In recent years, pensions have increasingly become a thing of the past leaving us to take on the responsibility of managing our retirement accounts.

But where do you get help and advice for your 401K?

We find ourselves in a sea of figures, percentages and decimal points. Tasked with making decisions that will make the difference when we retire.

But this do-it-yourself retirement plan is the new reality for many of us.

Kevin McKinley says, "it gives you more freedom but gives you more freedom to fail as well."

It's his job to help people succeed at saving for retirement. He's a local certified financial planner, financial advisor, author, columnist and a member of the governor's Council on Financial Literacy.

We asked him for some 401K guidance and he says for free advice start by calling or clicking. He says a lot of companies are offering online support and toll free numbers to help you.
But if you feel overwhelmed, there are experts for hire.

McKinley says, "typically financial planers charge on an hourly basis, 100 to 300 an hour. Ask the cost before the services. As what you'll get. You may only need it every few years or so."

McKinley says if you have a major life change or the world goes through a big change, that might be the time to get a financial advisor to tell you if you're on track and if you're not, how to get back on track.

In terms of your 401K, he says if you can't put in the maximum contribution allowed, at least strive to squeeze every dollar out of your employer match. He says fewer companies are offering that these days, so get it while you can.

If your employer matches up to 6% of your income that means put in that 6% of your salary if you can. Then go back to your other debt. "Pay off credit card debt any double digit interest rate loans you have typically better to do that before saving for retirement," he adds.

But he says retirement savings should come before paying off your house any faster than necessary, because you'll likely come out ahead on your investments.

But what should you do if you are clueless about your choices? You can take it upon yourself to research the funds.

McKinley says many libraries will have resources. He also recommends www.morningstar.com for free or paid advice, he says Google and Yahoo's finance pages have come a long way as well.

If you're buying from a broker or online site, they get paid somehow, but he says ask what the fund costs, what are the internal expenses that will come out of your share? And ask yourself, is it worth it?

If you want to be hands-off he recommends "lifestyle" or "lifecycle" funds. You pick a year you want to retire and it takes it from there, "the closer you get the fund gets more conservative you don't have to worry about it," he says.

And if you want to be especially conservative, McKinley recommends U.S. Treasury funds, as well as bond and money market funds.
He says they'll go up and down too, but in exchange for a smaller return, you get more stability. "Many people would be served better by investing conservatively and saving aggressively," McKinley noted.

But how much do you really need in order to retire??? Here's his rough rule of thumb:

Figure out how much you plan on spending every month after retirement (your expenses).
Then subtract your guaranteed payments like Social Security, which he says will be around for most of us, even Generation X.

Then multiply it by 200.

"To be financially independent 300 times that monthly expense," he suggests.

For example:
$2,000 in expenses
-$500 in Social Security
-----------------------------
$1,500
x 300
----------------------------
$450,000 to retire

McKinley says to be in really good shape, you need to have a 401K, Roth IRA and savings.
He says aim to set 15% of your salary aside, but anything is better than nothing and considering that you get 30 to 40 cents on the dollar in tax incentives to invest in your 401K, he considers it a good move.

Want to start a 401K? He says ask your employer, if your company does not offer one, McKinley says go right to the source. He says online is the best option in our area. He says companies like Schwab, Fidelity and Vanguard are examples of companies that handle billions of dollars via the internet all the time, and would be good options for a beginner.

Considering taking out a loan or cashing out your 401K? McKinley says make it as sacred as possible. You will get hit with penalties and fees for pulling your money out early, and if you take a loan on your 401K and lose your job, oftentimes that loan will come due then, when you don't have the money to pay it back.

Watch "On the Money" for more news you can use every Monday night on WEAU 13 News at 6 and 10 p.m.