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1)Most Americans need to save more and
2) Most aren’t doing enough of it on their own.
Nearly 82% of employees save for retirement when their employers offer an Auto Save program – compared with just 64% when employers do not. SAVE 10 aims to fundamentally change these facts.
SAVE 10 is a business to business, peer to peer effort to encourage responsible employers to help their employees better prepare for a secure retirement by enabling them to SAVE 10% of their income, including through automatic savings programs.
Over 40% of large 401(k) programs are already using automatic enrollment – or Auto Save – to help employees save more for retirement. Auto Save allows employers to automatically opt-in their employees into a retirement savings plan.
Auto Save has another component – auto escalation, where employee retirement withholdings are automatically increased over time. Auto escalation can dramatically increase retirement savings without employees feeling a dramatic paycheck pinch. Employees always have the option to opt-out, but research shows the vast majority do not and are better prepared for retirement.
When Employer-Sponsored Plans are unavailable, Enroll in an IRA
Did you know there are tax incentives to help people of all income levels save for retirement, even for people without an employer-sponsored retirement plan? Individual Retirement Accounts, or IRAs, are an effective method of saving for retirement while also saving on your tax bill. So even if you don’t have a workplace retirement plan, it’s still easy to get started saving for retirement. You can learn all about the ABC’s of starting an IRA here. And remember, to make it simple, just SAVE 10!
Being prepared for a disability, death, and other curves life can throw is an essential part of planning for retirement. Every person’s situation is different, so assessing your insurance needs is a sound piece of planning for retirement. If you aren’t sure how to get started, there are many resources available, and here is just one to help you on your way.