. Over time, compound interest and tax deferrals make a big difference in the amount you will accumulate. Commit to saving enough that you get the full amount of any matching contributions offered by your employer. 5.Learn about your employer’s pension plan. If your employer has a traditional pension plan, learn about the benefits you will receive. Review your benefit statement to track the savings. Before changing jobs, find out what will happen to your pension and when you would be entitled to the benefits. 6.Save with an Individual Retirement Account. You can invest up to $5500 a year into an Individual Retirement Account (IRA). If you are 50 or older, the limit is $6500. When you open an IRA, you have two options – a traditional IRA or a Roth IRA. The tax treatment of your contributions and withdrawals will depend on which option you select. IRAs can provide an easy way to save when you set up automatic deposits from your checking or savings account. 7.Find out about your Social Security benefits. Social Security pays benefits that are on average equal to about 40 percent of what you earned before retirement. You can estimate your benefit by using the retirement estimator on the Social Security administration website. For more information, visit their website or call 1-800-772-1213. 8.Do not touch your retirement savings. If you withdraw your savings before retiring, you will lose principal, interest, and possible tax benefits, and may have to pay withdrawal penalties. If you change jobs, leave savings invested in your current retirement plan, or roll the funds over to an IRA or your new employ- Swarm Drones Could Change The Way Farmers Do Business RAPID CITY, SD — If who is leading the research. you’ve ever marveled at Ragi and his team are helpa flock of birds moving ing to develop mathematiin complex patterns as if cal models, or algorithms, it were one single large that enable these kinds of organism, you’re not alone. cooperative behaviors in Researchers at South drones. Dakota School of Mines & Decades ago, computer Technology are working to scientists realized they infuse similar cooperative could build a virtual behavior on a collection of supercomputer by makflying robots. ing several normal-sized This is not an easy task, computers work together in birds have millions of years a network. Today relatively of evolution that allow them powerful computing is to flock, researchers develavailable in small packages. oping swarm robotics are Similarly, a collection of writing mathematical moddrones the size of humels to mimic some of this mingbirds programmed to behavior. Developing the work cooperatively, can ability for drones to work multiply their individual together in swarms could capabilities and act like a have wide-ranging applicasingle powerful entity. In tions —f rom agriculture previous years, robotic to military use. But many swarms were controlled scientific hurdles remain. by a single centralized “These decision-making computer. The holy grail for problems are very chalthose working on swarm lenging because each technology is to develop independent robot in the algorithms that enable a swarm has to predict how swarm of drones to make others will behave in the decisions in a decentralized future and then make its Broad manner and recover from own decisions accordingly,” a stemistakes in real time. c any ronline says Shankarachary Ragi, “Even if the swarm makes .com Ph.D., an assistant profesa mistake, something goes sor in the Department of wrong, the swarm needs to Electrical and Computer learn from this mistake, by Engineering at SD Mines immediately reacting and then evolving,” says Ragi. “Basically, we are developing robust algorithms to account for sudden, unexpected changes.” It’s a huge challenge; in truth, this process is not easy for living organisms— after all, birds occasionally fly into windows. If fully developed, swarm technology has wide ranging applications. Each individual drone can use its own on-board sensors (e.g., optical/thermal cameras), to detect and identify objects of interest--so each drone in a swarm has its own version of part of the bigger picture. Researchers are also working to build software that allows a swarm of drones to piece together all images the swarm is seeing and then collectively identify and differentiate various objects of interest. Imagine a new form of organic precision agriculture where swarms of drones are programmed to recognize and 2x1 weeds from a remove field while leaving the crops intact. Or, drones with special sensors detecting one part of the field that is nutrient deficient, deploy- Broadcasteronline.c om If You Read This... You Know Advertising Pays! Call the Broadcaster at 605-624-4429 or stop by to place your ad today! 201 West Cherry St Vermillion, SD 624-4429 ing fertilizer in exactly the right place with the amount needed. Drone swarms could also be used for building or bridge inspection; detecting tiny changes or stress points in the structure enabling engineers to plan maintenance and repair well before any problems occur. These swarms also have military and public safety applications, such as taking down rogue drones. Dr. Magesh Rajan, professor and department head of electrical and computer engineering says, “Our electrical engineering faculty at SD Mines work at the cutting edge of research in their fields providing invaluable learning opportunities for students and collaborate with colleagues across disciplines and around the world to address society's biggest challenges.” PRECISION PAINTING •Interior •Exterior •Commercial •Residential 3x1 Quality Workmanship, Reasonable Rates Since 1983 CLINT TUCKER 624-4621 er’s plan. Resist the urge to cash out and spend the money. 9.Ask questions. While these tips intend to point you in the right direction, you will need more information so read publications, talk to your employer, your bank, your union, or a financial advisor. Ask questions and make sure you understand the answers. Get practical advice and act now. Useful Websites •My Retirement Paycheck Provides a wealth of information to explore your retirement decisions. Eight aspects of your life work together to make up your retirement paycheck including work, social security, home & mortgage, retirement plans, savings & investing, debt, and fraud. •Financial Security: Financial Planning Has several resources are available at eXtension.org which is part of the Cooperative Extension System. It provides objective and research-based information and learning opportunities that help people improve their lives. •Department of Labor Provides information about different types of retirement plans. •Ballpark E$timate An easy-to-use, interactive tool that helps you determine approximately how much you need to save to fund a comfortable retirement. Noem Streamlines Education Processes For Military Families, Signs Additional Legislation Into Law Governor Kristi Noem on Feb. 15 signed legislation to streamline school enrollment processes for military families relocating to a new school district. HB1044 will allow an active military parent to enroll their child in school while pending transfer and prior to establishing residency in the district – providing for a smoother relocation. Noem approved the following pieces of legislation: • HB1008 – An act to revise certain provisions regarding the required notice for biennial state political party conventions • HB1020 – An act to revise certain provisions regarding state building committees for capital improvement projects • HB1024 – An act to authorize certain species of game fish to be used as bait • HB1043 – An act to require the Department of Social Services to collect and report certain information regarding the military affiliation of a parent whose child is subject to a report of abuse or neglect • HB1044 – An act to authorize certain children who are subject to a pending military relocation to apply for enrollment in a school district • HB1045 – An act to revise the definition of campus security officers for purposes of the South Dakota Retirement System • HB1052 – An act to revise certain provisions regarding the notice given to county commissioners for special sessions • HB1075 – An act to revise certain provisions regarding the authority of conservation district governing boards • SB32 – An act to revise the composition of the South Dakota Board of Social Work Examiners • SB37 – An act to revise certain provisions regarding association health plans • SB51 – An act to revise certain provisions regarding trusts MECKLING TOWNSHIP ANNUAL MEETING Tuesday, March 5th, 2019 at 5pm at Toby’s Lounge. Agenda items: Election of supervisor, treasurer and clerk; review of proposed budget and future of Township Hall. Alternate date is Tuesday, March 12th, 2019. Jane Larson, Township Clerk Annual Meeting Township of Garfield old Winters Ca C Broadcasteronline.c will be held uff! n Be R Tuesday, March 5 , 2019 • 1:30pm o th at the Dalesburg Lutheran Church for the purpose of electing one supervisor, treasurer and one clerk and for any other 4x1 business that comes before the board. Nick Oyen, Clerk OAKWOOD APARTMENTS 605.624.9557 m All manufacturers recommend ANNUAL MAINTENANCE for your home’s heating equipment. It’s not too late! Right now is the best time for you to make an appointment. During our special you can Save up to 30% on your furnace tune-up! Call now to schedule! 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